Have you digitised your business payments? Traditional payments such as cash and cards
have continuously lost popularity in the internet era. As a business owner, you should integrate your digital payments to maintain a competitive edge. Below is an insightful guide on how to digitising your business payments.
Payment Gateways
Payment gateways are an innovative solution that allows customers to purchase items from your website. Ideally, customers fill in their credit card details on your website. The gateway encrypts this information and sends the information to the customer’s bank. The customer then receives an authorisation request to approve the payment.
Although the payment gateway has a straightforward operating procedure, you must be cautious when integrating one on your website. For instance, ensure the gateway is provided by a reputable and accredited company. This way, you do not have to worry about delayed transactions or site downtime. You must also ensure the gateway has Secure Sockets Layer (SSL) certification to secure customer data.
What type of cards can the payment gateway process? Consider gateways that can process all types of credit cards. Moreover, your preferred payment gateway should have the capacity to process international payments. Remember to assess the transaction fees and any additional charges that you or your customers could incur during purchase.
Instore Electronic Portals
Instore electronic portals allow business owners to track payments made to their stores. Typically, business owners experience many problems when consolidating payments made to their stores. For example, when many payments are made simultaneously, the business owner might not have the time to verify each payment.
Instore electronic portals gather this information and display it on a single page. As such, you can easily track all payments. Most in-store portals have advanced functionalities. For instance, you can categorise the payments, create reports or issue refunds.
Mobile Payments
Mobile payments have increased in popularity in the 21st Century. Ideally, they allow customers to pay for goods and services from their mobile phones. Mobile payments work differently. For instance, customers could transfer cash from their mobile phones to yours.
Alternatively, the client could transfer cash from their bank account to your bank account from their mobile phones. In other cases, mobile service providers provide businesses with mobile wallets to separate business and personal cash. The primary benefit of these wallets is they have subsidised transaction fees, making them a preferable choice for most clients.
When integrating mobile payments into your business, conduct market research to establish the most preferred service providers. Nevertheless, your chosen service provider should accept payments from other banks and mobile wallets. You should also examine the maximum amount of cash the mobile wallet can transfer daily to determine whether it suits your business needs.
Digital Wallets
A digital wallet is an application that allows clients to make payments to your store. Typically, clients store their credit card information in the digital wallet and use their smart devices to make payments when making purchases. The primary benefit of digital wallets is that they are multifunctional. For instance, you can incorporate discounts, gift cards, coupons and loyalty cards.
Your preferred mobile wallet should support multiple users. This way, the application does not crash when you have an influx of clients making purchases. Moreover, the wallet must be secure. For instance, it should incorporate password or biometric protection systems to prevent malicious individuals from accessing your client’s wallets.
Digitising your business payments is a sure way to increase your clientele and profits. At Tingg, we are your one-stop shop for all your digital payment needs. Contact us today and let our experienced team help you integrate digital payments into your business. Our team will also offer support and maintenance services to ensure seamless payments.
