Total Processing is now part of
An online shop without a payment processor is just a simple website filled with beautiful pictures of products, therefore, for most, payment processing is just a tool that allows merchants to run an online business. It’s a mandatory part of any functional business. But it's also so much more than that!
For example, if you are in a local market and all you have on you is your credit card, you won’t go to the merchant that only accepts cash. You will choose a seller with a POS card terminal. Therefore, just because you can accept a payment, does not mean people will actually buy from you.
Taking this analogy to your online business, just because you accept credit cards, doesn't mean that's suitable for everyone. You should adapt to the payment needs of a customer. Merchants should think of payment processing not only as a tool to sell products, but also as a part of their business growth.
Let me show you four ways how payment processing can scale your business.
Choosing a payment processor that allows you to accept payments globally will allow you to scale your business. Being available to a broader audience will bring more clients. More clients mean more sales. More sales mean more revenue. Sounds like a dream, right?
This is especially applicable to small businesses. Finances are a more delicate topic for such businesses. Usually, small businesses decide to save money and offer payment methods for local customers only. This decision puts unnecessary bounds on their online business. Being open to global markets from the start benefits them in the long run. Let’s face it, pretty much every business wants to prosper for a long time. You can never know when your business will receive global recognition, but you want to be able to monetise it when the opportunity arises. Furthermore, by only focusing on a local market you risk being a small business forever.
In addition, global payment processors use payment methods that are recognisable everywhere. Offering a familiar method on your online shop will most certainly reduce cart abandonment rates and, as a result, increase your sales.
In a nutshell, accepting payments from all around the world with a global payment processor will scale your business by expanding your market, reducing the cart abandonment rate and thus increasing your sales.
Most merchants tend to choose a provider with the cheapest pricing. There’s a reason people say “you get what you pay for”. I am not saying that cheap = bad. What I am saying is that it’s not the only feature you should be looking for. Having cheap pricing will save you money per transaction, but what is more important – having transactions go through successfully. When a problem occurs and payments don't go through, you might experience more loss than what you would gain with low fees. Therefore, choosing a technically reliable provider should also be a top priority.
While you might not be an expert in evaluating whether the payment processor is technically reliable or not, you can choose a provider with high-quality customer support. Problems with transactions most likely will occur. So when they do, you want to solve them ASAP. Every hour spent with payments being declined on your website can damage your revenue and reputation. With a single declined transaction you risk losing a client for good. Having a processor that offers quick, high-quality customer service is key to solving problems quickly.
Ensuring reliability for your payment processing allows you to scale your business by preventing declined transactions. A single declined transaction can mean a lost client and less sales in the future.
When choosing a payment processor you shouldn’t only think about the whys but also the hows. Choosing a convenient payment model is crucial if you want to scale your business.
Subscription-based commerce is on the rise and is projected to reach a market size of $1.5 trillion by 2025. Subscription models guarantee regular communication with your customers, strengthening the connection between you and your customers over time. In addition, when offering subscription-based products or services, you can be sure of more stable revenue streams. Focusing on retaining your clients is a safer bet. Building a loyal customer base rather than focusing on new client acquisition is a more reliable revenue stream with the least possible risks.
A drawback is that acquiring a customer for subscription-based payments is a harder task than offering a one-time payment. You must consider the effort it takes to encourage customers to commit to more than a single payment. Thus, you should try to reduce the fear of commitment. A good example is making recurring payments easy to pause and cancel, or giving the ability to alter the volume of goods received. A customer is more likely to pay once than commit for a period of time, thus showing freedom in changing their plan conditions reduces the fear of committing to a subscription.
Recurring payments can scale your business by deepening the relationship between you and your clients, thus allowing you to build a loyal customer base.
As we have already mentioned, when there aren't a variety of payment methods for a buyer to choose from, it can result in a lost sale. All your marketing efforts will be in vain. If a customer is interested in your website and products, only technicalities will prevent them from making a sale. Therefore, providing multiple payment methods is a way of increasing the chance of accepting your customer's preferred payment method. Most payment processors apply pricing per transaction, so you only have to pay the fee when you make a sale with their method. Implementing multiple methods usually only costs time. Which we believe is a worthwhile investment. Transaction costs that the processors apply shouldn’t matter much if they enable you to make a sale.
In addition, every now and then new payment methods hit the market as innovative, sometimes faster and better than others. Being open to payment trends is the key to scaling your business.
Integrate alternative payment methods now, experience the benefits later. If you don't match your client’s desirable payment method, you prevent potential sales.
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