Menu
Blog

Starting a New Business? The Payments Perspective.

“If there is one thing to keep in mind: Delight your customers”- words of one of the most successful investors ever, also known as the Wizard of Omaha. No brownie points for guessing. It is Warren Buffet.

But how do you delight your customers? Is it about the products you give them? Many great firms of the past failed even though they had excellent products. So what makes all the difference?

In the hyper-competitive markets that we witness today, a lot depends upon who can provide better service. Customer satisfaction today is not just about post-sales service. It is about being Easy to do business with!

That simply means optimizing the interactions between the business and the client. Most companies succeed in doing so pre and post purchase – through interesting marketing communications and post sales services. But what about the only revenue generating part of the whole cycle? Yes, payment!

In a dynamic, disrupted payments space like that of ours, it is elementary to know how to maximize customer satisfaction.

It is almost impossible to say which payment mode your customer prefers – irrespective of whether you are planning to start an e-commerce firm or a brick and mortar store. And as the cost of losing one potential customer is too high for a new business, it is important that you are ready to accept multiple payment modes which your customers prefer.

With the world making a headway towards a cashless economy (and a few of them becoming less cash economies already), it is necessary that you give the deserved importance to how you accept and process your transactions.

It is almost impossible to say which payment mode your customer prefers – irrespective of whether you are planning to start an e-commerce firm or a brick and mortar store

Omni-channel Transaction Processing

So what are the necessary payment odes that you should offer your customers?

  • Card payments
  • Pre-paid card payments
  • Online payments
  • e-wallet payments
  • EMI

Established firms often have multiple systems and processes to accept these various modes of payments. And provided the bulk of transactions and the complexity of the business, it is justifiable even in part. But even the big firms are gradually shifting to integrated Omni-channel transaction processing systems.

That means it is a competition call for new businesses. And probably the way forward for them, considering the push for digital payments all around the world.

A summary of the points to be kept in mind are given below:

How to Choose the Right Payment Solution Partner for Your Business?

  • Offers an Omni Channel solution (Versatile – accepts all payment modes, from anywhere ad any time)
  • Affordability (Contracts, Fees and pricing)
  • Security (It should be a safe and secure solution, EMV enabled)
  • Quick settlements (Quick payment turnaround)
  • Compatibility with other software (integrated with restaurants’ existing order taking software)
  • Portability (carry anywhere anytime, wireless solutions like mPOS, POS)
  • Scalability (as the business grows should be able to manage payments)
  • Additional Features
  • Customer centricity (convenience to customers)

If you can find an integrated solutions provider who can enable this long list of demands in one solution, you are already a step ahead.

Explore More

Why is Cloud Technology required for secure real-time payments?

Why is Cloud Technology required for secure real-time payments?

The global pandemic contributed to the growth of contactless cards and payments, leading to a surge in the number of digital transactions. In today’s times, faster and safer payments have become a norm for businesses and consumers alike. It is becoming essential for...

Why is Cybersecurity awareness required in Digital Payments?

Why is Cybersecurity awareness required in Digital Payments?

It is evident that the COVID-19 pandemic has accelerated the growth of digital payments around the globe. Online banking has become dominant and the users even prefer to conduct transactions via mobile wallets. The use of cash is no longer a priority for both the...

How secure are Tap and Pay Transactions?

How secure are Tap and Pay Transactions?

The outbreak of COVID-19 and the acceleration of digital media platforms have brought a significant change in the payments industry. In earlier times, the customers had to swipe and enter the card details to process the transaction. However, with a simple tap to pay...