When you’re a business owner, there are many things you need to keep in mind. To run a successful company, you have to take into account many different variables, as it’s not one single thing that can determine how successful your business will become. Instead, it is a combination of several factors. One of the most important is customer satisfaction. Naturally, when your customers are satisfied, they’ll keep returning to your business and choose you over your competitors. This helps improve your sales, resulting in more revenue, and establishes your name within your community. As such, you want to offer your clientele the best possible experience out there.
There are many ways to keep your customers happy, from making sure to consider their expectations when creating your products to offering friendly and reliable customer service consultation. However, one aspect that is often overlooked is the payment experience. This is a mistake because how your customers can carry out payments when buying from you can often make or break their enthusiasm for your brand. Here are some things you must remember.
Method variety
There are many ways to pay for your shopping nowadays. The more you offer, the better your chances of providing your customers with precisely what they need. Everyone feels more comfortable with a specific method, so you should incorporate as many of them as possible. You may be tempted to believe that if a buyer wants to get something, they will buy it regardless of how they have to pay, but this is not always the case. The reasons for this can differ, ranging from personal plans your customers have regarding their finances to simply the method they have on hand at the moment. For example, if a customer wants to pay using a credit card, they won’t be thrilled to hear you only accept cash or bank transfers.
If you aren’t ready to incorporate as many payment methods as possible, you must be prepared for the possibility that you might lose a significant portion of your customers. You must change your brand policy and give your customers the option to pay however they choose. If they’re forced to pay via a method they’re unfamiliar with or don’t usually use, it will negatively affect their overall customer experience. In fact, some may only focus on this negative aspect, choosing it as the definitive part of their experience shopping from you. In many cases, this can mean they won’t return for a second purchase.
Online payments
Payment options are essential not just for in-store purchases but also for items your customers order online. The e-commerce market has been on a constant ascending path over the last few years, and the pandemic has only served to propel it to new heights. Adapting your small business to accept card payments with card machine ensures that your customers can pay with their credit or debit cards when they receive a package. This is very helpful if cash isn’t handy at the moment. Moreover, payment devices are affordable, so they’re suitable for your business needs as well as those of your customers.
You can choose a business platform with significant experience in the area of customer payments, such as myPOS. You can get your pick between a wide range of POS terminals fit for your small business. You can cover both in-store expenses and online sales through a single payment method. Choosing a POS device enables you to multiply your profits by increasing conversions and post-purchase upsells. It helps provide clients with a seamless payment option. However, if you’re not willing to purchase another POS device, you can simply install the application on your phone in order to start taking payments immediately.
The best news is that this method is available regardless of the type of business you’re operating. Whether you work in retail, the hospitality industry or in services, you’ll discover that POS payments are eligible to become your go-to option.
Don’t neglect technology
Technological solutions are becoming increasingly widespread within society. Tech developments are now used in virtually any industry, and it would be a mistake to miss out on the momentum to employ them in your payment services as well. As a general rule, technology has made business processes faster and more efficient. It has reduced the incidence of human error and helped free up much-needed time from the employees’ workloads that were otherwise being spent on time-consuming, repetitive tasks that had to be completed manually. Automation has reduced the need for that, and software can now see to the tasks almost immediately.
In payments, too, technology has come a long way. One of the most famous examples is QR codes. Although they’re nothing new, it’s likely that they could be used to do more for your business. For example, in the case of online shopping, some customers may feel disinclined to navigate a website or type a long URL address. Using a QR code on every statement means they can be directed straight to the payment portal, saving time in the process.
Flexible APIs allow your business to integrate payment reporting. This enables the staff to keep track of accounts from the system of record. You can take it one step further and integrate all payment information into an existing customer relationship management process that permits employees to work exclusively through a single system. As expected, this serves to simplify the process.
When you use tech solutions, you help maintain the clarity of your finances, decrease the likelihood of mistakes and clarify procedures for the staff. By providing your customers with an enhanced payment experience, you are also looking after the financial health of your company.
Being a business owner can be challenging. You have a lot on your plate trying to manage everything accordingly, and you are likely worried about committing any errors. But if you start off with a sound plan in mind and create your strategy from the very beginning, you stand a high chance of succeeding.
