How to Use Modern Technologies For Improving Your Businesses' Payment System

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This article is brought to you by Retail Technology Review: How to Use Modern Technologies For Improving Your Businesses' Payment System.

By Allen Brown, freelance writer.

With the rise of e-commerce and more businesses going digital, business owners need to keep up with new technologies. New payment platforms like Apple Pay, Samsung Pay, and Android pay are making it easier than ever to pay without cash or cards.

These new methods work on modern smartphones using wireless NFC technology to make transactions at brick and mortar stores and online retailers. That's right. No more fishing around for your wallet and trying not to let your card slip out of your hand while trying to get it into the chip reader. The question is, how exactly can you use these technologies to improve your payment system? Here are some ideas.

Synergize With Credit Card Companies

You don't need to manage the complexities of credit card processing yourself because significant credit card companies back smartphone apps. If you decide that your business should be accepting Apple Pay or Samsung pay, all you have to do is enter your merchant ID into the app.

It's an easy way to improve your payment system for customers while also saving yourself time and money. Use the information on merchant service providers to help you decide which one you should partner with. The merchant company will give you the tools to interact with customers through email, text, or an app notification that notifies them that you are now accepting the platform. They even provide different levels of service along with it. For example, you can choose to use their card reader
for free or use your own and pay a fee per transaction.

Use Digital Tools to Track Sales Data

The digital world allows entrepreneurs to use point of sale (POS) systems, analytics, and CRM software. These technologies help you track sales data as well as customer behavior. Also, POS systems allow your business to accept credit cards or other forms of payment while also offering a summary for each transaction. Analytics from tools like Google Analytics can show how customers use your website and what needs improvement. Finally, CRM software allows you to keep records about customer interactions which are essential for getting repeat customers and improving relationships with potential clients.

Avoid Redirects

Redirects can quickly get customers to click on something they didn't intend unintentionally. This can be especially dangerous with online purchases, where agreeing to one field could lead you to complete a purchase without realizing it. Your money's gone the next thing you know, and you haven't done anything about it. Put yourself in the customer's shoes- would you want to have to go through this process when making a payment? With these new technologies, avoiding redirects is easier because of the built-in security features that verify where your customers are going before allowing them through. Only intended links will be shown, so your customers stay safe from phishing scams and other potential dangers.

Give Your Customers Choice

No business owner wants to alienate their customers, so upgrade your payment system for the 21st century by giving your customers more options. You can increase sales while reducing the risk of customer dissatisfaction by letting them use these new technologies when paying you. It's also a great way to highlight your company's focus on innovation and drive up conversions. To take things one step further, if you own multiple businesses, it might be helpful to consider accepting transactions from all of them through one app like Google Wallet or Apple Pay (if that works with your current systems). This would allow you to improve efficiencies across the board for even more significant savings.

Enlighten Your Customers

Customers want technology, but they often aren't willing to learn a lot about it to make a purchase. It might seem easier at first glance only to accept the major players like Apple Pay and Google Wallet instead of going through all the trouble of implementing a new system. But what if your customers aren't using those platforms? How many sales will you be missing out on because you didn't bother with additional options? Your payment system should be convenient for everyone, not just those who already use it. So consider adding other services to your list of accepted methods to attract more customers and enhance your business overall.

Secure Customer Data

The most significant risk of improving your payment system is the potential for a data breach. Unfortunately, too many companies have been breached in recent years and lost customer trust as a result. These businesses were forced to spend countless hours and dollars repairing the damage done by hackers, so you can imagine how helpful it would be to avoid a similar fate in the first place. The good news is that these new technologies actually make it much harder for criminals to access personal information, so they're all around safer than traditional credit cards.

To improve business security while saving money on fees, consider taking advantage of services like SecurePay. This platform allows customers to use their phone or wearable device instead of email addresses or passwords. They're even able to use it across multiple devices, so they can pay from their tablet, computer, or smartphone whenever they want.

Minimize Your Dependence on Person-to-Person Transactions

One of the growing trends in e-commerce is person-to-person payments. However, you first download an app and create a new account to use these advanced technologies. From there, you might need to link your bank information or credit card before it's considered valid. And all of this takes time. When coupled with the customer service nightmare that often follows, it's no surprise person-to-person transactions are declining. To compensate for this trend and improve conversion rates, consider implementing services like PayPal that don't require much work. You can also look into apps like Venmo that already have such wide adoption rates among customers who usually rely on person-to-person methods.

As you can see, there are many ways to use modern technologies when improving your business payment systems. No matter what level of involvement you choose, these options can help you attract more customers, increase sales and provide better service overall. Remember that nothing is set in stone for digital development, so feel free to try new ideas or tweak things as needed depending on the results you're seeing. And finally, don't be afraid to speak with someone if you need guidance. These services are meant to enhance your customer experience, which means they should ultimately benefit everyone involved in some way or another.

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