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 5 Common Payment Processing Challenges Small Businesses Face

Category: Startup

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 5-Common-Payment-Processing-Challenges-Small-Businesses-Face

Small businesses face many unique challenges such as problems related to payment processing. This issue can manifest itself in a variety of ways and thus requires careful intervention. It is crucial that a small business takes proper care of its payment processing system to ensure that there is timely and accurate collection of the payments due. Identification of different problems is one of the most important steps in this process, so here is the list of the top payment processing issues a small business may have to face: 

Data Security: With the increase in instances of cyber attacks and data frauds, it has become essential for a business to protect itself and its clients from such mishaps. An efficient payment processing system should provide robust protection against such data breaches. Any such fraud or leaking of important data can not only negatively impact the revenue and income of a business, it may also put strain on their position in the market. The businesses should ensure that their payment processing system adheres to Payment Card Industry (PCI) Data Security Standard (DSS). Such compliance saves you and your business from liabilities which may arise from data breaches. 

Chargebacks: These expenses are one of the biggest challenges faced by the businesses with regard to their payment processing systems. Chargebacks are also known as processing fees and can form a big chunk of your overall expenses. There are many factors which influence such chargebacks. Some of the main causes which impact the volume of chargebacks are types of payment options, types of cards used and the size of transactions. Different types of businesses may be levied different types of charges. It is important to remain in constant touch with your providers so that you are aware of different chargebacks. Further, you may also try to negotiate the prices down. Such management of charges can have significant impact on your bottom line. 

Compliance and Regulations: As payment processing systems are becoming more complex, the regulatory requirements are also increasing to keep a proper check on them. These regulations are mainly enacted to safeguard all the parties involved in the payment processing cycle. However, these also tend to increase the paperwork. It is important that you comply with all the requirements laid by these regulations so as to ensure that you have proper recourse as and when there is any issue pertaining to such payments. The outlay required for meeting these rules is generally justified by the benefits granted through these regulations. 

Multi Channel Payments: In order to ensure that you are able to serve your clients in the best possible manner, it is important to offer a wide range of payment options. However, it also means that you have to deal with the terms and conditions attached with large number of such outlets. Multiple vendors may increase the complexity of your payment systems which may require increased outlay of resources. It is generally advisable to integrate such option payments so that they can be managed with relative ease. Further, the ability to control these multiple methods may also increase the efficiency of your operations. 

Payment Support and IntegrationAs payment processing is one of the most crucial functions, it is important that the business pays proper attention to this facet. The businesses should endeavor to keep the downtime to the minimal. There should also be proper backup system, so that your clients do not have to face any hardship if there is any breakdown in the services. You should define such terms and conditions with your service provider explicitly. The integration of various modes of payment and processing systems is important for ensuring efficiency. It is also helpful in keeping the costs down. Such integration allows for the installation of a dashboard which helps in centralizing the control measures. 

It is highly recommended to businesses that they pay proper attention to their payment processing systems. They should also be careful while selecting their payment services partners. The main focus should be on managing costs and expanding the portfolio of services offered. It is also important that the system is flexible so that it can accommodate frequent changes in technologies employed.  

4 Secret Ingredients of a Successful Online Business

4 Secret Ingredients of a Successful Online Business

An online business today definitely has a clear edge over the pure brick and mortar models of yesterday. These benefits are evident by its wider customer reach, savings in overhead costs, 24*7 customer availability and efficient inventory management. Now there are certain measures that can help an online business become successful. Experts list out the following ones:

  1. Website: This is given in today’s digital age. A website symbolizes an online, professional presence of the business. Lack of a virtual presence translates into a huge revenue loss. An online platform helps customers connect better with the product brand and make an informed purchase decision. Further, it also reinforces customers’ trust in the brand because as the proverb goes ‘Seeing is believing’. An updated website with detailed information about the product categories, pricing and promotional offers would help achieve higher return sales. The customer would be able to compare with other online portals and zero in on the best deal.Some important components of a website are:
  • Separate pages: A well-categorized website with a landing page or home page, headings like contact us, about us, features and benefits, customer testimonials, etc. would be more appealing
  • Design: Attractive images, logos and tickers would help increase web traffic
  • Security aspects: The webpage should be enabled with highest security frameworks and encryption standards
  1. Knowledge centre or blog: This section has undergone a dramatic transformation in today’s information age. A blog should not be mistaken as trivia. The blog contains educational and informative pointers to help educate the reader about the latest trends in product categories, the unique selling proposition of the product offering, details of product launches, interviews by subject matter experts and any other topic of interest to a potential or existing customer to make an informed choice. Blogs are a very effective way to communicate with the customers and showcase the online business in a positive light. It also contributes towards enhanced website search-ability and piques the interest of readers on search engines. A very powerful tool in this regard is search engine optimization (SEO) which helps push websites with relevant content to the top as per the search request.
  1. Social media: Social media platforms like Facebook, Instagram, YouTube, and Twitter help bring together a community of people with similar interests. It serves as a useful marketing channel. Thus, one can attract potential customers by uploading informative posts, videos, polls and other relevant material to engage readers and attract their attention to the business’s products and services. Besides providing good networking opportunities, this medium can be leveraged for business promotion. Some common details comprise:
  • Company logo, description, navigation to the address via maps
  • Description of products
  • Link to website
  • Hashtags and tags
  • Eye-catching content, images, videos, and gifs
  1. Link to the payment gateway: This is an obvious inclusion as the business is mainly interested in the sales conversion ratio. Integration of a payment gateway process to enhance the buyers’ experience will go a long way in higher sales realisation. A customer can conveniently pay for the products anywhere and anytime. This reduces chances of cart abandonment or rethinking a potential purchase. However, the most critical aspect of this feature is the security aspect. The payment gateway should be a widely accepted, secure mode of payment and should have varied options like credit cards, debit cards, internet banking, and wallets. Further, in case of a failed transaction, debit of money from the customer account without acknowledgement, or network error, there must be provision for immediate customer support. Some customers also prefer to save their card details on secure websites to enable recurring transactions with the same vendor.

A frog in the well approach would not work in today’s highly interconnected, digital age. Business enterprises would do well to adopt the above digital marketing tools to effectively and efficiently grow their online business.

How to setup your e-commerce store using Payshop

How to setup your e-commerce store using Payshop

We are all aware that e-stores are more than just an add-on in today’s world. They are now a necessity. E-stores are fast becoming the preferred choice for buyers to make purchases. With their online presence, e-stores are easily searchable through most search engines, thus enabling the retailer to reach a wider customer base.

Here we present to you Payshop, a single-stop resource for all your e-retailing needs. Payshop gives you access to a multitude of templates, effective SEO tools, and everything else you need to run your e-commerce store.

While brick and mortar stores have limitations when it comes to timing, e-stores are available all the time. So buyers can make purchases at their leisure. Additionally, the detailed descriptions provided on e-stores make it easier for buyers to make purchase decisions quickly, while online payment platforms make the transactions much simpler.

Payshop, through Expandcart software, provides you with a volley of highly responsive and beautifully designed templates to start up an online store. Another one, Xcart software, is a type of PCI-DSS compliant software that gives you the freedom to operate flawlessly on your personal server. Xcart helps your e-store integrate seamlessly with the most popular payment gateways.

So, if you are a retailer without an e-store, Payshop can help you create one with ease.

Find templates

A good e-store requires a good template. The very first thing that a prospective buyer notices is how your e-store makes them feel. A template can tell a lot about a business and can help build trust and confidence in buyers. At Payshop, you are able to find pre-designed templates for your web-store. You can find the template that is the best possible fit for your business without the hassle of having someone create a template for you. The choices are all laid out, all you need to do is pick one and it’s yours.

SEO tools

It is common knowledge now that search engine optimization is vital for the growth of a business with an online presence. Where your store appears on a search engine, has a huge role to play in its growth and expansion. Payshop provides you with a myriad of SEO solutions to fit your business needs. Using these simple tools and effective strategies, you can help your business grow by leaps and bounds.

One-time licensing fee

Most e-commerce providers, which are supposedly ‘free’, charge you heavy hidden fees when it comes to transactions or a monthly subscription. With Payshop, you needn’t worry about being duped. Payshop charges you a one-time licensing fee with no hidden costs which will sneak up on you in the future. It’s a one-time investment for a lifetime of worry-free e-retailing.

Social media and marketing campaigns

In order to enable any e-store to be heard over the cacophony of loud online retailers trying to sell their wares, it is vital to create unique and strategic marketing and social media campaigns. Marketing for an e-retailing site must be aggressive if you are aiming to outrun the competition.

A business must aim to not only make its campaigns unique but also to be able to touch an emotional chord with its buyers. Payshop gives you the ability to design and run social media and marketing campaigns that will make the presence of your e-store known by the world.

Set up your e-shop with Payshop

People want to be able to do things quickly and with ease. E-retailing is now the major choice of buyers for making any kind of purchase. For the growth and survival of your business, creating and maintaining an e-store is a necessity. E-retailing enables you not only to maintain your older client base but also to grow and expand, and reach out to a whole new section of people. It allows your business to reach places way beyond what you could have ever imagined.

An online business needs to have an online payment gateway to operate. Payshop supports seamless integration of a payment gateway into your e-store. By creating an e-store using Payshop, you will be able to reach out to a worldwide audience.

5 ways startups can accept online payments

5 ways startups can accept online payments

The world is becoming more digitized with every passing moment. Just as brick and mortar stores are no longer important to run a business, similarly, cash is no longer necessary to purchase goods and services. Online or digital transactions are the latest in the business world. In keeping with the times and their convenience, businesses and consumers alike are finding online payments more acceptable.

For startups, it is crucial to choose a suitable mode of online payment. This is because they need to ensure hassle-free payment solutions and at the same time, they are not in a position to incur hefty expenses related to online payments.

Keeping these factors in consideration, we have identified five best ways through which startups can accept online payments. Read on to know more.

Accepting debit/credit cards online

Accepting payments through cards on an online portal or website is the simplest way of conducting online transactions. MasterCard, Visa, and American Express are known to be the most widely accepted credit/debit cards online. More and more people now prefer to pay through credit or debit cards. It is quick, convenient and safe up to quite a degree. And saving time and effort is what makes a business profitable, isn’t it?

Payments through eChecks

An electronic check, often referred to as an eCheck, is another way of conducting online transactions. The information mentioned on the paper check (account number, name, authorization, routing, etc.) must be filled into an online payment form to process payment electronically. The advantage of paying through eChecks, apart from the fact that it is safer, is incurring a lower processing fee.

Mobile transactions

People are glued to their phones all the time, cracking deals and conducting business on the go! Technology has given us the ability to buy and sell online quite easily. Taking payments online through a mobile device has made conducting business rather easy. Use digital wallets and NFC-enabled apps for mobile payments. You are now able to manage complex accounting tasks such as managing customer accounts, sending invoices etc. through your mobile device, anywhere and anytime.

Payment gateways

Businesses can add a payment gateway on to their website. Through its aid, buyers can now easily make a direct payment to the company from their website. The intuitive interface allows hassle-free payments. Moreover, the payment processor saves customer information for quick and secure payments when the customer comes back for the next purchase.

Additionally, online payment gateways provide a myriad of options to add to the convenience that they already provide. For instance, recurring payments related to subscriptions can be paid automatically at periodic intervals as directed.

Businesses can also hire a service provider to manage their payment gateway, ensuring security and privacy of customer information. These service providers take care of hosting online payment forms, processing of payments and securing accounts of the customers.

Payments through email

Some businesses choose to send the customer’s invoice to their email with a click-to-pay option. This method ensures a speedy transaction. With just a few clicks, the customer is able to make a payment, making it easier for both the customers and the business entity. Additionally, as people become more aware of the environmental consequences of paper transactions, digital transactions are getting a much-awaited boost.

Give wings to your startup

With the advent of technology and the ease with which business is now being conducted, competition is intense. It is necessary for a business to ensure that its clients receive the best experience. By providing multiple online payment options, conducting business becomes simpler and more satisfying on both ends. The business is able to manage its accounts better and in a more automated way, while the ease of online transactions ensures better customer satisfaction.

Startups living in uncertain times?

Startups living in uncertain times?It goes without saying that startups have transformed how we interact with the world around us in the past few years. If you’ve traveled to any of the world’s major cities in, say, 2010, you would have likely checked into a hotel and hailed a taxi cab to take you there. Today, you can expect greater convenience, value for money and, possibly, a chance to meet locals at a click of a button through Airbnb and Uber.

The trend carries on as I type this blog entry. Uber, an established company by now, is being made to tweak its operations to keep newcomers like Bird, which now rent scooters as an affordable, convenient and reliable means of transportation, from eating into their market share. Also consider how corporate giants such as HBO, Amazon and Disney are being compelled to launch their own streaming services to reclaim their market shares from the likes of Netflix and Hulu.

But the truth is that startups can only flourish in healthy economies. Successful startup enterprises, after all, reflect harmonious matchmaking between entrepreneurial creativity and innovation and an optimistic outlook by investors. Perhaps it’s within our nature as humans to be creative and problem-solve, so the entrepreneurial spirit will probably never flag. But access to capital can be a problem. Even the most revolutionary business ideas of our time couldn’t have seen the light of day without funding.

There are many scenarios that can affect access to capital. How business-friendly is the economy? Are investors and lenders bogged down with red tape? Are they optimistic about the prospects of yielding a profit? Might they be concerned about consumer purchasing power if it’s not rising? Or maybe regard the market as saturated in a given sector? Endless possibilities can influence the outlook of investors and lenders.

One scenario that can surely affect startups’ access to capital is a financial crisis. Despite the inspiring success stories I’ve mentioned above, there is evidence that shows that potential for startups to succeed in the US has not yet fully recovered to its former pre-crisis levels in terms of births and deaths of startups, job creation and, perhaps most importantly, commercial lending. Fast-forward to 2018, and you’ll find the business press making noise about an upcoming and potentially deeper recession. Gloomy headlines such as “another economic downturn is just a matter of time” and “monetary policy for the next recession” can be found in the Economist and the Financial Times. JPMorgan Chase has even put a date on when it expects the bad news: 2020.

If the recession of 2008 is any guide, we know that we can’t underestimate how connected the GCC markets are to the fortunes of Wall Street: the US market, as the world’s biggest and most important, had a direct impact on commodity markets globally, which in turn affected GCC financial markets and government revenues. So the question for us becomes: how will we cope if a new crisis befalls us? Can we prepare any contingencies to keep new startups connected to their lifeline? Crisis or not, a lot can be said about the ability of startups to address all sorts of challenges, including the problem of access to capital. Just ask the people behind Kickstarter and Indiegogo. Beyond that, the role of pro-business institutions like Bahrain’s Tamkeen will be key in helping startups to rise and, if the doomsayers are correct, survive the winter of another recession on Wall Street.

About the author

Mahmood Almahmood is a translator and editor at a national news service. Trained in the social sciences and the arts, he enjoys staying abreast of the business press and analyzing its trends.