For the next few weeks we are going to focus this series on payment processing for specific market segments and share some of the basics things you should consider based on your specific business needs. This week let?s start with the Internet Retail space.
Internet-based retail continues to grow by leaps and bounds ? that?s no secret.? How can you use payment processing to help you optimize this growth?? Let?s explore.
Process payments in real-time
By processing payments in real-time you can get immediate feedback and handle payment issues on the spot. Real-time authorizations prompt your customers for another card if the first one is declined. ? This will allow you process the transaction and help ensure your customers? receive their purchases in a timely manner.
Offer alternative payments
While many customers prefer to make online purchases with their credit or debit cards some customers prefer not to use these payment types online.?? Give your customers alternative payment options such as PayPal and Bill Me Later.? By offering alternative payments you will open your doors to a wider customer base.? More options mean more payments.
Protect sensitive customer information
Fraud and security is a true cost of doing business online. ?Your customers want to know their sensitive information is secure when they do business with you. ?Solutions like tokenization will address security issues when the card data is in transit, at rest, and while in use. ?Tokenization replaces card account information with ?tokens? generated by a third-party service provider. ?There are providers who now make it possible to use tokens in place of card numbers for all successive payment transactions? meaning you can enhance your customer experience by having card information on file for repeat customers.
Better understand your customers through payments
A payment is the ultimate customer interaction.? You can begin to leverage this information to help inform business decisions.? For example, using affluence indicators may help you identify high-earning customers.? With this information you can target them with specific offers and promotions.
It?s the emphasis on customer experience that will ultimately determine the success of an internet retail merchant.? And that goes beyond product offering or ease of website navigation. How easy customers can pay for their products and services ? via payment choice, trust in secure transactions, and how efficiently their order is processed? all play a role in customer experience. ??We hope these tips help you make payments a part of your overall customer experience.
Still have questions about payment processing for Internet Retailers? Leave your thoughts in the comments or visit us at booth #736 at Shop.org next week.
Alison Reynolds is the Content Marketing Producer at Litle & Co. This blog post is the opinion of the author and not necessarily that of Litle & Co. For more, please read our blog disclaimer: http://www.litle.com/blog/blog-disclaimer
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