To sell goods and services online an ecommerce business must utilise adequate payment processing services. Here we look at how your SME can optimise revenue by creating a payment processing strategy.
- First, if you are currently using more than one payments processor, you will save money by consolidating and using a single payment processing company that serves all your needs. Plus, you’ll spend less time on maintaining multiple relationships.
- Offer multiple sales channels, and accept payment online, over the phone, and through mobile payment processing at trade shows or when with clients.
- Integrate your payment processing with your in house accounting system. You’ll benefit from automated accounting and reduced manual errors.
- Create a strategy around mobile payments, building customer loyalty through contact with an SMS direct messaging strategy. Keeping your customers aware of special offers and new products will increase sales.
- Make sure you research your payment processing provider, and select the best for your needs. Always discuss your requirements with your prospective provider, testing their customer services capability, security procedures, and technical capability.
- Make sure your payment processing provider is PCI DSS compliant, and that any requirements bestowed upon you are covered, too. Scan your software and hardware regularly to ensure you are virus free.
Your payment processing provider isn’t simply a way to do business. Treat it like an integral piece of your business strategy, and it will work harder for you than simply processing payments. The most important aspect of selecting a payment processor is to concentrate on its functionality and ability to help grow your business. Balancing cost with compatibility should be one of your major concerns.