Ready to make your business profitable?
Now that your business plan is written and well-thought out, your business structure is configured and your website is up and running, it’s time to get some return on investment. Well, how are you going to get paid? Of course from selling your products, services and/or bookings. But, again how are you going to get paid? Oh yeah, by accepting payments on your website.
Most web development companies already have payment features integrated into their software, but are you paying the best fees? Have you done your research on Due, Stripe, PayPal, Flagship Merchant Services, BitPay, Square, ApplePay and all the rest? I mention these 7 payment providers because they are listed as the top payment providers globally and with good reason. These providers are not just the best in fees but also in convenience. When making a purchase, all your customers want is an easy and fast experience. After all, you did already win them over with the UX design on your website.
Now, what else matters to businesses? Well, you also want to take into consideration how long does each provider take to process a payment, and how long after that do you see the payout in your business account? Keep in mind most of this information is based on location and industry. For example, if you are in the United States or Australia, you may be on the 2-day rolling payout schedule with Stripe, meaning payments processed on Wednesday, and you receive your payout on Friday. However, countries like Brazil are not as lucky, payouts are usually 30 days from when the payments are processed. Now if you’re in the U.S., Stripe may be an awesome option for you, but if you’re in Brazil, you sure need a wave of payments to be processed everyday so that your payouts are more consistent. For most businesses using PayPal, the payouts can be as soon as 1 business day depending on the amount of the transaction and the method of transferring the funds whether to a business or personal bank account. You may also want to consider this option if you have multiple payments and are looking for the lowest fees. Another factor to consider, is how many currencies does your current payment provider accept? Are you able to take your business globally (if you want)?
If you have not considered payment processing fees, payout schedules, accepted currencies, consumer trust, and your fee structure then you should immediately pick up your laptop and gather your team (If necessary) and start deciding what are the best payment providers to integrate with your business. Nothing is better than no fee, upfront cash, but then again nothing is better than purchasing what you want from the comfort of wherever you choose to be.
Our personal advice is to find 3 that you like the most and create profiles and integrate them into your website. Having only one method of payment can make your customers feel as if they don't have options and that is by far one of the most important things for consumers: OPTIONS. Don't limit your customer reach by only accepting one method of payment because it is only convenient for you. You will notice the more options customers feel like they have, the faster they are willing to make a purchase and not abandon their cart, which in the long run works out for you because now you can reduce your re-marketing list and use those extra funds to grow your business in other ways.
For more information on integrating the best payment providers into your website, contact us. We have some DOs and DONTs that would be helpful to you based on your industry. Now what are you waiting for? Make your business great and profitable or ask us about building a website for your business.