The short answer: Yes, you do need an online card processing solution. Especially if you own a small business, lacking online payment solutions means you’re missing out on a huge percentage of revenue. A recent study by PayPal revealed that although four out of five Canadians shop via online sites, fewer than one in of five Canadian small and medium-sized businesses (SMBs) offer online payment solutions.
The longer answer is more complex. The future of doing business is already here, and with it comes several disruptions. If you want to know more about how an online card processing solution could help you grow your business much faster, keep reading.
Online Payments Offer More Convenience
It’s no secret younger generations of customers prefer to shop online, but you should also keep in mind they also prefer alternative payment options as well. Nowadays, you can pay via your smartphone, too.
If you want to capture this younger market, you’ll need to make your store’s website design mobile responsive. Customers can also turn their smartphones into e-wallets for wave-and-pay transactions in person.
When your business has an online card processing solution, it improves the convenience of a customer’s shopping experience. Customers are given as many options to pay as they may need, so even if they want to buy a product or service from you while on the go, they’re covered. More convenience means better customer service, which does wonders for your brand.
Online Card Processing Can Be Customized to Fit Your Business
Speaking of your business’ brand, online card processing can be customized to solve your individual needs. If you have many customers who require pay-later options, you can tailor your online payments to include that option.
Perhaps your business deals in a high-risk industry, like car dealing, which requires a significant amount of chargeback insurance. Maybe you own a medical marijuana dispensary that requires a merchant account provider that’s willing to set up online payments for a business in the legal grey market.
Whatever the case may be, online card processing solutions don’t have to be one-size-fits-all bundle deals.
Secure Online Payment Options Boost Productivity
When you offer online payment options, your productivity increases. Customers want to be able to shop readily from any location and often from any device. Online payments are also much faster than cash payments, enabling your business to see more sales in a shorter period.
You’ll find that, with a mobile-responsive online store with an integrated shopping cart that offers a pay-later option, your physical storefront will have shorter checkout lines.
Having a merchant account provider that’s willing to work with you and the unique needs of your business and industry can open doors. You need to evolve along with the global market trends if you want your business to last far into future generations, which is why you should consider your business’ intro to e-commerce.