Sending and receiving payments are essential business operations. With the rise of digital solutions, cash and credit cards are not the only viable payment options anymore, whether it’s a customer paying for a service or an employer paying his online suppliers or remote team. Digital payment solutions are rapidly catching up in terms of popularity, especially among younger generations.
Here’s all the information you need to know about implementing digital payments for your business.
Diversity is Key
You don’t want to lose a customer simply because he cannot pay with one of the payment methods you provide. Although it may seem inconvenient to set up multiple payment accounts, giving your customers a wide range of options shows that you care about making things easier for them. However, the solutions implemented should also provide benefits to you.
Adopting the latest and most popular digital payment methods is also a sign that your business is in touch with the latest trends, so customers will be more likely to assume that your products and services are innovative too. Your digital payment options can include the popular Paypal, Skrill, Square, Masterpass, Visa Checkout and mobile pay apps like Apple Pay, Google Pay or Venmo.
Adopting the Cool Trends
Bitcoin and other cryptocurrencies have a large base of supporters who find that they provide unmatched benefits when it comes to sending and receiving online payments. With low transaction fees, high level of privacy and low risk of hacking, bitcoin has changed people’s expectations about financial solutions.
Having a wallet for bitcoin to pay for online purchases is no longer something reserved for tech geeks. More and more people find bitcoin wallets highly convenient, which in turn compels more businesses to accept bitcoin payments. If you want to project the image of a cutting-edge service or product, allowing customers to pay with bitcoin is a must.
A business selling a weekly or monthly service needs digital payment methods that support recurrent transactions. If that’s the case for your business, you must make a list of payment solutions you’d like to implement and check their policy on recurrent payments and chargebacks. Tasks like data entry or processing don’t have to be carried out manually if you choose well.
Another important detail is which payment solutions work best with your accounting programs. If you accept bitcoin payments, for example, you need to be sure that keeping track of the transactions is not extra effort. Before implementing a digital payment method, you should also check the notification system. You want to be able to keep accurate track of all order and payment confirmations, returns and customer disputes.
Digital payment services have expanded massively in recent years, with companies competing to make transactions as easy and as convenient as possible. The easier it is to pay for something, the more are people willing to hit the Buy button. To gain new customers and increase the loyalty of your existing ones, make sure they can pay for your products and services easily using secure solutions. They will appreciate it.