Most merchants think of their payment processing system exclusively as the method for, well, processing payments. But a well-designed payment process can do much more than facilitate the exchange of money. It can also be a major driver behind your sales efforts. Here are five payment processing tweaks that can boost your company’s sales.
1. Offer a variety of payment methods.
Customers expect ease during the purchasing process. They want to be able to pay via their preferred method and get on with their day. Thus, you’ll increase conversion rates by offering a variety of payment methods both in person and online. Start with the basics by allowing customers to purchase over the phone, online, or in person. Then, consider offering any of a range of payment options including credit and debit cards, checks, PayPal, mobile apps, and so on. (If you do nothing else, make sure you’re accepting credit cards. Doing so can double or triple your sales.) Pay attention to your targeted demographic and try to offer payment options that align with their buying preferences.
2. Sell online.
Selling online is an incredibly simple way to make a dramatic impact on your sales. That’s because customers don’t have to come to your store to make a purchase. They can shop from anywhere and at all hours of the day and night, while you passively collect money.Once you’re selling online, there are a number of ways to maximize your online sales:
3. Help customers feel secure.
One survey found that more than 58 percent of shoppers have walked away from a purchase due to fears about payment security. Make your customers’ privacy a priority, and let them know about the various ways you’re working to protect their privacy. This could include using an SSL certificate on your website, being PCI- and EMV-compliant, utilizing point-to-point encryption, and including familiar logos (e.g. PayPal or Norton) on your site.
4. Get clear on your returns policy.
Avoid angering your customers by clearly communicating your returns policy before they complete their purchase. In the store, post your returns policy at the point of checkout. Online, share your returns policy on the checkout screen. It’s also a good idea to include the policy on your receipts and to train your whole team so everyone on staff administers the policy consistently. As a bonus, communicating your returns policy to customers will help you fight fraudulent chargebacks with credit card companies.
5. Provide prompt and respectful support.
Businesses are increasingly losing and retaining customers based on the level of service they provide. Thus, it’s critical that you respond to payment processing issues and inquiries in a prompt and respectful manner. Address customer questions quickly and in a friendly manner; process refunds immediately; and work with your payment processing provider to ensure they’ll assist you in providing prompt service. (If you need help vetting payment processors and their customer service policies, SwipeSum is here to help.)When you make these payment processing tweaks, you kill several birds with one stone. You facilitate positive purchasing experiences, thereby earning favor among your customers (and encouraging repeat business). At the same time, you enable more purchases to come through your payment processing system. Together, these outcomes are a win-win for both your customers and your bottom line.
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