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Follow These Tips While Adding A Payment Gateway to Your E-Commerce Site

Category: Growth Hacks

Adding-A-Payment-Gateway-to-Your E-Commerce-Site
Mohab Growth Hacks 0

Every e-commerce business needs a reliable payment gateway to serve its clients and to boost its revenue. There are various parameters which define the robustness and effectiveness of a payment gateway system. Some of these metrics are speed, accuracy and security. In order to make sure that your business and clients get the best of the services, here are some tips you may use while adding a payment gateway.

  1. Recurring vs. One Time Fees: The cost of implementing and operating a payment gateway is an important parameter which needs to be considered in the decision phase. Different payment gateways charge their fees in different manners. Some have upfront onetime costs while others charge recurring fees, generally based on volume. Yet other payment gateways may practice a mix of these charges. It is important that you take your time to fully analyze the impact of such charges on your bottom line. Also, if the charges are levied on percentage basis, then consider the overall impact as this kind of charges generally add up pretty quick once your business takes off.
  2. Pay Attention to Purchasing Funnel: Analyzing the purchasing funnel means that you take cognizance of the number of steps needed to get the payment confirmed. While it is important to ensure the security and certainty of the payment made, a large number of steps are rather off-putting and may prompt clients to walk away. Similarly, your payment gateway should only seek appropriate amount of information. It is imperative that you do not use payment process as a means of collecting data about your clients. You should also pay attention to the integration of payment gateway with your website so that your clients have a seamless experience and are not subjected to repetitive steps. It may take you several attempts to determine an optimal purchasing funnel for your business.
  3. Consider the Add-Ons: Payment gateways come in different shapes and sizes. Most of these gateways also provide you with opportunities to customize them for your optimal use. Some of the service providers offer automatic billing support which may or may not be important for your business. Since these add-ons come with a price tag, it is essential that you consider these options and compare their benefits with associated costs. Another point of customization is to be able to handle foreign transactions. If you are looking to expand your business beyond your national boundaries, then you should seriously consider getting this feature for your payment gateway. It is generally surmised that the clients appreciate such additional features which allow them to complete their transactions smoothly.
  4. Diversify: Since the payment process involves providing sensitive information, it is important that you pick your payment gateway carefully. It is essential that you analyze the reputation of the service providers to ensure that their offerings work smoothly and without excessive downtime. Further, it is important that your payment gateway provides security of the transaction and the data. These factors should be supplemented with the ease of carrying out the transaction and saving time. It should also be ensured that all the legal requirements are fully complied with. This is especially important if you carry out cross border transactions and deal in foreign exchange.
  5. Keep it Simple: While it is tempting to keep adding various features and options to the payment process system, the better strategy is to optimize such addons and the simplicity of the system. The checkout process provided by your payment gateway provider should be fast and simple. There should not be excessive forms or columns to fill in order to proceed with the checkout. Further, the payment options may also be limited so that their proper security and robustness is assured.

The choice of a payment gateways services provider is highly crucial. Now, that there has been massive proliferation of cyber-attacks, it is vital that the sensitive data shared by your clients is secured. Apart from this main requirement, the checkout process should be tailor made to meet your and your clients’ requirements. It is important to have adequate number of payment options while also offering additional features such as the ability to check out as a guest.

4 years ago
PayTabs
Mohab Growth Hacks 0

Fintech-Companies-Can-Help-Small-Businesses-in-Multiple-Ways

Technology has played a big role in revamping the business sector in recent times, by providing innovative small business solutions. However, it has been especially helpful for small businesses, by aiding them with a wide range of functions. As small-scale businesses generally have access to limited resources, the use of technology can help them optimize resource utilization. Fintech or financial technology is mainly concerned with the proper utilization of funds and management of finances of an organization. So, here is a close look at the different ways in which fintech can help take your small business to a whole new level.

A Chance to Adopt Payment Gateways: The ability to accept online payments is crucial for small businesses nowadays. This is because customers are more inclined to make payments through digital routes such as card payments, online banking, and wallet payments. For such online payments, you need to engage the services of an online payment processor. And a reputed fintech company can promise you exactly that.A reliable payment gateway will be fast, efficient, safe and easy to integrate with your website or e-store. It will have no hidden fees or charges.Such a payment processor will also have good reviews in the market.Plus, you might get to try out a demo session before signing up for it.

            Also Read:5 Common Payment Processing Challenges Small Businesses Face

Simpler Payment Processing: Fintech also allows you to simplify the way your clients transact with you. Customers now prefer making payment through cards, be it debit, credit or a gift card. Such digital payments are not possible without the use of fintech tools or solutions. With the help of technology, you can prepare your business to accept a wide range of cards through payment gateway solutions. Further, your business should also be ready to accept other forms of digital payments such as wallet payments and mobile payments. The use of fintech tools will help you in setting up these systems. If you run an offline small business, then the latest fintech tools can help you get rid of old and bulky payment machines.

Better Customer Engagement: Fintech solutions can not only smoothen out the transaction process, but can also help businesses gain better consumer insights. With the help of these tools, you can gather data about the preferred mode of payment of your target market, their payment patterns, and other relevant details. Such data can help you design proper small business solutions. Your fintech apps can also allow you to interact directly with your clients with regard to their financial transactions. Many such apps have the feature to integrate your social media hangouts with your financial payment system. You can also design your marketing campaign and feedback system with the help of this integration.

            Also Read:Payment Gateway for Small Business

Automation: The use of fintech apps will allow you to automate your systems. You can undertake such automation on your own or engage the services of specialist services providers. As small businesses may not be in the position to hire accountants, it is advisable that you negotiate with your online payment processor as they may provide you with an automatic accounting feature. It is important to choose your online payment processor carefully as the good ones offer a wide range of financial services. Some of the most prominent types of services provided are streamlining of expenses, ability to accept foreign currencies, and real time record updating.

Secure Features: Security is of utmost importance for small businesses, especially when they go online. Security not only refers to the security of physical goods, but also of the intangible data such as personal and sensitive information of their clients. Fintech tools help small businesses conduct online transactions through robust payment gateway solutions and ensure that the data collected while processing these transactions is kept safe and secure. This will help small businesses add more volume to their revenue as they will be able to establish a dedicated customer base.

            Also Read:Five Payment Processing Challenges For Small Businesses

So, if you are looking for an effective technology solution for small businesses, fintech companies are your best bet. They can help infuse transparency and efficiency into your daily operations, without incurring significant expenses and outgoings. Optimal use of fintech tools and solutions can help small businesses provide more security features to their clients as well.

4 years ago
PayTabs
Mohab Growth Hacks 0

Smart-Ways-to-Protect-Your-Business-Against-Chargebacks

The current pandemic has forced many businesses to go from offline mode to online mode, as social distancing rules and phased lockdowns are still in place. The transition involves a steep learning curve as there are several new elements which businesses need to take care of when they are operating online. Chargeback prevention is one of the most important aspects you need to be careful about. It is one of the most frequent issues an online business needs to deal with. Here are some pointers which can help you navigate through this problem and carry out your business efficiently.

But First, What is a Chargeback?

The simplest explanation of chargebacks is that these are disputed transactions. If a customer raises concerns about the validity of any charges on their credit card, then the merchant is required to reverse the transaction. Such reversal is known as chargeback. While chargebacks are important so that the clients are not saddled with unwarranted payments, such charges can interfere with efficient operations of your business. An online business should try to keep such chargebacks to a minimum and offer relevant features to protect payments. Such charges can not only lead to financial losses but also the wastage of other resources, such as time.

            Also Read:Five Payment Processing Challenges For Small Businesses

Tips to minimize chargebacks

Choose an Online Payment Processor Carefully: Online payments form the backbone of a digital business. Since these payments are carried out by specialized processors, it is important that you partner with reliable service providers. Your processor should possess an impeccable track record. They should also be ahead of the curve when it comes to security of the transactions. You should check whether your processor can deploy the latest anti-scam and anti-phishing software. Online scams are one of the biggest reasons behind chargebacks. By eliminating the risk of frauds, you can also minimize the chances of chargebacks. Such processors can help you in implementing proper chargeback prevention measures.

Choose Appropriate Transaction Descriptor: If you are wondering how to handle chargebacks, this is one tip you should remember. Chargeback requests are generally initiated when a customer is not able to recognize particular charges on their credit card statement. So, ensure that your transactions appear in a familiar name to avoid the risk of accidental chargebacks. Instead of registering with the online payment processor in the name of your parent company, you should register with the trade name, which is the name known to your clients. So, if you are facing frequent chargebacks, you might want to get in touch with your online payment processor to see how you appear in your clients’ credit card statements. In case of any issue, get it fixed to avoid hassles.

            Also Read:These 10 things will help protect your Ecommerce Business against fraud

Build a Rapport with Your Clients: Businesses that build a strong relationship with their clients are less likely to face chargeback requests. One of the most effective ways to do this is by offering prompt customer services. If your customers are able to contact you and get timely resolution of their issues, they will be less inclined to take the drastic step of claiming chargebacks. It is also important that you do not add any unexplained charges on your bills. Transparent billing practices ensure that your clients have proper payment protection. Total honesty will lead to fewer small business chargebacks and a bigger base of loyalists.

Optimize Your Business Processes:Lax business processes may also lead to chargebacks. If your shipping duration is too long, the customers may not receive their products on time and may demand chargeback. Further, goods arriving in damaged conditions or not as per the description may also lead to chargebacks. In order to avoid such hassles, ensure that your business practices are up to the mark. You should maintain a clear line of communication with your clients. It is also a good idea to provide frequent updates about shipping milestones. If there is any problem with the product, it should be rectified accordingly, so that a chargeback is not required.

            Also Read:How to retrieve your money from a not-so friendly fraud

To wrap up, financial discipline is essential for any business, especially when it comes to chargeback prevention. These anomalies should be minimized so that the business can run with maximum efficiency. And by following the simple steps mentioned above and collaborating with reliable online payment processors, you can minimize the risk of chargebacks.

4 years ago
PayTabs
Mohab Growth Hacks 0

The-Definitive-Guide-to-Influencer-Marketing-for-eCommerce-Stores

Influencer marketing is a relatively new concept in Ecommerce. However, it has gained widespread popularity in a short period of time. It has also emerged as one of the most efficient methods of marketing. A number of surveys have pointed out that more and more people are affected by the messages conveyed by social influencer. In order to increase the scope of your business, it is important that you are conversant with the various nuances of influencer marketing. So here are some tips which can help you bring the best out of your collaborators.

What is an Influencer: It is important to know what an influencer is and how influencer marketing works.  Generally, the concept of influencer marketing is confused with celebrity marketing, but both are drastically different approaches. Influencers generally have much smaller following but have more intimate contact with their base. Influencers also have very specialized following as they generally promote very specific areas of interests. With influencer marketing, you can target your market in a very granulated manner. The conversion rate for influencer marketing is also higher than most other forms of marketing due to this reason.

Know Your Market: like with any other marketing tool, even influencer marketing’s success depends on how well you know your market. In order to design a powerful campaign, it is important to be aware of unique features of your target market. Further, you should also know your market well enough to segregate that into smaller units with varied features. Such micro segregation is important to personalize your marketing campaign. Markets may be defined on different basis such as income, age or education level. Such study of the market allows you to design your campaign in a more personalized manner.

Identify the Influencer: once you have identified the discerning features of your target market, you can prepare the shortlist of the influencers in the segment. There are several criterion which can help you identify the influencers which are best suited for your product. In order to create maximum impact, you should try to steer clear of influencers who are already engaged with a large number of products. In such a case, it is highly likely that your product message will be highly diluted. There are several tools available which can provide you with the list of influencers working in your area. It is also important to look at the composition of their followers so as to ensure that your marketing efforts are targeted towards the right kind of people.

Differentiate the Influencers: influencers come in all shapes and sizes. To reap the most benefits it is essential that you differentiate between different types of influencers and choose the right ones fit for your requirements. It is important that your influencer has sizable following, otherwise your marketing efforts will not be cost optimized. Further, you should also look at type and level of engagement provided. Your influencer should be regular in providing updates to their fan following so that your messages reach their target audience in a prompt manner. It should be noted that while influencers have smaller following than celebrities they are able to provide more personal touch to your brand and products.

Craft your Influencer Message: you should closely work with your influencer to create the most compelling message for your campaign. First off, the endorsement should come from the influencer as it contains most genuine impression. Such endorsements are more personal in nature and thus are easily differentiated from mass promotion on products. Once they have prepared their own endorsement, you can work together to make the message more effective. Some of the main techniques to do so are to incorporate the links to your page and to offer special discounts. However, the task is not done once the message is disseminated, you can further increase the potential by sharing such messages on your own platform as well.

Influencer marketing is amongst the most promising upcoming marketing techniques. It is important that you measure your output and evaluate it accordingly. This step will let you identify your star performers. In the case of others, constant evaluation will let you find out the weak spots and address them.

4 years ago
PayTabs
Mohab Growth Hacks 0

Top-3-Payment-Related-Reasons-for-Abandoned-Carts

One of the biggest challenges faced by e-commerce businesses is the issue of abandoned carts. Potential customers who take time to browse through your offerings, add them to their carts and then simply leave their shopping when it comes to the final stage. In order to ensure that your business enjoys a healthy conversion rate, it is important to pay proper attention to the issue of abandoned carts. The abandonment of the cart can happen at any stage of online shopping; therefore, it is important to look into the reasons so as to take proper corrective actions:

  1. Tedious Checkout Process: Complicated checkout process is one of the most prominent reasons why customers leave their carts behind. If your checkout process involves filling out a number of forms, adding payment details and such other issues then it is highly likely that the customers will prefer to just abandon the entire process and go elsewhere. You can solve some of these issues by adapting policies such as allowing guest checkouts. This option lets the customers proceed with their purchases without actually enrolling with the websites. When their transaction culminates smoothly, it is highly likely that such customers will come back and register with your website eventually.
  2. Unexpected Costs: If you have hidden costs which are revealed at the checkout stage, then your customers are likely to leave without completing the transaction. Such hidden costs may be in the form of taxes or shipping charges. In order to increase the chances of actual purchase made, it is important that you are upfront about the all the costs involved. By incorporating transparency, you gain customer trust which eventually translates to better revenue for you. You may also devise various cost structures which enable you to offer ‘free shipping’ without hurting your margins. Taxes may also be bundled into the product prices so as to reduce the chances of unpleasant surprises at a later stage.
  3. Payment Issues: Payment related issues may manifest themselves in a variety of ways. First off, it is important that you offer a wide range of payment options. Some of the most prominent options are the ability to pay through debit cards, credit cards and internet banking. However, adding a couple of more options will greatly enhance the probability of the purchases reaching their final destination. Another major concern is regarding the security of the payment process. Since clients are required to provide sensitive information for making payments, it is important that they are assured of full security of such information. There are several certifications which prove that your website is secure. Having such authentication on your website increases your customer’s confidence and induces them to complete the process.
  4. Dubious Upselling Techniques: While it is desirable to provide an extra nudge to the client for increasing their order value or to induce them to add more products to their cart, aggressive upselling techniques may dissuade such clients. Some of the ways such intrusive techniques are used are through the pop-up ads or other such material. Instead of being helpful, such experiences may interrupt the purchase process, leading to the client abandoning their purchase. It is advisable that you do not use such measures and offer a smooth checkout process to your clients.
  5. Buggy Website: If your checkout process involves different pages and your website is slow to download then the client may feel frustrated through this experience. For solving this issue, you may want to consolidate your checkout process so that the clients do not have to wait for multiple pages to download. Further, the pages should also be optimized in such a manner that they are loaded quickly and do not lag. Slow processing may also impede checkout and payment process, prompting clients to walk away.

While getting the clients to your website is a difficult task, stimulating them to complete the purchase process is even more of a challenge. However, by carrying out a few simple tasks as listed above, you can ensure that your clients do not have to face undue hassle and that they eventually complete the process, adding to your top line. These steps will also help you in generating repeat sales.

4 years ago