Digital eCommerce has evolved remarkably in recent years. Currently, there are about 24 million eCommerce sites around the world, and this number keeps on rising with every passing year.
Running an eCommerce shop can be a lucrative endeavor if done right. If you want to be a successful digital marketer, it’s important to conduct ample research prior to creating an eCommerce site. You can also learn the ropes from a mentor who has gained significant experience selling goods/services online.
Companies looking to improve their online revenue should certainly consider investing in a good payment processing system. It’s a staple in the current digital marketplace, seeing as 86% of shoppers prefer making their online purchases using a debit or credit card. There are quite a few reliable payment processing services to choose from, so ensure you select one that suits your needs.
Table of Contents
Here are reasons why your company should invest in payment processing:
1. Improving convenience when paying online
Engaging the services of a payment processing service allows clients to pay for products using their preferred payment option. This eliminates any hurdles that could prevent them from purchasing items online. In the past, getting a fully-fledged payment processor was quite rare.
Clients were either prompted to pay cash when their orders were delivered or use unverified payment options during checkout. Today, many eCommerce companies are using payment processing services because of the remarkable convenience they provide to shoppers. In business, there’s a popular mantra that says the customer is always right. It’s every organization’s mandate to ensure that clients’ needs are addressed in the best way possible.
2. Increasing your online sales revenue
Every company dreams of achieving impressive profit margins. However, adopting an inefficient payment processing system can severely reduce your sales revenue, putting you between a rock and a hard place. That’s probably why few eCommerce sites (less than one million) make more than $1,000 per year on sales.
There’s a huge room to improve and earn good money from digital selling. One of the most vital steps to take involves hiring the services of an experienced payment processing company. The processing firm you choose should provide a wide array of payment options and sterling customer service. Their rates should also be pretty affordable. Although subscribing to a payment processing service might seem expensive, the benefits it’ll provide to your company are too many to be ignored.
3. Securing your payment gateway
Information security has become a high area of concern in the modern world. Today, relaxed access controls and data mining have made it easier for digital perpetrators to collect, manipulate and even sell people’s private information. That’s why credit card companies and payment processing firms are constantly developing robust security features that can thwart phishing attempts and brute force attacks conducted by hackers.
Customer information should always be private and confidential – their payment details must strictly be kept under lock and key. The beauty of using a revered payment processor is that they’ll secure your payment gateway by using impenetrable security features such as multi-level authentication.
4. Streamlining checkout across different devices
A good payment processing system should be scalable enough to accommodate your growing business. It should also be compatible with different devices and Operating Systems. Mobile eCommerce has been growing rapidly over the last decade. Today, about 73% of total digital sales (close to $3.56 trillion) come from mobile eCommerce.
This whopping statistic underlines the need to optimize your eCommerce site and make it mobile-friendly. When designing your site, ensure that it loads quickly on mobile and PC. There are many eCommerce test tools available online that can help you analyze and optimize the performance of your online store, so take advantage of them.
5. Easy integration with various eCommerce platforms
If you have numerous eCommerce sites hosted on different platforms, it might help to employ a versatile payment processing system that integrates seamlessly with popular eCommerce marketplaces such as Magento and WooCommerce. Ensure you choose a suitable payment gateway that blends well with your site’s layout and UX without compromising on speed.
Your customers should be able to select their preferred payment method from an array of available options. If your company relies heavily on subscription-based payment plans, make sure you choose a payment processor that supports recurring billing. Your customer support team should also be swift and responsive, solving client complaints with a high level of professionalism.
If you still haven’t engaged the services of a payment processing company, ensure you cross it off your to-do list to start enjoying these impressive benefits.