How to Integrate Payment Automation During The Pandemic
Running a successful small business as the world deals with the COVID-19 pandemic requires excellentexcellent efficiency, innovation and proper management. Many business owners have limited resources, fewer employees and endless responsibilities to handle so you must make use of what you have to survive. If you were not convinced before, now is the perfect time to utilize technology in most of your business operations. Digital methods of payments continue to keep business running and help people from contracting the disease by eliminating the need to handle paper money and allow less interaction with other people. It is, therefore, ,critical to integrate your payment automation.
Simplify Your Software
Since many people are in self-isolation, they will likely purchase what they need from online platforms; it could be groceries, toiletries or even clothes. A user-friendly website ensures that customers do not spend a lot of time trying to navigate through as they place their orders. You should, therefore, avoid redirecting buyers to a different website to complete the payments.
Having a separate check out page makes your customers feel like they are their money goes to a different business. Instant transfers like bitcoin and wire transfers should also be a priority during this time because it eliminates the need to wait for clearance.
Make use of virtual cards
Paper money, invoices and checks renders you susceptible to COVID-19 infection. You should, therefore, use an appealing method of disbursing money that is universally accepted by vendors. It benefits not only your business but also the customers.
Virtual cards allow you to avoid making bank deposits, paper checks, and eliminates processing fees. It also facilitates an automatic cash deposit to your business bank account, so you do not have to risk your health by visiting an ATM or the bank.
If you choose the right program, you will stand a chance of earning cash rebates whenever you pay your suppliers using virtual cards. More transactions translate to more rebates, and that helps a lot, particularly considering the effects of the pandemic on the economy.
Additionally, the card minimizes the risks of fraud since it uses a unique 16-digits for every transaction, and expires once you reach the set limit. It is also sae from theft because it is virtual.
Facilitate Third-Party Payment Options
Not every customer owns a credit card or willing to disclose their account numbers on online platforms. You should, therefore, consider the needs of this demographic by accepting direct bank debits. It is a convenient method of paying; the customer clicks a button, signs into the account and make the payment.
Allowing your businesses to pay for goods and services by transferring money directly from their bank leads to more sales. It also ensures that the customer gets what they require for survival during the pandemic.
Raise the rates of payment authorization
The ease of authorizing payments forms a crucial part of any business process. It significantly contributes to the satisfaction of your customers, smooth operations in the business, higher customer retention, and fewer customer complaints and more revenue. It is therefore, essential to maintain impeccable acceptance rates for online payments.
You can either choose multiple authorizations, verify and store and authorization adjustment options or your business. swift authorization improves your customers’ experience and facilitates monitoring the checkout sessions. make a point of keeping track and controlling the percentage of the approved transactions, managing the business’ Webhook session and assessing your successful payments.
Offer More Contactless Methods of Payments
It is worth considering contactless payment methods, especially with the increase of online purchases and the need to avoid using paper money. The technique guarantees straightforward and effortless transactions because it uses mobile devices. It offers better security, and your customers do not need to make physical contact with the Point of Sale (POS) to complete the transaction.
Contactless Payment is powered by “near field” communication through a particular radio frequency identification (RFID). Some of the common types of this payment method include Apple Pay that works on IOS devices, Android Pay which belongs to Google and operates in any device that operates using at least the 4.4 version, and Samsung Pay for the latest Samsung Galaxy gadgets.
Schedule Vendor Payments
Keeping your suppliers happy ensures that the rest of your operations flow smoothly. a successful business has enough inventory, so make sure you maintain good relationships with your vendors.
Make sure you make payments in time or even in advance and make your recurring payments consistently. Automating the accounts payable procedures prevents late payments, facilitates fast processing of invoices, and also the management of your cash flows. It also allows you to use the accounts payable automation data to develop ways of cutting down individual costs, make your business more efficient.
It is vital to keep yourself, employees, vendors and customers safe during the pandemic so ensure that you automate and use digital forms of payments.