What You Need To Know To Start Taking Payments For Your Business
So, you’ve thought of the perfect business model. You’ve designed the perfect store and built the perfect eCommerce site. You’ve even assembled the best team of employees. Sadly, it will count for very little if you can’t take payments for your business!
After all, completing transactions is how you gain the revenue needed to fire your company to sustained success. Here’s what you can do to ensure that your SME is ready to start taking payments and reaping the rewards it deserves.
Step 1: Get Your Business Payments Bank Account
You cannot accept any payments outside of cash payments unless you have a dedicated merchant bank account in place. Given that cash payments now account for just 11% of all transactions, securing your merchant account will be a pivotal first step.
Merchant accounts will enable you to accept credit cards, debit cards, or mobile wallet payments. As well as facilitating sales, it will make it easier to manage your business finances.
Step 2: Choose An Omnichannel POS Payments Partner
The eCommerce industry now generates around $5trillion each year and your business will almost certainly look to combine both online and offline sales. Choosing a payments partner that can deliver reliable, tailored, and scalable services across all channels is key.
PaymentClub does this while also offering low transaction fees and a variety of pricing models to suit the size of your company. Retail, online, and mobile payments can be amalgamated into one simple and streamlined solution.
Step 3: Manage Secure Payment Gateways
When dealing with the online aspects of your transactions, a payment gateway will be required before you can accept payments. It is the key to authorizing payments where the card is not presented to provide fast and secure payment processing.
Its implementation can also be very useful for digital payments in real-world environments. Crucially, choosing a reputable payment gateway is vital at a time when two-thirds of consumers are concerned about growing threats to their personal data.
Step 4: Be Ready For Contactless Payment
The need to set up contactless payments has become even clearer since the pandemic, as it is also a matter of hygiene and safety. Even without this aspect, contactless payments are a convenient solution and can be used with mobile POS to improve client experiences.
Most consumers have adapted to contactless payments. As well as providing clients with what they want, transactions are logged automatically while receipts can be instantly sent to the customer. It can be a great tool for capturing their contact details, too.
Step 5: Make Sure Payments Work With Other Business Tools
While taking payments for your business is an essential part of running the company, it’s not the only key feature. You will also want to consider CRMs and other valuable tools that influence marketing, customer care, and other key features.
Likewise, you may need payments to sync with order fulfillment departments. Whether it’s in-house stock or connecting to a drop shipping company, creating a seamless connection between transactions and other parts of the business will be vital.
Recap
Preparing your company to start accepting payments is one of the most important steps for managing a modern business. You will need to provide quick, convenient, and secure transactions while also accepting as many payment types as possible. Achieve this while additionally integrating with other tech tools, and you can’t go wrong.
