About Digital Money Lab
Companies and organisations do not make it easy for customers to transact with them:
The average global shopping cart abandonment rate is 69.6%.
On mobile it’s 85.7%.
One of the main reasons? It’s too slow for consumers to checkout and pay.
B2C companies often have old and clunky websites that don’t format properly on mobile devices, are not up to date, and are often full of security vulnerabilities. Even in cases where websites or systems are reasonably OK, poor payment and checkout workflows are often the final death blow to potential sales.
B2B companies are not usually too far behind. These organisations often use lots of paper-based manual processes for reconciling and chasing payments. Businesses that already process payments “digitally” often simply mean that they manage invoices using email, which is extremely insecure.
These are just some of the many reasons why 80% of businesses don’t need more complex cloud computing infrastructure to increase their sales and reduce costs. They are better off using Software as a Service or similar platforms, combined with cutting-edge, fully-managed payment systems to increase revenues and profits, quickly and easily.
Digital Money Lab helps businesses find the best payment technology and platforms to increase sales conversions quickly, or to significantly lower payment processing fees. At the same time, over on The Payments Show podcast, you will hear from the people behind the scenes who make the payments industry work. To find out more, subscribe to this newsletter now.
About Satwant Phull
My name is Satwant Phull and I have worked my entire career in the Technology Sector both in the UK and Australia. The most recent and exciting phase of my career was at Amazon Web Services (AWS) in Sydney, Australia.
In my time at AWS, I observed the beginning of key technology trends which I believe will lead to the complete overhaul of the entire global financial system. The introduction of cryptocurrency was one of those trends, but there were many others including the huge rise in eCommerce and Digital Products & Services.
I started Digital Money Lab because after speaking to hundreds and thousands of people from businesses in every single industry whilst at AWS, I saw time and again that many companies do not make it easy for customers to transact with them. I set out to change that by creating Digital Money Lab, and an associated podcast called The Payments Show.