Written by Reginald Chan on June 9, 2021

Tips on Providing Improved and More Efficient Payment Services

Every business wants to provide the best service or product they can. Some are more fortunate than others when it comes to being able to provide them, for whatever reasons. However, for a business to be able to provide something, customers or clients have to want to buy them. If they chose to part with their money, especially via any cashless method, they want to do so with the knowledge that the transaction will be secure. With this in mind, here are some tips on providing improved and more efficient payment services.

Faster Payments

No one likes to be kept waiting, especially when it comes to buying something. It can be frustrating having to wait in a queue, then having to wait for your payment to be processed. Nor is it much fun when you’re attempting to make a payment on a website, and it freezes or prevents payment some other way. 

Studies have shown that customers are less likely to return to a business if it’s slow to help them make a transaction, often opting for others that will do a better job when it comes to financial transactions. This could cost you sales, which will affect your profit and the long-term survivability of your business. With this in mind, it’s integral to have your business able to make financial transactions quickly and succinctly every time a customer purchases something, whether online or actually in your business. It shouldn’t matter how they make a purchase, but that they can do so the same way no matter how they do it. 

Ultimately, you’re in business to make money, so this is one aspect you should always be on top of and always aware of current technological developments that make it easy for both your customers and business. Businesses nowadays need two shopfronts: a physical one and a website, with the latter, often being the more popular choice for various reasons. One integral aspect of a business’s website will be the ability for customers to pay for what they’re selling. 

As a result, electronic money institutions (EMI) are increasing because they, in essence, are able to act as a digital alternative to banks or building societies, holding money in what’s best described as an electronic wallet, operating on an electronic platform. In the United Kingdom, EMIs can only operate once they’ve obtained something called an EMI license UK, and this basically authorizes them to do the above, as agreed by the Financial Conduct Authority. This means you can trust to use them as this regulatory authority has given them permission to do so.

Payment Security

Most of us have earned the money we’re choosing to spend using your payment service, therefore we want to know that when we’re entering into a transaction with your business our details will be protected and not misused. Unfortunately, as soon as a new level of security is added to protect consumers and businesses alike, hackers are often attempting to break it down so that money can be made from your financial details.

In consideration of this, there are more lines of defense used alongside encryption, including multi-factor authentication, which is a method of electronic verification whereby a user has to prove, or validate, who they are based on the information they supply to an authentication mechanism so that they can access a website or app.

Multi-factor authentication can be a combination of security, such as entering your email and password, before being sent a password that code consists of numbers, letters, or both. These passwords could also have time restaurants, so the transaction will need to be completed quickly. 

Most customers expect this type of security to protect their money and financial details. If in doubt, think about the security your online banking has, as well as the online shops that you purchase from. You wouldn’t entrust them with your money if you felt that their security was lax, so it makes sense that your customers would want you to protect their financial transaction details securely when doing business with you. With word of mouth and reviews constantly being relied on as a measure of good business, by potential customers, it would be foolish to be complacent in this regard. 

Centralize Your Accounts

Having your accounting in one place makes it easy to access any financial information you immediately require, which would greatly help with business forecasting and planning. It can help to implement good practice and enables you to quickly respond to unexpected changes in market forces. 

For your financial reports to be of any use, they need to be up-to-date and also accurate. This is the only way you’ll accurately be able to retrieve information to make informed financial decisions. To save your financial department time, there’s a range of software and apps that may be suited to the business needs that you could use to produce these reports regularly. 

Being on top of this important aspect of your business’s operations will allow you to make payments on time, chase late payments and also steer your business in the right direction in times when profits are low. Additionally, you’ll never be late paying yearly rates, which could result in financial penalties or worse, because they’ll remind you of them.

Small businesses may not have financial departments that can shoulder this, so they’ll need all the help they can get. Using software or apps that can automatically generate invoices, receipts, as well as reports that can save time and provide you with important information that can affect how your business grows.

Money is what enables us to survive. It allows us to afford a roof over our heads, food in our bellies and purchasing items, whether it’s a good or service. With consumers increasingly reliant upon reviews, and more willing to opt for a business that can quickly and efficiently allow them to do this, it’s imperative that your business can meet their expectations. 

Failure to do so could lead to poor sales, poor reviews, and a bad reputation. This could take time to improve, during which your business is suffering from a loss in profit. Therefore, ensure your payment services are reliable and secure so that both your business can continue to thrive. Furthermore, keep abreast of current developments in finance and technology, so your business can be a market leader in your sector.

Article written by Reginald Chan
A meticulous entrepreneur by nature and a serial entrepreneur. Founded a few awesome startups including Marketing Lancers, WP Maven and TheMarketingHuddle.com. Reginald is a sought-after success coach, digital marketing consultant and TEDx speaker from Asia. Currently, he teaches others how to make money online for free.

Related Posts