How to Get Smarter About Accepting Online Payments
These days, a significant amount of retail business transactions take place online. If you own an eCommerce site, being properly setup for online payments is imperative; as is ensuring your online payment process is user-friendly and secure. While there are alternative options for online payments, not allowing potential customers to easily pay with their debit or credit card is a sure way to lose business. If you’re new to online retail, or simply looking for ways to improve your online payment system, below are some of the most important elements of online payment you need to consider.
Improve the User Experience
More and more people are making online payments, ditching the old ways of paying with cash or checks. Even if you offer a local service, you can invoice customers and allow them to pay online allowing them the choice of whichever is most convenient. Conveniency is the main keyword here as online payment is often the easiest way for a consumer to purchase goods. Because of this, ensuring your online payment processing is user-friendly and without bugs is a major factor in whether or not your user will convert to a return user and potentially become a loyal customer. It’s about convenience and improving the user experience so that people continue to want to do business with you.
Learn about Online Payment Options
There are various online payment options and learning which methods your customers wish to pay on your website will serve them well. Most often, a blanket approach is the best option which allows for all of the various ways to make purchases online – debit card, prepaid gift card, or major credit cards. Allowing all available options is the best way to ensure you don’t lose any of your potential customers in the final stage of the purchasing process.
Focus on Security
One of the main reasons why you may not be accepting online payments is concern over security. It's not unusual for small businesses to not be educated about the online payment security options available to them. Whether it is via a payment facilitator they use to accept online payments on a self-built site or through an independent software vendor that is used to facilitate payments online and off, there's usually a way for the latest security technology to be introduced into the payment process. The reality is that with the right level of encryption, basic fraud detection and protection, and advanced features such as tokenization, there’s little reason for anxiety.
As a small business, security is paramount in protecting your customers, your business, and your reputation. The reality is that approximately 71% of hackers target small businesses, according to a report presented by Vantiv. This means you want to be smart about how you are going to ensure security in the online purchasing process, and security needs to be taken into consideration when you choose a merchant credit card processing system.
Make it Happen
There are many options in today's marketplace for smart and simple ways to accept online payments. Think about what your business needs and how much time and money you're willing to invest in discovery. In addition, know the facts and the terms and conditions of options provided to you. What you get, what your customers get and at what price should factor in to your decision-making. The sooner you gain an understanding of online payment processing, the sooner you can begin to expand your business and ensure your customers are satisfied with the overall shopping experience. After all, you want to be wise about how you run your business and ensure your customers are satisfied every step of the way.
Find out how to get smarter about accepting online payments by learning about your options and exploring what Vantiv has to offer.