Regardless of the volume of sales and the nature of the business, both giant companies and small startups heavily rely on fast and reliable channels of communication, data transfer, and payment processing to be able to function effectively.
Especially on the aspect of payment processing, many businesses are faced with the challenge of receiving a number of failed transactions and waiting too long for payments to be confirmed. Delays in the processing of transactions can surely affect the solvency of a business or its ability to fulfill its financial obligations in the long run.
When the problem is left ignored, a company may soon struggle to manage its inventory, payrolls, and other duties – or worse, it can lead to eventual bankruptcy.
The great news is that there are many ways that businesses can speed up transactions and avoid further complications in the future. If your business is one those that are experiencing problems of getting delayed payments, then you better read more of the article below. Check out these top five ways to get your business transactions processed fast and easy, and unleash your business’ full potential by getting more conversions and profits.
1. Offer different payment methods.
Being able to provide a wide range of payment options for your clients gives them more freedom to choose the best method that is convenient for them. From cash on delivery and online payments to bank deposits and credit card payments, you should make sure that various channels are accessible to your clients. Sure it may be a little challenging for you to accrue your sales receipts into one account, but it can definitely help your business attract more customers that are more likely to pay promptly in the way that is the most convenient for them.
2. Provide perks to customers who complete early payments.
Giving bonuses and incentives to clients who pay on time or before the due date can help lessen the number of delayed transactions that your business may experience. You may offer small discounts, early access to pre-sales, and some freebies as rewards for customers who make consistent and timely payments.
3. Make online payments more convenient for your clients.
If you are offering online payments as an option, then you better research first on the trusted and most reliable payment gateways that can provide fast and error-free services for you. Some of the characteristics of a good online payment platform are the following: clean web page which requires minimal customer information, does not require a registration, doesn’t contain ads and page redirects, has high security and privacy and has a working design and call to action.
4. Explore mobile platforms.
Also in line with the subject of customer convenience is the development of a mobile platform for your business; one that is easy to use, simple, and loads fast even when using mobile data. With the number of page loads in mobile devices eclipsing that of desktop and laptop computers since last year, it is very clear that exploring new options in mobile platforms is the defining edge for businesses today.
5. Make sure that the invoice and receipts are readable.
Believe it or not, invoices and receipts that are difficult to read and comprehend are sometimes the cause of delayed payments from the clients’ end. Make sure that all the essential information are printed clearly; highlighting the amount due, account number, account name, and the due date. Avoid using jargons which are difficult to understand and cramming information into a small space. Also, remember to use quality paper and ink when printing invoices and receipts. Get the best payment register rolls and printer ink ribbons at the right prices from a trusted supplier.