As a business owner, you already know that every single decision you make regardless of how big or small, it affects your bottom line. Business decisions will either cost you money, bring you money, or a variation of both. Of course, as the old saying goes, you must spend money to make money, but you should be doing so at a calculated risk.
Selecting the right payment processing company for your business is an extremely important business decision and in the online arena, it could essentially make or break your online sales ability depending on who your target market group or customer segment is.
Costs and Fees
The first thing you will want to examine is what the costs for set up will be with your payment processor and what the fees are that they charge per transaction. My Savvy Payment is a payment processor that offers a wealth of different options across all types of industries and for various types of business solutions.
Types of Available Payment Methods
You will want to take a good look at what payment methods are available from your payment processing company and if they are methods that your target market group are comfortable using.
If you are looking for payment methods that can be utilized by an international customer with the lowest fees possible you will want to select a payment processing company that offers completive rates for global commerce.
If your business is in Canada and is targeting households in the United States as its main target group, you will want to ensure that you have payment methods that are highly utilized by U.S. households. Again, it is really all about having ease of use, access to payments that work for you but more importantly your customers.
You must have a customer centric approach when it comes to payment methods for your online store. You don’t want to make your customers jump through hoops to pay for products, goods, or services that they want to purchase from your online store. Make it easy for them to shop and chances are, you will see your store’s conversion rates increase, your bounce rates decrease, and your overall sales performance improve.
Type of Business
You should also keep in mind the type of industry you are in and who you are selling to. If you are more of a B2b website, you will want to ensure that you have payment options that are conducive to B2b business. Wire transfer capabilities that don’t take 5 business days to process, ACH bank transfers, and third party payment portals are all things that you may need to consider if this is part of your business plan.
If your online store sells both retail and wholesale, you will want to ensure that you have a separate log in area for you wholesale accounts so that the pricing strategies are not confused.
Ensuring that you are thinking customer centric when it comes to viable payment methods for your business is key to ensuring repeat business and increased sales. Make it easy for your customers and clients to do business with you.