The Importance of Online Payments Solutions for Small Businesses

 

Today, more than half of all small- and medium-sized businesses (SMBs) accept online payments. This is a big deal for these businesses, as it allows them to sell their products or services anywhere—without having to handle customer service inquiries or mailout receipts. It also makes it much easier for customers to buy from your company again, should they have an issue with the first transaction. In this article, Canadian payment specialist Firoz Patel will give you an overview of why you should consider adopting an online payment solution for your business, and how doing so can help you increase your bottom line.

 

Why adopt an online payment system for your business?

There are multiple benefits of using an online payment system for your business. The fact that customers can now make payment without the need for a human being to handle the transaction, means that your business can focus on selling the products or services it offers instead. Besides, with the rise of e-commerce and more people choosing to shop online, you’re likely to see an increase in business.

 

How to start with an online payment system

There are many online payment systems that you can choose from when it comes to accepting payments online at your business. When looking for an online payment system, Firoz Patel recommends considering the following things:

Charge-back rates: What are the chances your online payment system will have a higher than average rate of charge backs? This is the percentage of time that a card is disputed and a refund is needed. When you have a high rate of charge-backs, it could reduce the value of your online payment system and could also lead to fewer sales.

Payments accepted: What Payment Acceptability do you have? Every online payment system has different requirements when it comes to the types of money that can be accepted. Some systems only accept certain types of bills, while others only accept certain types of credit or debit card.

 

Benefits of starting with an online payment system

Here are some of the benefits of starting with an online payment system:

Increased convenience: When customers make payments with a credit or debit card, they are typically required to enter their card number, expiration date, and the number of credits or debits that should be applied to their account. This information is usually stored in a customer’s account with the credit card company. When the customer makes a purchase with their card, the company can see which products and services were purchased and which accounts were debited. This kind of data is especially useful for businesses that have a lot of repeat customers, as it allows them to target specific customers by seeing what they’ve bought in the past.

Improved conversion rate: It’s always better to have more customers than less, and having more sales means more profits. This is why having an online payment solution is beneficial for small businesses: it allows you to accept online payments and generate more sales at the same time.

 Improved brand image: An online payment solution can help your business get more exposure and gain more customers. When customers make purchases with a card that has an online payment solution, they are likely to write reviews or mention you on social media—this can improve your brand’s reputation and increase your sales.

 

How to gain more sales with an online payments system

There are many benefits of implementing an online payment solution for your business, but how do you actually go about doing it? Here, FinTech professional Firoz Patel reveals some easy ways:

Create a compelling landing page. The first step in getting your online payments system up and running is to create a great landing page. These pages should highlight the benefits of the system and get the customer interested in visiting your business for the first time.

Improve your conversion rate. The conversion rate is a key factor that businesses consider when determining which online payment systems to use. This is the percentage of visitors to your site who eventually become customers. By improving the conversion rate, you can increase the number of visitors and ultimately, the number of sales.

Boost your sales with e-commerce surveys. When customers complete a survey after making a purchase from your site, you can use this data to determine what products or services they would like to purchase. This is another way that you can get customer feedback and help them decide what’s best for them.

 

Conclusion

An online payment solution is a great way to drive revenue and increase your sales with minimal effort. Choosing the right solution is important, as each system has its own set of advantages and disadvantages. The article has provided you with the lowdown on how to choose the right online payment system for your business. By understanding these systems better, you can make an informed decision when choosing a payment system for your business.