Running the operation of a smooth payment can have positive, wide-reaching implications for businesses. It is important for business owners to make it as easy as possible for their customers to pay, in order to increase conversion and sales.
Payment, as the process of exchanging services for money, is the lifeblood of all businesses. Payments and cash flow management are so important that how they are done can make the difference between a company’s success or failure. An effective payments strategy is crucial for any business with ambitious growth plans. Payment completes the transaction and defines a successful customer conversion.
Despite its significance, businesses still face crippling challenges in receiving payments, especially across borders.
Running the operation of a smooth payment can have positive, wide-reaching implications for businesses. It is important for business owners to make it as easy as possible for their customers to pay, in order to increase conversion and sales.
Businesses who wish to improve seamless payment processes must do these three things:
1. Provide different payment methods
Businesses have a variety of ways to receive payment, ranging from cash, credit cards, cheques, barters, money orders and automated clearing house, and more recently, mobile payments.
It is important to provide payment methods that suit the customers. Offering customers a seamless and painless buying experience is more likely to improve loyalty, increase your turnover and cash flow, and reassure your customers.
2. Allow payments in different currencies
Global businesses selling across borders should provide a shopper-friendly, localised user experience on all purchases in a way that presents customers the opportunity to complete a sale in their preferred currency.
Business owners can leverage partnerships with payment gateways that reduce the complexities of cross border transactions and make real-time payment seamless and transparent with multi-currency support.
3. Provide reassurances on security and privacy
Despite the huge potential of eCommerce in Africa, less than 5% of the population is currently buying online, due to privacy and security concerns.
Businesses must demonstrate how it takes data security and privacy seriously, especially in light of GDPR regulations.
Conclusion
With Fincra, businesses can perfect their payment experience, expand into new markets, and increase revenue. Businesses can securely collect payments from individuals or businesses in the UK, EU and across Africa, using our B2B payments dashboard. We currently provide a cheaper and faster method of collecting global payments, with the ability to settle these payments in multiple currencies.
Fincra-registered merchants can accept payments from customers across borders with their virtual named accounts in EUR, GBP & NGN and settle these payments in their wallets without hidden charges. Payments can also be received directly into their Fincra wallet in all our supported currencies.
Fincra maintains the highest standards of security, our channels are safe, secure and licensed.
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