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.
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