Regardless of what products you sell or services you provide, your business cannot survive for the long haul without providing your customers with an excellent experience throughout and even after the buying process. Retail success is not a sprint; it’s a marathon. That’s why you should integrate the right payment platform into your business model ASAP!
What is payment processing?
When you accept anything other than cash from customers such as credit and debit cards, you need a third-party vendor that communicates with all of the players involved in the payments process and is equipped to securely handle every type of transaction. That is exactly what the right payment processor will do for your business. With their assistance, you can work with customers in-person when they enter their information into your point of sale (POS) payment platform, over the phone with the help of a virtual terminal, online through your ecommerce system, or even on a mobile app.
How your payment platform can skyrocket customer engagement levels.
When people feel like vital members of a special team, it is only human nature that they will respond positively. This axiom holds for all types of interactions, including how you run your business. Believe it or not, your humble payment processing system can be a game-changer when it comes to bringing your customers closer to your brand.
As you look to enhance your current system offerings, consider the following ways your platform can create an uptick in customer engagement:
• Enhanced flexibility during the payment process. Your system should be equipped to take various types of payments, from cash to plastic and beyond. Additionally, you don’t even necessarily have to complete the process at the time of purchase. If your guest needs to rush out the door quickly, for instance, let them pay on the go on their mobile device.
• Greater checkout convenience including automated payments. Like it or not, today’s customers are less likely than in the past to answer phone calls. Instead, they respond much more quickly to emails and texts. Sending a friendly reminder of a balance due with an attached link to your payment platform is a low-key yet effective way to encourage your guests to settle their bills.
• Incentivized customers. All of us like to be appreciated, and everyone loves discounts and freebies. A modern payment platform will be equipped to integrate with your contact database to offer customer Loyalty Program capabilities. Thanks to this option, you can easily set up and run an incentive-based marketing strategy that will encourage both repeat business and referrals.
• Insightful report generation. How can seemingly boring data relate to customer engagement? It’s simple: When you understand through your payment platform’s analytics feature exactly what your customers want and which campaigns they respond to, you can react accordingly. On the other hand, a lukewarm reception should send a strong signal that you should turn in a different direction if you want your products and services to catch fire.
Your payment platform does much more than simply acting as a conduit to accept your customers’ money. When you use all of its tools, it can become the hub your entire retail operation revolves around.
