Skip to main content

How Companies Can Streamline Payments

Streamlining payments is a highly effective way to improve business efficiency and generate more sales. Firms that get the hang of it often become leaders in their respective industries because of their ability to collect revenues and add them to their bottom line. Plus, it benefits customers. Nobody likes it when they can’t buy a product or service because of a payment issue.

So, what practical steps can you take to streamline payments and get more business?

Evaluate Your Existing Payment Methods

The first step is to evaluate your existing payment methods and look for areas of improvement. You may find that some methods are more successful than others and result in higher customer satisfaction.

Keep exploring methods to see which approaches work best for your enterprise. Cross-correlate payment methods customers use against overall satisfaction to see if you can identify patterns. Also, regularly test payment methods directly to ensure they work properly for users. Iron out any issues or roadblocks you discover along the way.

Find Out More About What Drives Card Declines

You can also improve customer service when you learn more about credit card declined codes. Understanding what these means helps you find solutions to payment problems in real-time instead of saying to customers the generic “Sorry, the bank declined your card.”

It turns out payment codes provide helpful information on why the sale was declined, allowing you to take action as a retailer. Sometimes, criminality will be involved, but mostly, systems will decline cards for administrative reasons. For example, millions of transactions fail because the card number is invalid. It could just be that the machine read it incorrectly or that you need to enter it by hand.

It could also be because the amount is invalid. You might have put an asterisk into the machine, or some other non-numerical symbol, like a comma, that’s confusing things.

You can also encounter glitches in authorization codes that prevent the backend systems from processing a transaction. With these, you just need to wait a few minutes before trying again.

Knowing these codes lets you explain to customers what’s gone wrong. It shows you have expertise and can help manage their expectations.

Automate Payment Reminders

Another popular strategy many companies are using these days is the automation of payment reminders. Firms are getting into the habit of telling their customers when they owe them money via email or SMS. Automating these reminders takes the leg work out of accounts receivable and frees up more of your day. It also prompts clients to pay you sooner rather than later if you operate on a lag.

Use Virtual Card Numbers For Online Purchases

You’ll also want to start implementing virtual card purchases if you sell to people via your website. These services make it quicker for users to check out by storing their card information in a safe wallet they can use whenever they pay for anything on their browser. It also eliminates the need to pay for down payments because users pay upfront.

Disclaimer: This is a collaborative post and may contain affiliate links. 


Popular Posts

Choose the right CBD for your daily routine

Can I ask you a question? Have you heard of the endocannabinoid system? If you thought “no” — You are not alone. Most people have no idea it exists… Yet, your endocannabinoid system (ECS) is a neural network that exists throughout your body and in every organ! Appetite, sleep, immune response, mood and pain are all regulated by your ECS and can become imbalanced. In fact, if you are experiencing issues such as inflammation, tremors, stress, lack of appetite or even pain… Then, it’s very likely that your ECS system is imbalanced. And to put your ECS system back in balance, it is time for you to discover the power of cannabinoids. Today, I hope to make this easier for you… My friends over at Elixinol have an amazing product called 300 mg Cinnamint Hemp Oil Drops Tincture   and  900 mg CBD capsules  that contains full-spectrum, 100% organic hemp cannabinoid extract. And, for a limited time, you can get this product at 15% OFF.  Just make sure to

All Treats, No Tricks Giveaway Hop Ends 10/31/14!

I'm participating in a really cool Halloween giveaway hop!!!  Are you as excited as I am? I sure hope so!  Okay, so for my prize, I will be giving away a $15 Paypal Gift Card! HOW TO WIN All you have to do is enter my free rafflecopter below. Winner must be 18+. Winner will be contacted via email and has 48 hours to respond before a new winner will be chosen. All Tricks, No Treats Giveaway Hop Since I am part of a GIVEAWAY HOP, there are several other bloggers giving away some great prizes too! You can enter one or all of them--you choose however many you want to enter :) Good Luck to you all! Welcome to the first annual "All Treats, No Tricks" Giveaway Hop, brought to you by The Hopping Bloggers & Up All Night Blogging ! We are a group of bloggers that specialize in giveaway hops - so stay with us and you will have many chances to win some amazing prizes! Each blogger participating in this hop has a giveaway with a priz

Five Proven Ways to Fund Your New Business (guest post)

  According to the United States Small Business Administration (SBA) , in 2010, there are 27.9 million small businesses in the US, and of course, they keep growing day-by-day. Finding the money to start up these business ideas in the minds of many is often one of the first and major problems that entrepreneurs face. This step can be very difficult and frustrating, especially when your expectations are not met or looking for funds in the wrong places. Therefore, I will uncover five proven ways to fund your new business.   Self-Financing This way has been proven as a relatively easy way to fund a startup business; however, it comes with a really big risk. You are left hanging if the investment does not pan out. Notwithstanding, this is an attractive option, and it has various paths you can go about it. You can make use of your savings (savings from checking account, family inheritance, or funds lying fallow in an account), use credit cards, selling off personal assets (such as real esta

VoilaVe Triple Action Vitamin C Serum Review

You know how crazy I get when I hear there is another Vitamin C Serum product for me to try out. This one stood out from all the others so far. I was sent a free 1 fl oz bottle of VoilaVe Triple Action Vitamin C Serum for reviewing purposes.  Product Details (as stated by company) Contains 4 kinds of Vitamin C  Pure, undiluted, no fillers, no parabens, no alcohol Vitamin C + Hyaluronic acid Convenient pump top 3 layer protection- outer label, outer wall, and opaque inner bottle holding the serum. This extends the life of the serum. Powerful anti-aging benefits Reduces fine lines, wrinkles, evens out skin tone, brightens dark spots, hyperpigmentation and discoloration, helps clear up acne, shrinks pores and smoothes skin texture No animal testing My Thoughts on This Vitamin C Serum So, I've tried several different Vitamin C Serums but this is my first time using a VoilaVe product. I like the labeling and bottle. I actually thought the bottle looked pr

8 Packing Hacks When Moving

Moving is almost rarely enjoyable. I mean, you have to pack up all your stuff just to unpack it again somewhere else? You eat off of paper plates with plastic utensils for your last week because you know your kitchen takes the most to pack. You shift boxes around for weeks while you try and continue living in your home. It’s just not fun. Certain things can make it more enjoyable or at least easier, however. For instance, if you have found a great apartment for rent center city or similar, then you might find that this takes the sting out somewhat. However, there will still be things you need to bear in mind to ensure that you can do it right. The fun comes on the other end when you get to unpack and decorate somewhere new! Whether you’re moving to a new city, a new apartment, with a significant other, into your first married home…it’s exciting doing something new. Now, to get to the new, and past the terrible process of moving, here are my packing hacks. Label everything! Unless you’