From selling your perfected salsa at the annual jalapeno festival to your local storefront, and even online, small business owners need a solution that can help them accomplish one of the most central aspects of doing business: getting paid. Thankfully, the right payment tools make it easy for businesses to get more sales with ease and efficiency. 정보이용료현금화
1. Convenience
The noun convenience refers to something that is quick, easy and close by. A classic example of convenience would be a filling station that sells food, newspapers and cigarettes. It’s not essential that these items have anything to do with refueling a car, but the aggregation of services supports multiple secondary needs while still fulfilling the primary need of getting fuel.
The same can be said of services such as credit cards, which enable shoppers to buy products and services without having to carry large amounts of cash with them. The convenience of these services can be measured in terms of the amount of time and energy they save consumers by eliminating the need to make numerous separate transactions at different stores. However, there are limits to convenience. For example, some people feel that convenience may not be enough to justify flying across the country for a top neurosurgeon rather than visiting their local physician.
Some experiences that are convenient may not be worth the added cost, or they may be offset by costs that the convenience incurs. For example, driving to a location that is close to your home but requires extra gas can be a costly inconvenience if you forget to account for mileage when purchasing gas. Similarly, the expense of paying for parking can offset the benefits of convenience in many areas.
Convenience often comes down to a subjective definition of what is most beneficial for each individual customer. For some, that could mean the ability to purchase goods and services that are not always available elsewhere, or the ability to use those goods and services at a time of their choosing. For others, it might mean a reduction of the physical effort required to complete undesirable tasks, such as cooking or shopping, through the use of technologies like microwaveable meals and online ordering.
Small business owners can use the concept of convenience to their advantage by providing customers with a range of payment options that meet their unique needs. By offering card payments, for instance, they can open their businesses to a wider consumer base that will help them achieve sales goals and growth potential. In addition, the speed and ease of the checkout process can enhance the overall customer experience and reduce transaction costs through streamlined procurement processes and digital recordkeeping.
2. Flexibility
Despite the fact that payment flexibility might seem like a non-traditional approach, it can actually improve customer loyalty, increase conversions and boost sales for e-commerce businesses. This is because when customers feel that a brand cares about their needs, they are more likely to continue to use it and even recommend it to others.
As the gig economy continues to grow and people are working on a more variable schedule, consumers are expecting that their pay cycles will become more flexible too. Whether it’s for the convenience of being able to buy goods online with a Buy Now Pay Later (BNPL) solution or getting paid faster by using peer-to-peer payment apps, customers want to be able to decide when they get paid rather than waiting on a monthly paycheck or direct deposit.
Payment flexibility also helps alleviate financial stress for customers by allowing them to better manage their cash flow. When people are worried about whether they will have enough money to cover their bills and purchase necessities, they lose focus at work which reduces productivity. Worse, some end up turning to payday loans which are often costly and create unmanageable debt. By offering flexible payment options, such as scheduled payments through Serrala, you can help your customers better manage their expenses and eliminate the stress of worrying about whether they will be able to make it to the next payday.
Flexibility in payment options can also help reduce costs for both customers and your company. For customers, paying in installments can mean no additional fees or interest charges while companies that offer flexible payment options can often see a reduction in costs by automating processes like scheduling payment reminders and processing recurring payments. In addition, companies that rely on flexible payment solutions to offer their customers can benefit from a more streamlined procure-to-pay solution which results in shorter Days Sales Outstanding (DSO).
Once you’ve integrated your e-commerce platform with a BNPL provider or other form of flexible payment, it is important to let your customers know about this option and promote it across all channels. This will ensure that the experience is seamless for your customers and they are aware of all of the benefits, terms and conditions.
3. Security
Security is a major concern for small businesses when it comes to accepting online payments. Even seemingly innocent clicks can expose customers’ personal information to cybercriminals, which can lead to legal action, loss of business and a brand reputation that may be hard to recover from.
Fortunately, there are steps that can be taken to ensure that a company’s digital payment systems are secure. This includes choosing a payment service provider that prioritizes cybersecurity and understands the small changes that can be made to support greater security. Additionally, it is important to offer a variety of secure payment methods so that consumers can choose the one that best suits their needs.
When it comes to ensuring security, a good rule of thumb is to work with providers that do both payments and back-end system security, such as Barclaycard. This can be a cost saving as well as a convenience, since they have expertise in multiple areas and can offer advice on the most effective ways to keep data safe.
Michael Christodoulides, CISM, CISA, CRISC, Vice President, Security and Fraud Product Team at Barclaycard, is a member of the Council’s Small Merchant Task Force. He explains that during the second year of its existence, the Taskforce has been working towards simplifying the validation process for small merchants. This involves taking the existing Self-Assessment Questionnaire (SAQ) and stripping it down to just the security basics. The result is that it will be easy for small merchants to understand and complete without diluting the existing SAQ reporting structure.
4. Speed
In a world where consumers are used to instant gratification in the form of same-day delivery from eCommerce businesses, immediate responses on social media and more, it’s no surprise that they have come to expect the same level of speed in their interactions with small businesses. This includes paying for goods or services, whether in-store, online or at the point of sale (POS). Compared to cash and cheques, card payments offer a faster and more seamless experience for both the customer and the business, with no need to wait for bank transfers, long queues at the counter or counting out change. For small businesses, getting paid sooner means minimizing cash flow stress and providing the flexibility to scale operations as needed. For customers, it’s an added convenience that makes them more likely to shop with the business again.