We have arrived at the new golden era of technology, yet some small companies think that they are not big enough to offer varieties of payment methods, when with that is actually their open door to expand larger in the industry. Payment processing is a vital step in every business, no matter in what size or range they are in, it's the final process when the seller would receive payment in exchange of their products and services offered to the customers. As many consumers started to rely on debit and credit card, merchant should keep up with the trends and navigate the technological world.
Here are some amazing payment processing tips for small companies:
1. Choose the right payment provider
Working with the wrong partner would definitely make you lose your profit. Previously, banks are the provider for payment system, however due to technology revolution, fintech company arises in a rapid pace as they can vary in size and depth. Thus, any scales of businesses including the small will be able to make the payment process as simple as it can be by partnering with a fintech company.
2. Get Online
As a small company, try to find opportunities to maximise the profit, while minimizing the cost by open up a website or application. Seller should educate customers to learn more about the convenience of mobile application. With smartphone penetration, it's compulsory for a business to have a website.
3. Work with PCI Compliant provider
PCI DSS-compliant provider is important to protect customer’s information to avoid any troublesome event. Even though you have a small company, don't expect that hackers won't be attracted to hack all your information. Usually hackers are interested with small company, because of how unprepared they are with their security of datas and files. So as a small company you have to remember, it's always good to have a precaution in advance.
4. Provide a small chat box
Well, communication is very important especially when it comes to business. We deal with customer’s wants and demands. During the past years, it's difficult to communicate with customers. However, thanks to the technology adoption, we are able to see that almost everyone can open up a business and easily reach their target market. Small chat box is encouraged for small companies because they can communicate with their customers through that and simply track their company’s activities at the same time.
5. Offer different payment methods
Payment methods can be a killer feature for one site especially when it ables to provide different range of payment alternatives. For example, small company can offer customers to pay cash for online purchases. Each customer must have their most preferred payment methods, thus by providing different payment methods, the customers will not hesitate to pay.
6. Focus on the customer’s needs
Any business should come up with a mindset to give their best to the customers since the competition is so tough and fierce out there. If customer’s needs aren't fulfilled, they tend to switch to another company. It's easy for them to find other new companies which offer them with a better kind of payment methods.
To find out more about payment gateway for your business, contact MOLPay. We are very happy to assist you.