These uncertain times are impacting eCommerce transactions a variety of ways. Healthcare-related sales are up, businesses are facing supply-chain challenges, and the pandemic’s impact on consumer confidence is still yet to be realized fully. While our current situation is out of our control, reducing costs, finding efficiencies and removing barriers to sales are all actionable for eCommerce businesses.
Whether you’re moving your business online or bolstering your current business to ride the tide, the technology you use for processing payments can be key to increasing your margins during this time. We have pulled together these resources to help you learn more about how choosing the right solution can help you through in the short term as well as grow in the future.
Know What Your Payments Processing Costs You
Payments is one area of your business that could be full of opportunities for savings. To make the payments process as simple and as cost-effective as possible for both your customers and your employees, you must discover exactly where your investments lie, and why. Find out how much you might be spending on payment gateway integrations, specifically, and where you could take advantage of opportunities to save.
And this is even true for more complicated online businesses, like marketplaces. As you know, payments for marketplaces can be challenging — with split transactions, payouts to multiple vendors, potential chargebacks and a lengthy onboarding process — and they become especially complex when you begin to operate in multiple regions around the world. But the truth is, marketplace payments don’t have to be so cumbersome (and expensive) for your business. The right payments provider can smooth out the kinks in your global marketplace payments process and, as a result, help you minimize costs and maximize profits.
The Benefits of Payment Consolidation
You can now get everything you need to process payments with just one payment gateway integration, simplifying the payment process dramatically. At BlueSnap, we’ve found that more than 80% of our new customers were managing either multiple payment gateways, numerous platform integrations, or inconsistent checkout flows. Consolidating numerous payment solutions into one has many benefits, including cost savings, operational efficiencies and more. Learn more about all the benefits of payment consolidation.
Identify Ways to Save on Development Costs
The right payments solution should be alleviating your development team’s workload, not adding to it. Be sure the technology you choose invests in integrations with platforms and other tools you use. This will help to eliminate tech debt and increase your time to market with updates and enhancements to improve your customer experience and increase sales. Learn more.
Stop the Leaks with the Right Fraud Detection & Chargeback Management
Digital payment fraud won’t ever go away, but you can reduce the impact it has on your business by employing a more sophisticated fraud-fighting strategy — one that minimizes both criminal attacks and unnecessary declines. Additionally, chargeback management, while not always related to fraud, is important for recovering revenue and sustainable business growth.
Analyze to Optimize All You Do
Payment analytics can help you minimize your costs and maximize your reach to improve your business’s overall performance. Payment analytics can provide insight into how your products are performing in different regions and how different payment types and currencies are contributing to your revenue. Having those insights at your fingertips will allow you to hone your sales strategy. Learn more.