Like riddles? Here’s one for you:What part of your business travels the globe hundreds of times daily, fights criminal attacks in milliseconds, amasses huge quantities of customer information, and yet never sees the light of day? Click To Tweet
The answer is… [I’ll give you a second to think…]
If that wasn’t your answer, you’re not alone—many eCommerce businesses don’t realize the power of payment processing because it largely works behind the scenes. But just because it’s not as visible as other parts of your business doesn’t mean it’s any less impactful. Your payment processor is the last line of defense when it comes to closing a sale. It can either complete the pass that begins with your high-converting website, or completely drop the ball, letting good sales get away. The right payment processing platform can even save your company money in ways you never would’ve expected.
So, how does payment processing do all this? I thought you’d never ask.
Payment Processing Can Increase Your Sales By…
1. Supporting all possible sales channels.
If your payment processor doesn’t support a multitude of sales channels, then it’s limiting your options for growth. You may not be selling subscriptions or taking phone orders right now, but you don’t want to have to piece together multiple solutions later just to fill in the gaps. (Trust me—that can get messy, fast!)
Choose a payment processing partner that gives you all the options available so you can grow comfortably. The menu of options includes:
- Online and mobile checkout
- Virtual terminal
2. Improving your conversion rate for global shoppers.
Selling globally is an entirely different ball game from selling domestically. International customers are more likely to bail at the checkout stage if they see unfamiliar languages, currency, and payment methods. Plus, if your payment processor works with a domestic bank only, international transactions are more likely to be flagged as fraud and declined.
A truly global payment processor solves the localization problem by providing shoppers with a payment experience that feels familiar (and includes their favorite payment methods); it also solves the conversion issue. Also, the more banks your provider partners with around the world, the smarter it can be about where to send transactions for approval. When every transaction goes to the best bank for approval, that means more sales for you.
3. Delivering in-depth analytics about your customers and their preferences.
Where are your customers coming from? What devices are they using to access your site? Which customers are buying which products? All this information and much more is valuable data that should be freely available (and easily accessible) through your payment provider. If it’s not, you’re missing out on significant opportunities to make data-driven decisions that can help you improve your offerings and better target your ideal customer.
An excellent payment provider will give you easy, 24/7 access to the most insightful data. They’ll also work with you to make sense of it all, so you can use the data to your company’s best advantage.
Payment Processing Can Reduce Your Costs By…
1. Streamlining your internal payment operations.
Too many businesses use multiple payment platforms, each with different capabilities, in an effort to get a full menu of payment processing tools. What those businesses actually end up with is a giant headache as they try to balance multiple vendors, contracts, and reports. Anything more than one gateway requires extra development and administrative resources; it also creates operational challenges in terms of customer refunds.
Instead, connect to one payment platform that gives you everything you need. In return, you get one report, one account to administer, one vendor contract and—bonus!—volume pricing discounts. And if you’ve chosen the right platform, you also now have a powerful payment processing engine that won’t ever need supplementing.
2. Protecting more sales with a full stack of fraud prevention tools.
Payment fraud is on the rise, but few payment providers provide a high level of protection for both criminal and “friendly” fraud. That means you’re bound to lose money somewhere along the line, whether it’s at the moment the order is being placed or through costly chargebacks that happen after a sale.
You can reduce these losses by choosing a payment provider that has sophisticated fraud-fighting tools built right into the platform. Using advanced fraud technology greatly minimizes the number of fraudulent transactions that actually get processed, and receiving early notifications about disputes can prevent chargebacks altogether. Your payment provider should also help you adjust your fraud rules to avoid unnecessary declines.
Reap The Benefits Of Superior Payment Processing
At BlueSnap, our sole focus is payment processing, so it doesn’t have to be yours. Our All-in-One Payment Platform gives you everything you need to realize the benefits above. And you’ll never have to scramble for additional coverage from any other payment platform, ever again.
So what are you waiting for? Get in touch!