Whether they do business in person, online, or a combination of both, all entrepreneurs are presented with some of the same challenges. Of course, you want to provide buyers with top-shelf products and services to separate yourself from your competitors. However, that is just the beginning. Two of the most significant obstacles all business owners must confront are converting physical or online visitors from guests to buying customers and then doing what it takes to retain them over the long haul.
The non-cash payments revolution.
Unless you’ve been living under a rock for the past few decades, it should come as no surprise to you that most customers are steering away from paying for goods and services with cash. The truth is that bills and coins are bulky, inconvenient, and potentially unsafe to carry in large numbers. In fact, it is just simply a lot easier to pay with plastic or via the use of a smartphone or wearable device such as an Apple Watch.
However, if you want to accept physical or online payments from customers preferring to pay using a physical credit card or contactlessly via their smartphone or wearable, you must first take some preliminary steps. Specifically, you’ll need to sign up with a company that specializes in payment processing for small businesses. This vendor can provide you with everything you’ll need to accept credit cards and other types of electronic payments. Some of the necessary items they supply include the following.
- Credit card machines.
- Card readers.
- Touchscreens.
- Barcode scanners.
- Receipt printers.
- Cash drawers.
- Software and apps that communicate with the payment processor.
Once you have chosen a payment processor that gels with your business needs (and those of your customers) you can take the next step and begin diversifying the payment options that you offer to your shoppers.
Attracting the long-term customers of the future with data security compliance.
To convert casual visitors into loyal regulars, you need to do even more than just sell products that meet a need and excellent service and support. While these priorities are essential, you still run the risk of losing long-term business if you fail to supply a secure, trustworthy, and easy-to-use shopping and payments experience.
Your payment processing company can actually play a pivotal role in ensuring that your customers continue to have a positive buying journey from start to finish. Their commitment to following the Payment Card Industry Data Security Standards (PCI DSS) provides safeguards that protect consumer payment data from unauthorized access. You can then post trust certifications on your website and at your main checkout points that attest to your processing company’s commitment to data security. When you inspire trust, you help convert one-time sales into long-term loyalty.
Providing payment flexibility.
Once you accept more than just cash or checks, you’ll have a wide variety of payment options available to you through your processing company. Offering numerous choices to your customers gives them the ability to part with their money in the way they are most comfortable with. Choices include but are not limited to paying with the following.
- Standard magstripe and EMV chip credit cards.
- Debit cards.
- Gift cards.
- International currencies (if you operate a global ecommerce business).
- Split payments that are charged regularly until the total owed is reached.
- Recurring payments of a specified amount that are automatically withdrawn from a bank account or charged to a credit card on a predetermined schedule.
- Peer-to-peer payments using PayPal or Venmo.
Determining which of these options to offer to your customers might seem overwhelming. The key is to first understand who your buyers are, what products they want, and their preferred ways to make purchases. After you have used analytics tools and consulted others in your industry to obtain this information, you can speak with your payments processing provider who should be happy to integrate your choices into your payments software.
Rewarding loyal customers.
Attracting and retaining customers is part products and service, part flexibility in payments, part trust, and part human psychology. When it comes to the final element, your task as a business owner is to make your brand as sought-after and appealing as possible. Running a customer loyalty program is one of the best ways to make this happen.
Fortunately, you no longer need to administer all of the details of your rewards strategy by hand. That means no spreadsheets and no member punch cards to chase after and keep re-issuing. Thanks to your processing company and the point-of-sale equipment they provide, you should be able to run your entire loyalty program through your POS system. This will allow you to keep track of each customer’s information, purchases, and rewards with little or no work on your part. Not to mention, no need for buyers to do any more than simply appreciate the advantages their ongoing loyalty offers them.
Targeted promotions and marketing campaigns.
Today’s buyers want more than boring transactions. They demand a holistic shopping experience that recognizes their unique personalities and desires. Believe it or not, your payment processing company can provide you with tools that can help you to laser-focus your campaigns and strategies to meet this vital emerging priority.
Many of the systems today’s payment technology companies offer come brimming with customer relationship management tools. Once you have permission from your buyers, you can send them promotions designed to complement their individual sales history that are in line with their demographic details. Although you will be using your POS solution’s reports generation feature to drive your marketing strategies, they will feel very personal to your buyers, who will appreciate your individualized approach.
For most online and physical stores, the first product sale is a victory to be appreciated. However, the real celebration doesn’t occur until it becomes clear that the customer who made that initial purchase has come back to buy something else. That truly is a sign that a retailer is doing its job correctly.
Your payment processing company can become a crucial ally in your sales conversion and customer retention strategies. By promoting security, payment flexibility, and buyer rewards, they can help you to pave the way for long, fruitful relationships with your most valued patrons!
