It’s easy to think about payment processing as a line item on your operating budget, and simply a part of doing business. What you should be thinking about is how payment processing can actually be part of your business growth strategy.
More payments mean more revenue — this much is obvious to any business owner. But how do you make your payments processing part of your actual revenue strategy? That’s the real differentiator small businesses need to consider if they want to scale strategically. We break down how your business can get savvier about how it processes payments, who it processes payments with and how this can help fuel revenue growth.
Find a Small-Business Focused Payment Processor
Small businesses scale better when they work with a company that understands their business model. For this reason, working with a boutique-style payment processing partner can set you on that path. Unlike a big-box payment processor that focuses on delivering out-of-the-box solutions that aren’t custom-tailored to your actual processing needs, a boutique payments processing partner has the ability to offer flexible processing methods and contracts that are built with your business’ current and future models in mind.
No matter how you like to accept payments — online, in-person, by mobile or by tablet, working with a boutique payment processing partner like GoEmerchant can deliver your team the personalization needed to scale. Small business payment processing partners are designed to grow with your business, which means you’re more likely to find an affordable payment processing solution that can help you through each stage of growth.
Offer Innovative Digital Payment Methods
One key method to growing the number of customers you have is to appeal to wider audiences. Payment preferences have started to become an important factor in which businesses consumers want to interact with. No longer can you rely on simply accepting credit cards as a way to set yourself apart with customers. Credit cards are a given. Innovative payment methods like mobile payments and digital checkout online are becoming the new standard, which means your business must rely on a payment processing system that can adapt to these increasing trends.
Tailoring your payment methods to how customers want to pay can help you attract more customers and retain your current ones. Mobile payment methods, which allow consumers to transact seamlessly online and in-store without requiring to have a credit card on hand can make a huge difference in driving conversions. Increasing conversions and boosting customer loyalty are both core principles in helping your business scale.
Invest In Recurring Billing Options
Recurring payments are a key way to scale with new customers, current customers and encourage brand loyalty. Recurring billing options help establish regular revenue streams that your business can count on as it develops its strategic growth strategy. Unless a customer cancels a subscription, it ensures funds are regularly flowing into your bank accounts. Customers are more likely to follow and engage with businesses that are already part of their monthly payment schedule.
Since customers are paying monthly, and on a regular basis, this casts a broader customer net over the number of shoppers who are willing to engage with the product or service. Recurring billing options can help drive up acquisition numbers, and increases the chances you’ll keep them coming back month after month. For a company launching a new product or service, a monthly option allows customers to have a proof-of-concept before they agree to buy into the larger business model.
From a business standpoint, monthly subscription billing also assures that funds are flowing into your accounts on a regular basis. This can help your relationships across the payments ecosystem and also help your business calculate what your revenues will be each month. From an accounting and budgeting standpoint, this can be easier to manage. Knowing how to project future revenues is a huge advantage in knowing how your business can scale and where you should focus your investments in the near and long-term future.
Drive Loyalty Through Payment Processing
Payment processing has gotten far more sophisticated than just payments itself. Payments today means technology innovation. At the heart of that innovation is what small businesses are able to do through their payment processing platforms. Loyalty is a huge component of this. For example, many payment processing platforms allow businesses to incorporate customer loyalty programs that help attract and retain customers. Customer acquisition and retention are key components in your business ability to scale.
A successful loyalty program automatically captures your customers to spend history and helps your business better target them with exclusive deals and seasonal offers. Loyalty programs that are integrated into your payment processing can also help your business gain analytics into how, when and why your most valuable customers are interacting with your business. This type of insight is incredibly valuable in helping businesses know how to scale their products and services to adapt to their customer’s needs.
