Payment Processing-What You Need to Know to Stay Competitive

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Payment Processing-What You Need to Know to Stay Competitive

Whether you own a brick and mortar business, an online store, or your company is a combination of both, making it easy for your customers to purchase your good and services is undoubtedly something that is top of mind.

There is so much competition for business across all industries with some industries more competitive than others.

Regardless, with all the competition that you must battle with you don’t want to lose sales because you are still only accepting a few forms of payment and worse yet, you haven’t gone fully electronic and customer centric when it comes to the forms of payment that you accept.

As technology continues to progress at lightening speeds, any business that is not evolving when it comes to payment processing and payment gateways will likely be left behind and may even succumb to companies that selling similar products or services all because of ease of payment or availability of certain types of payment methods.

As a business owner, you want to be able to give potential customers and clients convenient and secure methods of payment with low processing fees that won’t affect your profit margins or your bottom line.

Sounds easy, enough right?

If you are at a loss you may want to look at My Payment Savvy to get up to speed on the various payment options that are available for you to start bringing your business out of the ice age.

New Technology

It’s great to accept credit and debit cards but you can now accept payments for your company’s goods and services via SMS, text, and ACH check payments whether online or over the phone.

Through advances in technology, most smartphones offer customers the capability of downloading apps that allow them to store payment information for various websites and businesses safely and securely. Take Apple Pay for example, or Pay Pal. These are all great ways to pay for goods and services via apps on a smartphone and they are payment methods that you should be accepting especially online.

Customer Centric Model

Making it easy for your customers to purchase from you especially when it comes to online shopping is something that should increase your conversion results quickly and easily. There is nothing worse than shopping on a website, finding things that you want to purchase, going through the entire checkout process only to see at the end of it all that your chosen method of payment is not accepted.

Not only have you wasted your customers’ precious time, your probably just lost out on a sale.

Industry standards for ecommerce conversion rates hover around a mere 2%-3%. As a business owner, you know just how much traffic you need to your site every single day to be profitable based on that conversion rate.

The payment options that you provide your customers and the ease of checkout are extremely important factors that go into having a profitable online store. The easier it is for your customers to pay for your goods and services, the better chance you and your business have at making more sales.