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5 Tips to Make Your Online Payment Process Easier for Customers

Category: Growth Hacks

5-tips-to-make-your-online-payment-process-easier-for-customers

Just like a brick and mortar store, the success of an online business depends largely on the loyalty of its client base. In order to build and retain a loyal customer base, it is essential to streamline your business practices. And one smart way to do that is by providing an efficient and simple online payment process. By simplifying your online payment process, you can instantly lower the risk of incomplete transactions and abandoned shopping carts. So, check out these 5 tips to make your online payment system smooth and efficient.

  • Offer multiple options:

    The foremost feature of an online payment system is its flexibility. Internet based businesses should try to offer as many different online payment options as possible. The idea is to ensure that none of your prospective client leaves the site on account of not being able to pay. Debit cards, credit cards and online banking are generally the most widely used options for making online payments. However, you can go beyond that and offer more choices such as payment through online wallets. Further, even within the debit and credit card ecosystem, you can offer choice of different cards. However, after a certain limit, expanding your payment pipeline may not be cost-efficient. Therefore, it is important to fully analyze your target market to pick the best payment options.

  • Integrate seamlessly:

    The online payment modes should be seamlessly integrated with your website. The setting up of an online payment system also requires collaboration with a number of external partners. Hence, several factors will be at play. While it is not possible to have complete control over these factors, it is important that their features are adequately modulated to provide a smooth experience to your clients. Such consistency is also useful in raising brand awareness and brand loyalty. Integration is also important to minimize the risk of online frauds and scams.

  • Ensure privacy and security:

    Apart from making the online payment process smooth and fast, it is important to ensure the safety of data as well. Online payment systems are highly susceptible to scams and phishing. Since these transactions involve sensitive data, it is vital that the customers are assured that their information will remain safe. For this purpose, you can obtain a Secure Sockets Layer or SSL certificate for your website. Display of this certificate on your website will provide a sense of security to your clients. A PCI-compliant website is also an assuring signal.Further, you should keep your software updated to ward off any phishing attack. Use the latest versions of antivirus and anti-scam software.

  • Allow feedback and fix errors:

    Even a simple payment gateway may become more efficient with just a few tweaks. When you design your online payment system, you should try to keep it simple. A simple design ensures that you can make changes to it without any hassle. Your online payment system can also allow feedback from clients. Such feedback can provide interesting insights and may help you in designing an even better system. A simple payment system will also allow timely rectification of any shortcomings or errors.

  • Collaborate and outsource:

    Online payment systems usually follow complex processes. While you can design your own payment system, it is generally more efficient to outsource the entire ecosystem or some important parts of it. You can collaborate with online payment processing services providers for this. These providers offer a wide range of services, such as the ability to process different payment methods and dealings in multiple currencies. These providers also use sophisticated tools to ensure speedy payment processing, making your business more liquid and efficient. By collaborating with reliable and reputed online payment services providers, you can provide the best payment system to your customers.

So, keep the above guidelines in mind, to provide your clients with a super efficient online payment process, which is not only fast and smooth, but also reliable and safe. These features can help you enhance your revenue in a significant manner.

Also Read: How PayTabs is making it super easy to manage your online store’s payment process

top-tips-to-become-a-global-retailer

Information technology has made the world a smaller place indeed. Businesses are now able to expand their horizons beyond national boundaries easily. However, there are still certain roadblocks which may prevent your business from realizing its true cross-border potential. Going global not only allows you to offer your products and services to a larger clientele but also lets you achieve economies of scale. In order to ensure that you undertake this endeavor in the right manner, here are some top tips to help you expand your business globally.

International Currencies and Payments:

As you prepare your business to transact internationally, you should ensure that you are able to transact in foreign currencies. Apart from fulfilling legal requirements, it is also advisable in terms of logistics. You can take the help of dedicated online payment processors, which may get your global financial platform up and ready in a matter of minutes. Reputed online payment processors may provide you with a host of other services as well, such as centralized dashboard for managing your transactions and analytical services. There are several factors you should keep in mind while choosing a payment processing service provider. Apart from having solid reputation in the market, the service provider should also be able to provide cutting-edge technological support and have the ability to accept a wide range of payment methods.

Sort the Legal Issues:

Every business is governed by a set of rules, the law of the land. When you are a domestic company, you only need to comply with the laws and regulations of that country. However, when you expand internationally, you need to ensure that your business does not breach the laws of any country you have customers in. Such rules and regulations may pertain to the form of business, the quality of the goods and services provided and foreign exchange remittances. Various online payment processors have made it easy for businesses to transact in foreign currencies, however, businesses still need to follow the laws and guidelines with regard to foreign currencies. Further, many countries prohibit trade in certain goods and services, and so, make sure you are not flouting any such rule.

Overcome the Cultural Issues:

Different countries not only have different legal environments, but distinct cultural climes as well. Such differences mean that you may have to redesign your marketing message to suit the tastes and traditions of your target markets. You should know your target markets well enough to understand their undertones and nuances. Moreover, you may also need to customize your product descriptions and packaging so that your target market can understand the message correctly and conveniently. You should be extra cautious about ensuring that your products and services are culturally sensitive and do not offend the sensibilities of the local people.

Shipping and Logistics:

The two main challenges related to international sales are the modes and costs of shipping. You can choose land, sea or air shipping of your products, in accordance with your clients’ requirements. While air shipping may be faster and safer, it is also significantly more expensive than other modes. Consequently, you need to reconcile the speed and costs of shipping products. You may also adopt flexible approaches where you ship products based upon the choice made by your clients. You should also ensure that your shipping method and other logistics meet the legal requirements and other stipulations.

Costs and Pricing:

When you start selling your products internationally, you need to calculate your prices for each market separately. This is important to ensure that you adequately cover all your costs. You may also need to adjust your shipping charges accordingly. However, for the ease of the business, it is recommended to average out the costs and employ global pricing for your products. This will help in making your business processes simpler and efficient. However, you may offer different options regarding the mode of shipping etc. to your clients and calculate the final price accordingly.

Global selling may seem like an onerous task in the beginning. However, by following a few guidelines, you can ensure that you make judicious use of your resources. The above tips will help you in covering all the bases and running your business smoothly.

the-importance-of-packaging-in-e-commerce

Packaging is an often neglected but still one of most important parts of a business operation. The importance of packaging is even more crucial in the case of E-commerce as products spend a long time in transit, going through difficult situations. Packaging also has ecological side to it as wasteful packaging is said to have immense negative impact on the environment. Further, it is also important to control the costs associated with packaging. Here are some of the ways E-commerce businesses can enhance the value added by the packaging.

Importance of Packaging:

Packaging is much more than just wrapping the goods and sending them to customers. You can create your own brand identity through packaging. You can opt for custom packaging where you can create packages in different shapes and sizes and personalize them to reflect the core values of your business. Further, packaging may also be customized according to the customer base of your business. Either way, you can ensure that your packaging strategy does a lot more than just protecting and transporting goods. While the main purpose of packaging is to safeguard the goods, it may very well be used for branding purpose. Due to these reasons, packaging is an important concept which requires thoughtful consideration on the part of businesses.

Optimize the Costs:

There are several types of costs associated with packaging. Some of the direct costs are in the form of money spent on buying boxes, wrapping papers and wages paid to packing workers while indirect costs are incurred in the form of spoilage and wastage. It is important that both these costs are optimized so that the bottom line of the business is enhanced. With proper packaging, you can ensure that the product reaches their destination in the best possible condition, thereby reducing the chances of return. This can help you minimize associated postage costs and loss of reputation. You should also try to incorporate innovative techniques such as the use of eco friendly packaging material. Further, the costs may also be optimized by reducing the packaging material used, without compromising the safety of the goods and customers.

Build Strong Rapport with Customers:

Packaging may be used for creating a better bond with your clients. The packaging of a product is the first instance of a customer’s interaction with your brand. Since first impression counts, it is important that you create a positive brand image in the eyes of your clients. The packaging should be secure but still should be easy to remove, without causing any undue hassle to the customers. Also your clients should be able to unpack the goods without leading to any damage to the goods. If a product is well packaged and is convenient to handle, then your customers will likely have better opinion of your business.

Promote Brand Value and Loyalty:

The value of packaging goes beyond protecting the goods. You can create brand value by paying attention to the way you package your product. You can create further value by customizing the packaging to meet the requirements of particular products. For example, if you deal with edibles and food products, you may have to opt for temperature controlled packaging so as to ensure the safe and secure arrival of your products. You can emblazon your brand name on the packaging to make a lasting impression on your customers. Another good practice is to add essential information pertaining to the product on the packaging itself.

Bring Innovation:

While it is important to create brand loyalty and brand image through the use of packaging, it is equally important to ensure that various costs associated with packaging are optimized. Apart from financial costs, the social cost of packaging also needs to be considered. It should be ensured that the packaging is able to keep the goods safe but should not be excessive at the same time. It is also important to put emphasis on recycling of packaging material. There is also increased focus on using eco friendly packaging material.

Packaging is generally overlooked as an important part of a marketing plan. This concept has strong potential to help a business achieve its revenue and profitability targets while delivering value to its customers.

Also Read: What are the key components of a custom payment gateway

what-are-the-key-components-of-a-custom-payment-gateway

Choosing the right payment gateway is crucial for an online business as these gateways can complete online transactions quickly, safely and efficiently. A robust payment gateway not only provides efficiency but also maintains integrity of the operations. There are several ways to incorporate a payment gateway into your system. You can choose to deploy a third-party payment gateway for processing your transactions or go for a personalized payment processing system. Each system has its own unique features, but a custom payment gateway can provide you with flexibility and efficiency which is unparalleled. Here are some of the key components of a custom payment gateway you should know about, to make informed decisions.

  1. Great Customer Experience:

    A custom payment gateway should be designed in such a manner that it maximizes the customer experience. The payment process should ideally have minimal number of steps to follow. It should also be intuitive so that the transaction proceeds in a smooth manner. You can also enhance the consumer experience by using well-known logos for different processes. The process should also be transparent so as to foster a sense of security and reliability in the clients. You can also enhance user experience by offering a wide range of payment options. Such flexibility will allow your users to maximize their utility and create brand loyalty.

  1. Sufficient Security:

    While speed and simplicity are desirable qualities in a custom payment gateway, it is equally important to ensure the safety factor of the transactions There are several security certifications available which will be helpful in providing a sense of safety to your clients. Ideally, your system should be PCI compliant. Further, you should also constantly upgrade your technology to effectively counter new spam and cyber-attack threats. End to end encryption of the transactions will ensure that the data transmitted remains safe and secure. Additional precautions should be undertaken to further secure personally identifiable information such as social security number and date of birth.

  1. Freedom of Customization:

    One of the biggest features of a custom payment gateway is that you can design it the way you want. You can add features while taking out some of the other complexities which you do not require. If you have a mainly subscription based business, you can allow for recurring payments on select dates. This feature will take away the hassle of recurring billing and will make the process more efficient. If your business deals with overseas clients, then it will make sense for your payment system to accept a wide range of foreign currencies. You may also want to display your payment system in different languages for making it easy to follow for your clients.

  1. Sensible Fees and Charges:

    Most payment gateways are able to provide their services at affordable rates due to economies of scale. However, the various benefits provided by a custom designed payment system can justify its higher costs. If planned properly, you might be able to reduce these expenses on a custom payment gateway as well. You should carry out extended and informed deliberation with various financial service providers to ensure that you optimize various charges and fees. Further, you should also pass down some of the benefits to your clients so as to build a solid customer base.

  1. Modular Feature:

    Setting up a custom payment processing system can be a daunting task. There are several variables to be taken care of, including the number of processors to collaborate with. Ideally, you should work with multiple processors to minimize the possibility of outages. This setup will also provide you with leverage in terms of negotiation. If you are building a custom payment system, then you should pay adequate attention to security features as well. Further, a foolproof process should be set up for handling arbitration, chargebacks and disputes. The process should be such that your clients do not face unnecessary hurdles while getting their grievances addressed.

All in all, custom payment gateways can indeed help you optimize your business processes. You can also ensure that your clients have the smoothest possible experience by incorporating features specific to your business. The process should also be flexible so that it can handle any changes in your business model.

top-reasons-why-your-business-should-accept-payments-online

For a business, one of the most important tasks and objectives is to maintain the profitability and liquidity of the organization. It is important to ensure that you are able to receive your dues in a prompt manner. This can be made easy by adopting the right online payment methods. If your business is able to accept online payments, then you can convert your receivables into cash with relative ease. Online shoppers also prefer to make payments through digital modes these days. Here are some of the advantages of online payment systems.

Collaboration with Expert Online Payment Providers: While you can set up your own online payment system, teaming up with specialized online payment processors has many benefits. There are certain points to keep in mind while choosing your online payment provider. They should possess state of the art infrastructure so as to offer efficiency and security to your clients. It is preferable that the system is also equipped with the latest anti-scam software to provide protection against cyber-attacks. Further, you should also pay thorough attention to their fee structure. There should be no element of surprise for you or your clients. A reputed gateway will disclose all fees and charges upfront. If the provider charges fee on volume basis, you should ensure that it is reasonable at all the levels. Such collaborations can provide you with specialized services, making your business more efficient.

Also Read: 7 Tips for Safe Online Transactions

Easy Setup: The process of accepting online payments is not complicated at all. The setup takes only a short while and offers immense convenience. You can easily integrate this payment system with your website and online store. The integration process may differ from one online payment gateway to another but the fundamentals remain the same. The registration process is also simple and quick, requiring you to provide some essential information. There is generally minimal paperwork involved. Once the set up is integrated, you are only required to take up periodical maintenance sessions. Now, you are all set to accept online payments from your clients.

Affordable: Thanks to consistent improvement in technology, online payment systems are becoming more affordable with time. Most online payment processors now offer accounts with zero setup fees. This feature adds on to the efficiency of your business. As more and more businesses are signing up for online payment processing systems, the transaction fees are also coming down, thus rationalizing the operational costs. In many cases, the online payment processor may also agree for a lumpsum payment, irrespective of the volume. This deal may be ideal for fast-growing businesses. With declining costs, the benefits of online payment systems outweigh the shortcomings. Businesses now get to boost their margins by using these cost-effective online payment solutions.

Widen Your Market: Online payment solutions allow you to increase your turnover and reach a wider market. With the help of these gateways, you can service overseas markets as well, since you can accept foreign currencies. Online payment solutions facilitate the use of international credit and debit cards, thus increasing the reach of your products and services. You can attract more customers with online payment facilities and gain a competitive edge over your peers. You can offer more payment options to your clients, allowing them to spend their money without hassle. Further, online payment systems are known to encourage impulse purchases. Such purchases can add significantly to your bottom line.

Better Customer Satisfaction: By introducing online payment facility, you can greatly enhance the shopping experience for your clients. They will have more choices when it comes to making payments for your goods and services. They will also be in a position to plan their budget better, as they can use their credit cards instead of making upfront cash payments. The faster delivery of goods is another benefit, since online payments are processed faster than offline payments. Online payment systems generally come with inbuilt security features, which increase the element of trust and safety.

To conclude, accepting online payments has become essential for all businesses, especially after the pandemic, as social distancing will continue for some time to come. And with easy set up and operations, this feature can help you boost your revenue and profit too.