Digitisation has transformed the world for both businesses and their customers. With consumers are shifting to different payment methods, it is vital to update your payment systems accordingly. This way, you can attract hi-tech consumers and expand your audience base.
If you’re still wondering if it’s necessary to update your payment systems, check out the statistics. By 2024, it is estimated that around 52% of ecommerce transactions will happen through mobile wallets.
Businesses need to be agile and respond to this changing landscape. Here are a few steps you can take to do so in 2022.
1 Register Your Business Online
It’s essential to complete all the registration formalities before you can move on to updating your payment systems. Registering your business will provide important ID numbers that will be necessary for future transactions.
Importantly, you need to create online accounts in addition to the mandatory government licensing. Here’s some common online accounts that will help with future integration:
Google My Business
Local business search portals
Make sure you create all required accounts, and double check that all your business details are accurate and correct.
2 Establish Non-Cash Payment Options
Modern business payment systems mostly rely on cashless transactions. While some customers still use cash, you need to focus on setups that provide convenience, and this means cards and online payments.
Modern technology has come a long way in recent years, facilitating a range of hassle-free payment options. Adopting these in your business makes it easier and more secure for your customers to pay, therefore encouraging more sales and driving higher revenue.
3 Choose a Suitable Payment Service Provider
Payment Service Providers (PSP) offer the option of integrating merchant accounts, credit card processing, and point-of-sale (POS) systems. This update to your existing payment structure can prove highly effective. In a nutshell, you’ll be able to get all your services from a single provider.
This means you won’t need to worry about technical issues like compatibility, payment support, and device features. However, you this upgrade may involve significant fees. Therefore, whether you decide to update your payments systems with a PSP provider will greatly depend on your budget.
4 Install a Secure Payment Gateway
These days, more and more consumers are being drawn to online shopping. A payment gateway is essential if you plan to sell products and accept online payments. Customers can select products and make payments via a secure payment portal.
Usually, customers enter their bank details or credit card info on this gateway. Hence, a safe and trusted service provider for payment gateways is an ideal way to update your business webpage. This will make customers feel safe and therefore more likely to shop with you.
5 Purchase a Reliable Card Reader
Payment gateways and PSPs allow customers to shop online from virtually anywhere. However, to stay up-to-date with modern consumer habits, you need to invest in a reliable card payment machine.
These days, most card readers have integrated POS features allowing customers to pay at the point of sale with Android or Apple Pay. This means a card reader is an extension of your cashless payment systems.
6 Keep an Eye on Cryptocurrencies
The crypto market is still not entirely mainstream, but we are seeing a rise in popularity of crypto transactions. This is not a huge surprise when you consider how tech-savvy younger generations are these days. While you do not necessarily need to integrate cryptocurrencies into your existing payment systems, you should keep an eye on this area.
Cryptocurrencies have the potential to become a preferred payment option in the near future, so it’s important to understand the crypto market. Stay up-to-date with changing laws and trends in cryptocurrencies with an eye to the future.
7 Provide Access to Multiple Payment Methods
When updating your business’ payment systems, make sure you’re equipped to offer all of the latest services.
Be sure to have the following payment systems in place:
Credit card and debit card
Offering multiple payment methods opens up additional opportunities and drives more sales. Furthermore, integrating multiple payment processes into a single system makes your processes more efficient. For example, a top-of-the-line card reader has integrated receipt, sales analysis, and data storage functions.
Businesses should leave no stone unturned when upgrading their payment systems. We are witnessing more and more customers shifting to contactless payments and seeking out secure payments, along with other payment trends, and businesses need to respond accordingly.