Online payments: How To Successfully Collect Online Payments For Business
One way to improve customer experience with your business is to include online payments. You can make online payments through bank accounts, credit cards, or online payment processors such as stripe or PayPal. That way, you will not only improve the purchasing experience for your customers but also have the potential to increase your sales.
Incorporating online payments removes the pain of paying from your customers and makes it easy for your business to collect payments. With online payments, you are also guaranteed payment, and you get your money faster. Streamline your payment processes by finding better ways to collect payments online. Here is how you can successfully collect online payments for your business.
Use an online payment processing platform
Using software and incorporating it into your business will make it easier to collect money online. However, you should research and find a platform that suits your needs. Not all of them in the market are created equal. For example, if you sell mortgages, you need to find a platform that makes it easier for Nuwire Investor to make their monthly payments easily.
Ensure that there are no redirections when a customer is trying to make a payment. The platform should keep the customer on your website throughout the payment process.
The advantages of using an online payment platform
- It helps avoid fraud – using a good online payment platform will ensure that they test credit cards before to avoid scams. If someone attempts to do fraudulent activities on your site, they can withhold the credit card;
- You can set up a two-factor identification method to keep your customers credit and personal details secure;
- It gives your business flexibility in payment options where you can accept money from different payment processors;
- No need to remind customers to pay; the platform has auto-reminders;
- You can easily send discount codes to your customers using the platform;
- Increase sales by giving customers an easy checkout system.
Collect Online Payments For Business: Using software to send out invoices
Another way to collect your payments successfully online is by using invoicing software. This software helps you streamline the process of asking for payments by creating invoices and sending them to your clients. Sending out automated invoices will help you avoid manually writing and following up on every invoice sent out.
Invoicing software also helps keep track of payments because by doing it manually, you are prone to forget, especially if you have many customers. They also have reminders if a customer doesn’t pay on time, and when they pay, they also issue a receipt. You can also set up emails for each payment process step, such as getting emails whenever a customer pays or asks for a refund.
Take credit card information beforehand
Taking credit card payment details from your customers during the purchase or when they schedule a service delivery assures prompt payment after they receive your services. Some customers may be hesitant to give their credit card details because they want to gauge the quality of your services first before they can pay.
However, assure your clients that you have specific policies in your system to ensure they can always opt-out when dissatisfied and that their information is always secure.
Taking your client’s credit card information beforehand protects you and your customers from fraud. It also ensures that the correct cardholder uses their card and has sufficient funds to pay for whatever goods or service they are purchasing.
Taking credit card details also avoids payment delays and safeguards your business against any possible loss of income. Your clients have put something of theirs on the line, so they are likely to pay.
Receiving payments from credit cards only
This works best, especially if you are a service-based business. It may seem a bit limiting only to accept credit cards as payments for your services, but it minimizes the risk of loss of income compared to receiving cash or payment. Although the fees associated with credit card processing may take a percentage of your sales, it’s incomparable to the amount you may lose when a check bounces.
Most people own credit cards, which they use to purchase things online, so you won’t be scaring anyone away with accepting credit cards only. Paying with credit cards makes it convenient for most customers, as this has become the norm over the years.
A credit card also ensures you spend less time processing payments, unlike checks where you have to go to the bank to deposit the check or maybe wait a few days for it to mature. If you are selling a recurring service, credit card payments also make it easy as it automatically charge the customer monthly.
Another advantage of using credit cards is that you can track all transactions and get entire records of transactions for your business. This makes it easy to keep track of all the sales coming in. It makes it easier to balance your books.
Ask for a percentage of the payment upfront
Asking for a percentage of the payment upfront works well, especially for service-based businesses such as freelancers, designers, etc. The customer pays a certain amount upfront; then, they complete the remaining balance after you deliver your services. This ensures that you collect your payments successfully.
If you ask for a deposit upfront, you have secured some amount to continue with the project. It also minimizes nonpayment, plus you already collect the customer’s details, so in case of payment issues in the future, you have their credit card details. It also deters fraudsters from trying to scam you of your services.
Start by asking your clients for a deposit upfront and assure them of refunds or money-back guarantees if they are unsatisfied with your service. This makes your clients confident in paying a deposit upfront for your services.
The benefits of processing payments online are evident. You can leverage the above methods to ensure you are getting paid for your goods or services.
