In the previous installment of “How Payment Acceptance Can Affect Your Entire Business,” we looked at the impact that payment processing can have on your company's operations:
- Adding new payment options makes it easier to attract customers and grow your business.
- Improving payment security reduces time spent reconciling fraudulent charges.
- Payment integration boosts your company’s productivity.
Today’s article explores how many of the above benefits also apply to customer service. By improving your payment processing, you can provide clients and shoppers with a more enjoyable user experience.
Let's take a look.
1. Payment Processing and Convenience
Fading are the days of cash-based transactions. Customers increasingly prefer shopping with a much broader array of tools — from credit cards to mobile devices to Bitcoin. By providing these different payment options, you're able to meet growing demand for convenience and flexibility.
Equally important, customers benefit from much greater control over their shopping experiences. With online account management, in-app mobile purchasing, and interactive voice response (IVR) phone support, users can initiate or cancel transactions without having to go through a live operator. This is incredibly useful if the customer wants to buy your products or services after normal business hours.
2. Payment Security and Consumer Confidence
You don't normally associate fraud protection with customer service, but when your payment infrastructure is vulnerable to attacks, this can quickly erode consumer confidence in your business.
By integrating fraud management tools into your payment system, you can provide customers with a much safer (and enjoyable) shopping experience.
3. Recurring Billing and Affordability
No matter how you price your products, there will always be some who are unwilling to buy whatever you're selling. The cost isn’t necessarily high — it’s just too high for them.
Though by offering recurring billing, you can:
- Sell goods via installment plans.
- Sell services as subscriptions.
This approach allows fence-sitters to sample your offerings without making a huge upfront commitment. You don't simply receive more customers — you also have happier ones, as well.
4. Payment Integration and Inventory Management
In yesterday's article, we looked at how payment integration can help streamline your company's operations. However, this level of automation can also increase customer satisfaction.
Here is why:
By integrating payments, you benefit from real-time snapshots of how customers interact with your business. With this information, you can:
- Ensure that you always stock best-sellers in your inventory. Customers will never be disappointed by “sold-out” notices.
- Staff the perfect number of employees, based on traffic and sales. This means fewer lines and shorter wait times for shoppers.
- Reduce inventory and storage costs by only ordering what you need — when you need it. You can pass some of those savings to your customers.
Additional Benefits of Improving Your Payment Infrastructure
Upgrading your payment system is an investment. However, it's an investment that quickly pays for itself with operational productivity and happier customers — but the benefits don't stop there.
In the next installment of this series, we will look at the positive impact that payments can have on your company's finance department.