Are you on the hunt for a new payment processing company to revamp your business’s payment strategy?
When it comes to setting your business up for success, it is essential to create and stick to a well-thought-out payment strategy. Why? Having an effective payment strategy strengthens your workflow and opens opportunities to earn more revenue. It can identify problems and empowers you to solve them quickly and efficiently. If you think about your payment strategy now, you will be much better prepared to meet your customers’ current and future needs, freeing up time to make their payment experience even better.
Here are a few elements you should have to your payment strategy, and why they are crucial to implement for your business.
Have a multi-channel payment strategy
In 2022, shoppers are expecting that the businesses they choose to patronize accept multiple forms of payment. By being flexible and prioritizing ease of access for customers, you will increase the likelihood they will complete their purchase and visit again.
Additionally, you need to be able to take your business from in-store to online to meet your customers wherever they choose to be. Consider having an online eCommerce presence. Online shopping has become essential for modern businesses, especially in light of recent lockdowns and temporary closures. Did you know that 19% of shoppers who have abandoned their cart said they didn’t trust the site with their card information, and another 8% claimed there weren’t enough payment options? It can be difficult to know which options to provide your customers.
First and foremost, your payment strategy should take into consideration the behaviour of your customers. Offer common online payment systems like PayPal, Worldline (previously Bambora) or Shopify. Ensure your online payment checkout is smooth, fast and easy! Listen to the feedback your customers give you and make the choice that is right for you.
Remember that customers want to pay when they want, how they want, and expect the process to be easy. That’s why a multi-channel payment strategy needs to be a part of your business plan.
Ensure your payment processing devices have contactless & wireless functionality – accepting mobile & NFC technology
One element of the payment experience that isn’t going away post-pandemic is contactless technology. Customers have gotten used to the convenience, speed and perceived safety of tapping their cards or mobile phones to the terminal to process their payment. Businesses with wired-in terminals are considered behind the times. When refreshing your payment strategy this year, focus on offering technology that gives your customers the ease and satisfaction of a smooth, modern, lower-contact payment experience.
To really impress your customers and make more sales, ensure your payment technology can accept NFC technology. What is NFC, you ask? NFC stands for Near-Field Communication. It detects and enables devices in close proximity to communicate with the payment terminal without requiring an internet connection. This is what powers Apple and Android Pay on our mobile phones. We’re expecting that, in the not-too-distant future, NFC chips will be a staple in all sorts of payment cards, like gift and loyalty cards too.
Monitor for fraud & have a plan
Preparing for the occurrence of payment fraud should be a key element of your payment strategy. Almost 50% of small businesses will fall victim to fraud at some point. Whether it’s through phishing, hacking, or merchant identity fraud, fraudsters are consistently evolving to catch unsuspecting, unprepared businesses.
One way you can prepare is to continually update your network security systems to bolster your eCommerce against fraud. Ensure you’re partnered with a trusted payment processor who prioritizes efforts to protect data and encrypts sensitive information.
By implementing the right tools, you can safeguard your business against payment fraud.
Pick a payment partner whom you trust
The technology you choose to run your payment processing plays a very important role in your payment strategy. Having the right payment processing tool at your disposal can save time, money, and effort in many facets of your business.
Ackroo offers a variety of payment processing solutions for all types of businesses via AckrooPAY. Learn more at ackroo.com/payment, and reach out to us — we’ll work with you to find your perfect payment technology at a great price!