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Increase your revenue from existing customers

Tag: merchants

Increase your revenue from existing customers

Increase your revenue from existing customers

Strategies to boost sales from existing customers

Merchants are often faced with the problem of stagnant or worse, diminishing revenues from existing customers. Constantly reinventing and innovating one’s service offerings, cross selling and reducing the customers’ pain points are key strategies to enhance revenue realisation from existing clients. We shall look into some of the winning strategies that can help merchants improve sales conversion from their existing customer base:

  1. Customer engagement: Interactions with the e-commerce merchant influence client perceptions. Superior post purchase support and FAQs on the website about the products are some examples. It is also a good idea to have a payment gateway process that includes easy grievance redressal for chargebacks. The feature should ideally ensure that the customer can provide the necessary documentation and the complete transaction details available with the merchant are also accessible. This would facilitate transparency and improve the credibility of the merchant.
  2. Winning customers’ loyalty: Merchants often face declined payments in case the customer fails to update his/her card data, resulting in card expiration issues. The payment solutions company can ensure smooth transaction processing with automatic data updating facility.This would also go a long way in improving customer experience and reduce order cancellation.
  3. Omnichannel payment option: Merchants can allow multiple payment options including digital payments via mobile applications, thus enabling 24*7 transactions. Thus, time and space will no more be limiting factors in online purchases.
  4. Quick authentication: A BCG survey estimates that the average e-commerce website requires shoppers to click 23 times before a purchase is completed. Merchants need to revamp the shopping experience and enable a one-click checkout with secure online payment systems. This would drastically reduce cart abandonment and revenue losses.
  5. Local payment solutions: Some customers would prefer to pay with familiar, local payment modes. Thus, the merchant should integrate a payment platform that supports alternative payment methods in local currency as well. This would help retain local customers, who might not be aware of global digital payment trends.
  6. Product differentiation: Merchants and payment providers can offer personalised recommendations to customers based on the data repository of past transactions. For example, in case of multiple saved cards, the website could suggest one of them as the primary card option based on the historical usage. Further merchants could also enable better site selection options, so that the customer undergoes minimum navigation through the website before purchase completion.
  7. Cross selling: One can also offer innovative payment features like instant financing, and flexible payback terms to encourage big ticket and frequent purchases
  8. Rewarding customers’ loyalty: A loyalty program with item discounts or freebies would positively impact website visits and sales size. The merchants can promote the benefits program by sending targeted -mail campaigns to existing customers with details of customized rewards and points status.
  9. Low cost payment option: A charge for using the payment gateway is often a big put-off for customers. Thus, merchants should integrate a convenient ‘plug and use’ payment portal, which is free of charge for the customer.
  10. Secure payment option: This is a critical aspect to ensure return customers. Merchants must ensure that the payment gateway and the e-commerce portal can securely store card tokens and confidential customer information. This would speed up the transaction time as the customer would not have to re-enter all the details each time before a purchase transaction.
  11. Expert advice: To further enhance customer appeal, one may also consider the inclusion of a knowledge section or blog with practical information on the transaction steps and the payment process. An educated customer would be more willing to return again for additional purchases.
  12. Keeping one’s ear to the ground: It might be a good idea to include an optional pop-up survey or a quick questionnaire to extract customer opinions or reviews on the ease of online operations and the product experience. This way one could address any shortfalls and win customers’ confidence.

With growing competition in the digital space, it is imperative that along with new customer acquisition, merchants devise innovative and strong strategies to grow business from existing customers. Providing excellent quality of payment experience, fostering customer trust through improved ease of online purchases, and winning a higher share of the customers’ wallet with quality products and service offerings are crucial for higher sales conversion from repeat customers.

What is the PayTabs partner program, and how does it work?

What is the PayTabs partner program, and how does it work?

Collaboration is the key to success – PayTabs truly believes in this concept. We cannot succeed in life if we walk alone. In your personal life, you need friends and family. And in professional life, you need the support of like-minded individuals to succeed.

When you collaborate, you enter into a symbiotic relationship, beneficial for both the parties. PayTabs Partner Program is one such opportunity to collaborate, earn, and grow.

Whether you are a web development company, online marketing company, consultant, freelancer, or anyone working in any space; you can earn an additional income of up to $8,000 per month by just promoting PayTabs online payment solutions.

Are you eager to know more about the program? Do we have your attention? If yes, then read on to know more about this exclusive opportunity.

About the PayTabs Partner Program

PayTabs Partner Program is a concept wherein you and PayTabs will become partners to promote PayTabs online payment solutions. In other words, you will be a referrer who will refer PayTabs payment solutions to your audience (specifically merchants).

As a referrer, you can earn an extra income of $500 per month to as high as $8,000 per month. It all depends on how you promote our payment solutions. Of course, we will support and guide you at every step. After all, we are partners, right?

How does it Work?

It’s simple. You register for the PayTabs Partner Program by submitting documents related to personal identity, company license, billing address, and others. Once you have become a registered partner, you can start promoting PayTabs online payment solutions.

You can refer it to your contacts, advertise on your website or blog, or use it as a payment solution for your clients; there are numerous ways to on-board merchants on PayTabs.

The merchants referred by you will use PayTabs for processing online payments. Your commission will be incentivized according to the volume of transactions performed by the merchants. The accumulated earnings are processed on a monthly basis. As a PayTabs partner, you will get a monthly income.

Exclusive Highlights of the PayTabs Program

  • Centralized dashboard for monitoring activities related to merchants, transactions, payments, withdrawals, and so on.
  • Suitable for the majority of business types. Currently, PayTabs powers companies operating in 49 business lines. Therefore, you can pitch PayTabs solutions to entities operating in different lines.
  • PayTabs supports transactions in 168 currencies. This solves problems related to international payments, thereby making PayTabs a favorable online payment solution.
  • PayTabs is one of the fastest payment solution companies with an established global presence. This increases the customer base, which is beneficial for our partners.
  • There is no delay in payments. PayTabs disburses monthly payment to partners.

The customers referred by you will have the best experience while using PayTabs payment solutions. At the same time, you will continue to earn a hefty income on a monthly basis. Just keep on referring to create a regular source of income. Sign up for the program now!

5 Common Myths about Merchant Accounts Processing That Can Lead You Astray

5 Common Myths about Merchant Accounts Processing That Can Lead You Astray

When the matter is about monetary transactions on your e-store, suspicion is always there. After all, you are bestowing someone else with the responsibility of handling your customers’ money. Then there are concerns whether transactions are secured against fraudulent attempts or not?

Various myths regarding merchant accounts processing have been circulating in the merchant community. If you are planning to open a merchant account with a payment solutions company, you should know about the common myths that may negatively influence your decision. Let us take a look at them.

All Payment Processing Operators Are Scammers

There are many credible service providers who provide quality services. Their terms of service will be crystal clear. Moreover, they will not have long-term contracts that will unnecessarily bind the merchant for a long tenure. They will let you know about all type of charges beforehand.

The Biggest Is the Most Trustable

You must have heard about the established online payment platforms that are visible everywhere – in search engine ads, on social media, and in renowned blogs. Even some of your merchant friends must have told you about them. But guess what, the biggest is not always the best. There are other service providers who may offer better services at affordable prices.

The lesser-known merchant account processors are more committed to providing personalized solutions to the merchants. They may have a secure procedure for processing payments, may provide services at the best rates, may have better enterprise-level hardware and software, and may take less time to initialize the setup. So yes, you should be willing to consider payment service providers who haven’t made it big yet.

Processing Charges Are Too High

Most of the times, merchants are not aware of the processing charges. Moreover, they assume them to be very high, based on rumors. But this is not true. Depending on the business turnover, you can decide to opt for payment processing services. If you have a massive turnover, it is advisable to opt for a merchant account with a unique merchant number. If you are a small business merchant, opt for a payment service provider that enrolls you in a shared merchant account setup.

Yes, there are charges associated with merchant account service providers such as termination fees, interchange-plus or flat rates, retail rates, monthly charges, and so on. But if you consider your transaction volume, the charges may not be that much. However, discuss with the service provider before finalizing the contract.

They Are All the Same

No, they are not. There are three types of payment processing companies – merchant account providers, payment service providers, and payment gateway providers. The merchant account provider is basically concerned with providing a merchant account and it may also provide payment processing service with the assistance of a third-party processor. The payment service provider does not offer a dedicated merchant account. Instead, it clubs your business with other businesses on a single merchant account.

The last one, payment gateway providers may either provide both merchant account and payment processing or provide only payment processing service. As you can see, they are not at all the same.

Not Better Than Local Banks

Banks do not offer reliable merchant account services, which are necessary to operate a business seamlessly. They will not provide you with the freedom to collect payments via various means, the hardware and software may not match the industry standards, and there is no reliability when it comes to backend support. Processing charges might be low but services are not always up to the mark.

Conclusion

You should not be guided by myths and rumors. Get hold of the facts before making your decision. This was our attempt to clarify some doubts so that merchants like you can make decisions that are beneficial for their business.

Benefits of mada for merchants

Benefits of mada for merchants

All about mada and how it benefits online merchants

Saudi Arabia now has an advanced electronic payment network known as mada that works throughout the country and involves the use of a debit card, which can be used at ATMs, POS or point of sales as well as for online shopping! Those who have mada cards can use it to withdraw money from their bank accounts through ATMs, shop for goods and services online, and even pay utility bills. mada cards are issued by local banks in Saudi Arabia and come with the latest security features and value added services. The mada payment network connects with other major payment systems like MasterCard, American Express, GCC Net and VISA so that mada debit card holders can make cashless online transactions both locally and globally, seamlessly. Just like a regular ATM card, a mada card features a 16-digit number, CVV and expiry date.

mada is not just for consumers

The best thing about mada is that, it encourages people in Saudi Arabia to shop from local online merchants, as the latter can accept payments through this card easily. Rather, this card will be the primary mode of payment! If you are wondering how far the mada network is going to boost the growth graph for e-stores, here are some figures that will help. Currently, there are 16 local banks in Saudi Arabia that are issuing mada debit cards for use at POS, ATM as well as web stores. 29 million mada cards have been issued already and 22 million out of them work smoothly with international payment schemes like MasterCard and Visa.

mada and PayTabs

Being one of the leading online payment gateway services’ technology in the Middle East, PayTabs now supports mada debit cards that are used on e-stores, websites and merchant portals in Saudi Arabia. This ensures that online transactions are secure, fast and protected against frauds like identity thefts, phishing etc. Besides mada, PayTabs also lets merchants offer many other payment options to shoppers, making it easy for small businesses to grow.

PayTabs is enabling mada as a new accepted card scheme, just like VISA, American Express and MasterCard. This means that the customer will go through the same payment steps as before, and the checkout experience will be as smooth with a mada card as it is with a VISA or others.

What benefits does mada offer to merchants?

Accepting mada debit cards as the primary mode of payment on your website through PayTabs, has multiple benefits:

  • Your sales will receive a boost as more and more people in Saudi Arabia are embracing mada and carrying out their online transactions through this versatile debit card.
  • Shoppers will be able to make payments seamlessly and without any hassle, just like when they do with their regular debit or credit cards. By accepting mada as a payment, you will simply give them more flexibility and convenience when they are buying products or paying bills online.
  • Thanks to the special value added services that mada provides, you will gain more financial control over your business, and daily purchase volume will go up.
  • Human processes like bookkeeping, tracking daily inventories and revenues will become automated with mada, thereby reducing the risk of human errors.
  • You will be able to keep an eye on cash flow and all sales transactions with better ease and efficiency.

How should merchants get started?

As you are now aware of the many benefits that accepting mada cards on your website can bring you, here is what you have to do to get started with this process:

  • You will need an active account with PayTabs first, as this gateway ensures smooth, secure transactions as well as more growth opportunities for your business.
  • You will also need to have an active account with any of the partner banks in Saudi Arabia
  • A business or commercial license will have to be issued to you by Saudi Arabia.
  • Next, you will need to sign the Bank/mada agreement, as the banks and the mada payment network work together to offer you the many benefits mentioned above.
  • Finally, you can integrate mada service into your website and start accepting safe, simple and smart payments from mada cardholders.

Do note that this process can take anywhere from 5 to 7 working days. However, once it is set up, you will see significant improvement in website traffic and sales. So, choose PayTabs and mada together if you wish to stay ahead of competition in the cut-throat eCommerce landscape.

 

Quick Secrets to Successful User Onboarding

Quick Secrets to Successful User Onboarding

The rapid development of the e-commerce industry necessitates equally fast adjustments from business owners. One of the most important aspects of an online business is user experience and this is where your business will fail or succeed.  By embracing new technologies, online businesses can now provide a seamless user experience, thus gaining a competitive edge. Online payment platforms are among these critical technologies every online business must embrace in its endeavor for improved UX. If you plan to leverage a new payment platform on your website, it is important to consider user onboarding. This entails increasing the chances that new users become successful when adopting your application. It is the most crucial yet frustrating element of a product launch because it determines the first impression. As they say, first impressions are crucial and for this reason, developers and website owners must learn how to improve user onboarding. This article tackles some crucial things a software developer should consider to help users find new value and success when using their product. Read on.

Why User Onboarding Matters

When thinking of customer retention in e-commerce, most business owners adopt a wait-and-see approach. The idea is to wait for a few weeks after a product launches on the website and start making changes that will hopefully retain users.

  • Sells Your Products Value Proposition

Now, internet users have an infamously short attention span and this is enough reason to develop an intuitive onboarding experience. Such an experience enlightens users in the essentials of the payment solutions system. User onboarding sells your product’s value propositions and helps users experience the benefits as fast as possible thus reducing the possibility of dropping out.

  • Greater Conversions

It is important to appreciate that great conversions are about proving to customers your product’s value and full potential in the product launch and trial. User onboarding is crucial not only in improving the growth rate of users on your e-commerce platform and revenue but also in customer retention.

  • Customer Retention

Customer retention has now emerged as a more important business objective surpassing acquisition. In essence, user onboarding is a chance to create a great first impression. In this case, once the software user installs your product, they expect to get value and that’s what user onboarding is about.

  • Setting the Tone Of Interactions

Remember, the first experience a user has on the software sets the tone for your relationship and determines whether this will be a long-term interaction.

Small Tweaks to Make User Onboarding Work 

While user onboarding remains a nascent aspect of website development, some trendsetters have already charted the way. Some of the little things you can do make your online payment gateway work during the launch phase include:

  1. Setting realistic expectations: Show users where they are in the process of using the payment system and how far they have to go. Through the Endowed Progress Effect, you will motivate them to complete the steps and own the process.
  2. Map User Journeys/Tailor the experience: You need to understand the users’ persona to map their journey when using the product. What are the user’s needs, goals and motivations when using the payment application on your site? Are they worried about the cost? Do they need some education about the product? Try tailoring the product to suit the diverse needs of target users.
  3. Offer a compelling value proposition early: You must communicate the value proposition early enough through a simple, clear description of what makes your payment system unique. Make sure you help the user understand cost implications and benefits of the software early to spur further interest.
  4. Simplify: Simplicity is underrated in website development, yet it makes the difference between a successful system and a failed one. Keep things simple in the free trial form, a name, an email, or a social login such as Google or Facebook will work great for user onboarding.
  5. Choose a specific end goal for your user to reach: Make sure you understand where you want users to end the process and what is to be achieved there. Remember always to put the user’s goals first and not your product’s goals.
  6. Reduce friction: A poor sign-up process can ruin the onboarding. While friction will occur due to questions and permissions, you can reduce it through good interface design. Try to decrease form completion time through online form validation and build trust through customer reviews, and testimonials throughout the process.
  7. Use guided interactions: This educates and familiarizes users with the core features of the software.

These are just a few of the little things you can do when learning how to integrate payment gateway.  It will make the onboarding process successful leading to increased customer retention.