If you are like most small-business owners, you would like to continue to grow and prosper the second half of 2017. But with limited resources, where do you even begin?
- Do you work on developing better products and services?
- Should you focus on improving customer support and outreach?
- Is it better to divert your attention to omni-channel marketing?
All of these strategies can produce tangible results, but there is an even simpler approach to boosting sales and revenues — and it only involves making minor changes to your current payment processing procedures. Below are three areas where you might direct your focus for the rest of 2017.
1. Mobile Payments
The use of mobile wallets is expected to accelerate. In fact, experts predict that in-store mobile payments could grow from over $62 billion in 2016 to more than $315 billion by 2020.
By accepting mobile payments, you’ll be able to tap into this quickly growing market. Equally important, mobile payment processing often leads to shorter cashier lines, so you’ll be able to generate more sales per unit of time.
2. Fraud Reduction
Both online and in-store credit card fraud are on the rise. You can dramatically reduce your exposure by choosing a PCI-compliant payment processor that offers tokenization, point-to-point encryption and other fraud protection tools. Moreover:
- If you operate a brick and mortar retail store, replacing legacy POS terminals with EMV readers can further reduce fraudulent attacks.
- If you run an e-commerce store, using hosted payment pages and fraud management filters can help keep your customers’ credit card data safe from thieves.
But is reducing fraud really part of a long-term growth strategy? As a matter fact, it is. If your payment setup gets hacked, you may have to deal with out-of-pocket losses, punitive fees, and in some cases, litigation. In addition, you’ll have a much harder time retaining customers if they lose confidence in your business. By providing a safe shopping experience for your users, you’ll be able to generate more sales and keep a larger portion of each successful transaction.
3. Payment Integration
We live in the age of “big data,” where even smaller businesses can collect tons of information about their customers’ preferences, behaviors and shopping patterns. While it’s certainly possible to manage all of this information manually, a much better approach is to leverage payment integration. Whenever you generate a new sale, that transaction is automatically captured in the accounting and CRM tools you already use. There are two huge benefits to this approach:
- Payment integration saves you time by eliminating manual entry and reducing mistakes. As a result, you can redirect employee hours elsewhere in your business.
- Payment integration provides real-time insights into the who, what, when and where of every sale. You can use this information to improve your marketing efforts and your product research and development down the road. Your business grows either way.
Let BluePay Help Make the Rest of Your 2017 Profitable
As a small-business owner, there are thousands of things you could do to reduce costs, increase sales or both. However, most profit-boosting strategies require significant investments of time and money — often without any guaranteed payoff.
The tips outlined above represent proven strategies for growing your business. And getting started is a lot easier than you might think. In fact, BluePay specializes in helping small-business owners:
- Expand their payment options — e.g., via mobile processing.
- Reduce credit card fraud via PCI-compliant processing.
- Manage large amounts of data with payment integration.