How a good payment solution can help your business grow
If you’re looking to grow your overall business, one surprising place to look is your payments solution. If you want to increase revenues, you need to make sales. In order to make sales, your customers need to pay. Simple, right? But instead, many businesses are failing to effectively use the payment tools available to them.
Luckily for you, there are plenty of popular payments solutions at your disposal. The trick is not just choosing the right one, it is also using that solution effectively. Put in the work to set a solution up correctly rather than just turning on the simplest default solution and you’ll get much better results. 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 to 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’re a business owner looking for the right payments platform, here are a few things to keep in mind.
- 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 not just the major card types but also the payments options your customers want to use. Purchase volumes for each of the four major credit card players (Visa, MasterCard, AMEX, and Discover) are all in the $100B+ range so you need to make sure you have all four.
- Software and Integration: This is extremely important as it will likely control the options you have for 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.
Grow Your Business
Customer retention is no easy task. There will always be competition and there will always be new solutions and opportunities. That being said, customers’ like to stick with what they know and what they believe in. This includes partners they trust. Make sure you’re always available for them to build a connection and reputation and establish trust with them.
Make sure you create an incentive for your customers 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.
Every business wants to increase their bottom line. With an enhanced payment experience, you should see an increase in your cash flow as you remove barriers to completing transactions. Once you have the payments structure in place, you can focus on maintaining and scaling your business.
As as business owner, your goal is to get the customer through the line and collect payment as efficiently as possible. 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 gains come from increased customer retention or better publicity, it’s worth your while.