As a business owner in today’s ever changing, competitive and sometimes outright volatile business climate, you have a host of competing priorities to deal with just to stay afloat let alone be as profitable as possible.
There are some factors that are inevitably out of your control including market fluctuations, buying trends and behaviors, just to name a few. Conversely there are many things that you can directly control as a business owner and your payment processing company is one of them.
Many business owners don’t give a whole lot of thought into which provider they choose, often seeing this as a smaller priority, basically just another necessity to doing business. While ensuring you have a payment processing company for your business is an actual necessity it is something that should be a bit more top of mind for your business.
If you have the right company on your side you could be helping your business to collect more revenues from online sales, store sales, and phone sales. If you do not, you could be leaving money on the table while being charged higher percentages as fees for processing the actual payments.
If you feel that you aren’t up to speed with the options that are available to your business and the new technologies that you could be offering to your customers and clients in the form of acceptable payments and tenders, consider yourself one of many.
You are not alone when it comes to navigation the seemingly complex world of payment processing companies. My Payment Savvy is a great place to start to start learning about solutions that are available for your business regardless of your business size or annual revenue.
How you are losing money
If you have an online storefront or ecommerce shop you already know how difficult it is to get your traffic to convert into an actual sale. Conversion rates for online stores average around 2-3% and depend on several different factors.
Things like website design, ease of finding products that the customer is interested in purchasing, website page load times and site speed all are factors that can affect your conversion rates. The types of payment that you accept on your online store can also affect your ability to make sales.
For example, statistics show that 36% of the world’s population will own a smartphone by 2018. Of that percentage, 25% of those that own a smartphone are Apple users. Many of these Apple users utilise Apple Pay to pay for goods and services that they frequently purchase online.
You can see where I am headed with this right?
If you are not offering payment gateways that are international and you are attempting to reach target customer groups and market segments all over the world you are not going to have much luck.
The more safe and secure options you give to your customers the better chances you have at making sales online.