Regardless of what kind of business you run, payment systems are an integral part of day to day business. The earlier your business can have its payment system up and running, the easier it will be for you to track your overall financial health. The same goes for improving existing payment systems – with more customers utilising online invoicing than ever before, it is important that your business keeps up to date with current trends. In this article, we look at how you can begin improving your payment systems, so read on to find out more!
1. Provide More Payment Options
One of the best ways you can improve your payment system is to provide a wide variety of payment options. Cash is no longer king, which is why it is important that you provide options such as credit card payment, BPAY, Paypal and direct drafts from bank accounts to your customers. Utilising such tools when it comes to payment provides your customers with a number of options to use when settling bills, and can give offer higher levels of ease and flexibility. Did you know that some of the most successful business in 2019 offer up to 8 various payment methods to their customers? Ensure that you receive payments on time by allowing your customers to pay in the most convenient way possible – it’s a win-win situation for all.
2. Simplify the Payment Process
The more complicated your payment process is, the higher the chance of your customers not paying on time, or even worse, not paying at all. This is why it is so important for you to simplify your payment process. Innovations such as Apple Wallet, Samsung Pay and Amazon’s 1-Click Ordering are fantastic ways to make the payment process stress free and instantaneous. Accepting payments via these platforms means that customers no longer need to punch in their credit card numbers each and every time they make a payment. Instead, their details are saved on their trusted device and payment can be made instantly with the touch of a button. Save time verifying payments by simplifying the payment process.
3. Say Goodbye To Repetition
Have you ever found yourself in a situation where you are constantly having to fill in contact and payment information time and time again? It’s time to say goodbye to repetition when you’re looking to improve your payment systems. Having to re-enter such details when making a payment is often an annoying and frustrating experience. This is why you should consider including a “Save This Payment” option to your payment system. The next time your customer places an order with you, he or she won’t have to re-enter any of their details as it will be saved on their device. Streamline your payment system by avoiding repetition.
4. Security And Privacy
Whenever sensitive personal information is required online, it is important that you reassure your customers of your security and privacy policies. Did you know that over 58% of people drop out of making their online payments due to concern over security? You can improve your payment system by providing a SSL certificate on your website in order to provide a secure connection and encrypt sensitive personal information. Be sure to display your security credentials on your website in order to reassure customers that their private information is safe with you at all times.
5. Reduce Extra Costs and Fees
Last but not least, a great way to improve your payment system is to try and reduce any extra cost or fee to your customers as much as possible. Reducing the number of fees collected in the value chain which is typically the case with credit card companies is one of the best ways to improve your payment system. Forging direct relationships with banks is one of the best ways to improve the payment experience for your customers as you will be greatly reducing added costs for them. Chances are people will be more willing to make payments to your business if it doesn’t involve them forking out more money for a simple transaction.
All in all, a streamlined payment system is one that will benefit both you and your customers. We hope that this article has given you some valuable insight into how you can go about improving your payment systems.