Smart businesses listen to their clients when designing the products and services that they sell. But too many then fail to listen when it comes to the payment experience. Without making sure that the payment experience is satisfying, it’s impossible to have a fully satisfied customer. If money is the fuel that runs business, an excellent payment system is the oil that keeps that engine running without friction. A swift, secure, reliable, and flexible payment system ensures a rewarding experience for both businesses and clients.
Many companies inadvertently create costly problems for themselves because they don’t take full advantage of new payment technologies. They would never revert to 19th-century equipment and procedures like manual typewriters and deliveries by horse-drawn wagons. But they still use printed invoices and checks sent by snail mail, a payment system that is a relic from the 1800s. They can accelerate productivity dramatically by simply upgrading to electronic invoices and online payments. Those can be sent, received, and processed instantly and automatically.
Time is money, and the more of it that’s wasted just trying to make a payment, the more pain it causes for businesses and their clients. Oftentimes customers will buy from a competing business that offers a faster “pay-now” process, an instant purchase confirmation, and an electronic receipt. Many payment processing platforms now offer “pay-now” buttons, to make transactions intuitive and frictionless. They also provide flexible options like recurring billing for subscription services and customer-selected payment plans for larger purchases.
The world of business never sleeps, and to be competitive requires a payment system that hums along without a glitch across multiple time zones and merchant locations. To stay ahead of the curve, accept payment in all of the major currencies, and process multiple payments at different stores or e-commerce sites simultaneously. Turnkey payment processing platforms make that possible, while also ensuring that clients can pay from all of their mobile devices. When clients can pay on the move with such seamless portability, businesses are able to engage them wherever they live, 24/7, regardless of geographical boundaries. That can propel a business in a local market to a national or multinational contender that attracts clients across the map.
Payment system bells and whistles are meaningless, however, if the financial transactions or transmissions of sensitive data are compromised. Businesses and clients all want safety and security. Data theft, hacking, and fraud can have a devastating financial impact on a company and its clients. The kind of payment system used is critical. It can either be the weakest vulnerability for a business, or a powerful line of defense to vigilantly protect its reputation, credibility, customer base, and brand. Look for features like data encryption, PCI compliance, and Level III processing – fully supported by responsive, superior customer service.
Payment processing innovations and enhancements are developing in ways that are game-changing for those who adopt them. Most importantly, these solutions can be easy and cost effective to implement, for businesses of any size.