TROY, Mich.--(BUSINESS WIRE)--J.D. Power: Non-Traditional Payment Method Acceptance and Customer Surcharges Grow Significantly at U.S. Small Businesses
For Financial Services & Fintech, it necessitates stronger AI-driven fraud detection and risk management solutions to handle non-traditional payments. For Retail & E-commerce, AI can optimize pricing strategies incorporating surcharges and personalizing offers based on payment method, increasing revenue but also requiring careful management to avoid alienating customers.
Operational impact: Businesses need to integrate AI-driven systems to manage the complexity of diverse payment methods and dynamic surcharges. This involves adopting ML models for real-time fraud scoring, anomaly detection, and customer segmentation. Furthermore, implementing AI-powered chatbots can handle customer inquiries related to payment options and surcharges, improving customer service and reducing operational costs.