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It doesn’t matter whether you’re running an online store or pop up at the local weekend market or a corner cafe, getting paid should not be the hard part of doing business.
However, for many business owners, managing payments is a source of daily friction with clunky systems, missed sales or confusion about what tools could be used. There are now more ways than ever to make payments faster and smoother, so let’s take a look at how you can streamline the process and keep your customers happy.
- Offer multiple payment options. We live in a tap and go world. The more payment options you offer, the more likely customers are to buy from you without any hesitation. You have to consider accepting credit and debit cards, mobile wallets, buy now, pay later bank transfers or direct debits and cash. Yes, some people still use cash! By catering to your customers preferences, you’re going to remove any barriers to purchase, which is one of the easiest ways to increase your sales without having to change any products or services.
- Simplify the checkout experience. Whether it’s in store or online, you need to have a smooth checkout process. If it takes too long or feels confusing, you’re going to risk abandoned sales, and that’s especially the case for online stores. Reducing the number of steps between cart and confirmation can instantly help your process. Auto filling fields, guest checkouts and easy payment buttons like pay with PayPal make a huge difference. If you have a brick and mortar store, use a fast, intuitive point of sale system and make sure your staff are trained to handle everything quickly from scanning to splitting bills. Customers remember convenience, and that’s what you have to remember.
- Use a reliable payment processor. Your payment processor is the bridge between your business and your customers’ money, so you have to choose wisely. They ensure that your transactions are fast, secure and error free and it should support all the payment methods that you offer, integrate seamlessly with your sales platform and offer transparent fees. It’s also important to have good customer service because when issues pop up, you want answers fast when you glow up your system. You’ll need a merchant account, which allows your business to accept card payments and acts as a holding account before funds are deposited into your business bank. It’s the behind the scenes hero of any card transaction.
- Lean into automation where you can. Automation is not just a buzzword, it’s a time saver. With recurring billing, invoicing tools, and payment reminders. You can use automation for all of these things. When you automate your routine tasks, you reduce human error and you free up time to focus on growing your business properly.
- Make it mobile friendly. More people than ever are shopping on their phones, but not just through the process from start to finish, but even just to tap out with mobile wallets. If your online checkout process isn’t mobile friendly, you are literally leaving money on the table. The website has to be responsive, load quickly and it has to be linked to Apple or Android Pay. Mobile customers are sensitive to slow load times and complicated forms, so you need to keep it very simple. If you’re in a physical store, consider mobile payment terminals that allow you to accept payment anywhere, whether that’s at the counter, on the floor, or at a market stall.
- Make security a priority. Payment convenience is good, but not at the expense of safety. Your customers need to know that their details are protected, and that means using payment processors that are PCI compliant, encrypt data and offer all protection tools. Encourage strong passwords, offer two factor authentication for business accounts, and stay up to date with software updates.
- Watch how your fees are doing. Not all payment systems are created equal, and neither are their fees. Be sure to compare different providers and understand what they’re charging and why. Look out for transaction fees, monthly account fees, and even hidden charges. The right payment solution isn’t just about ease, but it’s about keeping more of your revenue in your pocket.
You need to make taking payments as easy as possible so that customers find your entire customer journey seamless and smooth. The easier you make it to pay, the easier you’ll find it to succeed.
