How the right payment solution can help your business grow

April 19, 2017 Payments
John Rampton
By John Rampton, Founder, Due
John Rampton
By John Rampton, Founder, Due

business growth

If you’re looking to grow your overall business, look no further than your payments solution. If you want to increase revenues, you need to make sales. In order to make sales, your customers need to pay. This seems simple enough right? Truth is, many businesses are failing to properly use the payment solutions available to them.

Luckily for you, there are plenty of popular payments solutions at your disposal. By optimizing your payments experience you’ll get more repeat customers, increased word-of-mouth referrals, and most of all better cash flow. Here’s how you can choose the right provider, and what you’ll see in return!

Choosing the Right Platform

According to a study done by the Baymard Institute, the overall abandonment rate for online shopping carts is about 69.23 percent. In addition, about 23 percent of shoppers abandon their carts due to a complex or lengthy checkout process. The numbers definitely don’t lie. If you’re payment experience isn’t optimized for your customer, you’re hindering your growth severely.

If you want to get a first-hand look from a platform business about exactly how important the right payment provider is, watch this webinar, “Ecwid and WePay: How integrated white-label payments transform a business.”

Grow Your Business

The better and faster your payments experience the more you’ll see in return. Specifically, you’ll retain more customers, increase your word-of-mouth referrals, and lastly increase your cash flow.

Customer retention is no easy task. There will always be competition and there will always be new solutions and opportunities. That being said, customer’s like to stick with what they know and what they believe in. Make sure you create an incentive for your customer to return. Offer them the option to make an account with your business so they can checkout quicker for future purchases. Additionally, you can offer rewards or loyalty programs built into your platform. Inquire with your payments provider about storing customer data and loyalty programs.

Our world is more connected than ever. This makes word-of-mouth referrals one of the most powerful forms of advertising to date. If your customers had a positive experience shopping at your store, you better believe they’ll tell their friends about it.

Every business wants to increase their bottom line. With an enhanced payment experience, you’ll surely see an increase in your cash flow. Once you have the payments structure in place, you can focus on maintaining and scaling your business. Remember, payments can make or break your business, so make sure you’re on top of it.

If you’re a business owner looking for the right payments platform, here are a few things to keep in mind.

  • Software and Integration: This is largely important as it will likely dictate the majority of your checkout flow and customer-facing UX. Make sure there’s the option to seamlessly integrate and that the platform allows you to scale properly as you grow your business.
  • Support: When it involves money, people tend to lose patience very easily. Make sure your platform offers crystal clear support options so you can get your customer’s questions answered as quickly as possible.
  • Payments Security: When it comes to payments, you need to take security very seriously. If your customers are confident they are shopping in a secure environment they will be exponentially more likely to make a purchase.
  • Processing Fees and Costs: Processing fees and various costs for platforms are different for most providers. Once you get a good understanding of the breakdown of credit card processing fees you’ll be able to make the right choice for your specific needs.
  • Payment Acceptance: You’ll want to make sure your payments provider accepts all the major card types. Purchase volumes for each of the four major players (Visa, MasterCard, AMEX, and Discover) are all in the $100B+ range so you need to make sure you have all four.

Final Thoughts

As as business owner, your goal is to get the customer through the line and paid as efficiently as possible. With that said, it’s really going to come down to the payments solution you’ve chosen for your business. With a powerful solution you’re business will be able to scale tenfold. Whether it’s increased customer retention or better publicity, it’s worth your while. Use this piece  to choose the right solution and reap benefits of doing so.

About the author

John Rampton

John Rampton, Founder, Due

John Rampton is an entrepreneur, investor, online marketing guru, and startup enthusiast. He is founder of the online payments company Due. John is best known as an entrepreneur and connector. He was recently named #2 on Top 50 Online Influencers in the World by Entrepreneur Magazine and a Blogging Expert by Time. He currently advises several companies in the SF Bay area.

More blog posts by John Rampton