How to Set Up Payment Systems for Your New Biz

Doing business online can be challenging. You will need to design a webshop, create product descriptions, and ensure that payment methods are all set. Note that the payment method is one of the essential aspects and must be done professionally. Here is how to set up payment services for your new biz.

1. Evaluate The Business

Before you begin working on payment methods, be sure to evaluate your business carefully. Find out how large your business is to come up with the best decisions that won’t inconvenience your customers. Note that if you are talking about a large company, it is okay to develop your payment system.

You can also make your decision based on the location of your business and what you are selling. Based on your location and country, you might not be able to use specific payment systems. Also, you must know that different payment systems work best for different products.

In many cases, a simple credit card payment will do a great job. However, if your product is complicated to buy, you need to develop a seamless payment option to enhance the customer experience.

2. Know Your Clients

You must think about the individuals who will be hitting the Pay button. Once you have figured out who these people are, you want to think about how they will pay. Online shopping has become popular today, and many people have experience with electronic online payments.




Using more payment options, you won't have a problem reaching and serving a range of audiences. Maybe you want to reach those without credit cards. In such a case, you can still help them using digital payment solutions such as making payments by cheque online.

Find out if you have a steady customer base and if you will need recurring payments. Suppose you are looking to serve as many clients as possible, then credit card merchant services should be available.

3. Plan Your Growth

There is no way you will use one payment option and stand the stiff online competition; thus, you must plan for growth. You want to figure out how salable your business is. In case you prefer keeping your business small, then you can go with an off-the-shelf flat-rate solution.

The off-the-shelf flat-rate solution is ideal because they have a low set-up cost with a straightforward pricing structure. You will be required to pay a fixed rate for every payment. However, if you are looking to grow, the costs will add up soon. As your volume goes high, you will need to use tailor-made solutions.

4. Choose The Best Payment Service Provider

To this level, you have an exact list of all you will need; therefore, you can begin looking for the best service provider. Be sure to find a provider that best fits the size of your business and clients served.




Also, a good payment service provider is one with an elaborate customer support team. This is because, as you use their services, problems will arise, and you will need to solve them.

5. Put it All Together

Up to this stage, you should be ready to launch your payment page. When designing the page, you need to seek assistance from the service provider to avoid possible mistakes.

The company will provide you with a clear guide on integrating the system into your online page. This implies that you don't need too many technical skills to have your payment system up and running.

Your service provider has to take care of what will happen if a customer hits the pay button. These services should be there, and unless you can find them, try to find a different service provider.

This guide contains all you need to have a payment page that works efficiently for all clients. Note that you can choose as many payment options as you wish. When designing the page, be careful and optimize it so that it loads faster.

Since most customers prefer using mobile devices to make purchases online, optimize the payment page for such devices. It makes it easier for your customers to shop and buy products on your website.

Give Your Customers Payment Options for a Global Market

 

It's simply good business to provide your clients choices for paying. These choices can consist of payment plans, handling credit or debit cards, web payments, checks, cash, money orders, cashier checks, automated withdrawals, or Western Union payments.

" Individuals have the tendency to fight that which is pushed upon them. Individuals have the tendency to support that which they help to produce," states author Alex Bender.

I am certain you can identify with this quote and so can your clients. When you contact an overdue client and request payment in full you will not get as far if you called and presented several various alternatives for payment plans.

Merchant Services

Business owners consume a considerable amount of time providing their service or product to their clients and customers. When it comes time to receive payment for these things business owners use a point of sale system or more likely employ merchant services.

A point-of-sale system is specifically designed to suit the needs of retailers and eliminates the pain points of running a business. A system like the one offered at Posabit demonstrates how a good point of sale system can benefit a business. Competition in today's global markets calls for the best systems for your business and customers.

Merchant Service Providers

It's important to compare merchant service providers online before choosing one. Setting up a secure payment solution is not difficult but it must be done right.

Receiving online payments, credit card/debit cards, or other online payments require you to employ professionals with a long track record. Paysafe's payment processing allows you to grow your business by being able to take payments not only locally but globally. Make sure your merchant services can deal with payments from every country and language.

Payment Plans a Necessary Option

If you have never put together payment plans in the past I have some recommendations for establishing practical payment plans for your clients. Something you should do is to make certain your client understands you comprehend that every case is different.

Also, you will take into account their capacity to pay, the amount overdue, their payment history, length of time they have been a customer, their loyalty, and precise reasons why the account is overdue in figuring out a payment option with them.

Creating Payment Options

Make certain your clients understand creating these payment arrangements is not something that may be done all the time; you're doing it now given that there is an issue and you wish to solve that issue.

Frequently, clients take advantage by charging more services or products and simply making the regular monthly payment. This is something you want to discourage. You can prevent this by putting every contract in writing with a starting date and an ending date.

It's a good idea to stay out of the financing business because the costs of keeping track of it is costly. Keeping clients on a monthly paying in full plan is the best option.

A number of organizations have guidelines about payment plans. This might consist of not going into payment plans by one consumer more than once per year or mandating a 15 percent deposit for all new payment plans.

Make Your Invoice a Priority to Your Clients

With the economic climate in a weakened state and more customers not able to pay their charges. The goal of establishing payment plans is to at the very least get paid something instead of absolutely nothing.

Most clients will take a look at all their charges and after that decide on which ones will get paid that month based upon what is primary to them.

It is your role to make your invoice essential to them and provide them sensible alternatives so they will pay it monthly. You wish to efficiently describe policies and procedures that will help provide your clients with choices when they can not pay completely.

Something to keep in mind if you do not like the idea of providing payment plans. If somebody owes you money, they possibly owe others money and whoever does something about it first or provides a service, will get paid first.

When putting together your payment arrangement:

• Look at your client's history previous to your call
• Have 2 or more choices for payment plans in mind prior to the call
• Repeat everything to the client
• Get it in writing and have your client endorse it
• Follow up and follow up

Once you set up the payment choices and plans that meet your client's needs you will be able to serve your customers better. They will frequent your business more if they know they will be treated better. This creates loyalty and even more business for your company.

Eight Tactics to Increase Millennial Productivity at your Business

With each business that we have today, a merchant account is required to get the debit/credit card processed. Once the six month trial period is over a reserve amount is returned to the business owner and they transition into what is known as a merchant account with no reserve. Congratulations on making it past the six month trial time. 

Like all businesses, we all transition day in and day out, and in order to do that, we have to adapt. Some of the most intelligent kids of this generation are facing challenges with business and personal issues, and in order to move forward to accommodate this challenge, eight tactics to increase Millennial productivity at your business must come into play. (A millennial is a person born sometime between 1982 and 2000 or there about. They have been dubbed some of the most productive of any generation, but only because of the machines they have had in their upbringing and adult life. Most face many challenges balancing their social media life, family life, and keeping healthy lifestyles.)

Here are some things to help businesses with their millennial generation.

1. Nose to the grind stone. Keep this generation busy and teach them the techniques that will help them become stronger intelligent adults that have a wonderful work ethic.

2. Have their job lined out for them. Give them assignments and their requirements for the job. If they know what is expected of them, likely they will have no issue getting the job done.

3. Have creative projects for them. More than any other generation, the Millennial’s know how to express themselves. Better to help them release their creative energy, than to read about it on Facebook with a negative review of your workplace.

4. Don’t punish them. Find a reward system that will increase their productivity and get them goal oriented. The more they reach their goals, the more you get done.

5. Reward them for their work. As stated above, they are more likely to increase their work if they love what they are doing. If it’s not fun anymore, they have no problem moving on to the next job.

6. Training. Make sure that when you train them, you get them to understand that they represent you on the job and they need to be polite and courteous.

7. Remind them to say thank you. A lot of this generation has forgotten their manners. As a constant reminder, say ‘thank you’ and ‘you’re welcome’. Remind them it’s quite alright to have a pleasant demeanor.

8. Gadgets. Have the most advanced gadgets available to them. They will love you for it, and their productivity will continue to soar, as they are the ones that integrate with this kind of technology.

So, now that you have grown your business beyond the probation period, it means you survived the six month period and your company is growing. You have the new generation to train with their hyper and super brains, let’s hope the list helps out a bit and great things are to come your way.

About the Author:


Blair Thomas is an electronic payment expert, who loves all things finance and planning. He is also the co-founder of eMerchantBroker.com, the #1 bad credit merchant account company in the country. But when he’s not running his business he’s more than likely exploring his other passions; music, mountain biking and camping. If you would like to see what he's up to, check him out on Facebook.