“Why does my business need an online payment processor?” This is a question we’ve received a few times, so we put together this article to help answer it.
Here are three reasons why your company should consider a robust payment processing solution.
Reason #1 You Need a Payment Processor: Flexibility
COVID-19 has flipped our entire world upside down, hasn’t it? Some retailers such as Amazon.com, Walmart.com and Home Depot have seen an enormous boost in sales. Others, such as small restaurants, hair salons and small retail stores are struggling.
In a world where people are scared to have too much face-to-face interaction, having an online payment processor gives your business some of the flexibility it needs to survive.
This goes for any and all types of businesses. Retail stores can set up a system to order online and pick up in-store. This makes it easier for a customer to just walk in, pick up their purchase and walk out. Or better yet, they can pay online and you bring it to them curbside.
Restaurants can do the same thing. That’s why we included restaurants in our post on 3 types of businesses that need an online payment processor.
Manage something like a storage unit complex? Make it easy for people to do everything online, from the initial signup process to paying their monthly bill. That way you can cut back on manpower required to run the facility and they can minimize human contact.
People want flexibility, and that’s what having the right type of payment processor can offer.
Reason #2 You Need the Right Payment Processor: Recurring Payments
Does your business operate on a model that receives recurring payments from customers? For example, maybe you manage a gym and the customers pay a membership fee every month. Maybe you’ve hopped on the fad of offering a meal preparation service, so you prepare healthy meals every week for customers in exchange for a recurring fee.
A lot of businesses and organizations operate this way. Coaches, non-profits, recreational clubs, Homeowners Associations, etc. It’s a great model because you don’t have to regularly find and bill your customers manually.
…or do you? If you don’t have the right type of payment processor, you might be spinning your wheels making sure your customers receive their bill on time. That eats up valuable time and just isn’t worth it. Use a tool that lets you set up recurring payments or donations to make life easier on yourself.
Reason #3 to Have a Modern Payment Processor: Mobile Technology
Picture this: you’re a salesperson at a meeting with a new potential client. Everything is going great and they offer to sign up for your service. They have a credit card handy and ask if you can accept their payment right there on the spot.
What if you don’t have the technology to do so? Saying something like “well I can’t take your payment right now, but let me get back to you later today” won’t go over well. While they might still sign up, you are lowering your odds of getting paid.
Don’t let that happen. Be ready to go with a way to receive their payment right then and there with your phone or tablet.
Conclusion
Why does your business need a new payment processor? Because you need to make it easy for customers to pay you. To learn more about how we can help, send us an email at info@paykoncept.com or call us at 407-777-0638. We’re excited to hear from you.