Small business has become almost synonymous with online business, especially during the current pandemic. Online sales have become a popular way for any business to provide goods or services to customers. Even if your business is small or just starting out, the online world gives you the potential to reach potential clients near and far. Making online transactions as smooth as possible could help any company owner get and keep a loyal customer base. In addition, many improvements to the transaction side of the business can make logistics easier. Some ways small businesses can improve their online transactions include using payment services, adding business checking accounts, establishing PCI compliance, and offering ACH processing.
Use Payment Services
One thing all businesses should look into is a 3rd party payment service. A payment service is a third party that can handle the actual processing of sales for your small business. There are several payment services available, and which one works for you may depend on the specific needs of your company. In many cases, such services can expand the range of payment options you can offer to your customers. They can also help you generate, process, and track invoices for open orders.
Add Business Checking Accounts
Consider adding business checking accounts to improve online transactions. Many banks offer incentives for small businesses to keep checking accounts with them. In most cases, you’ll get basic services such as mobile banking, bill paying, and free transactions. However, you can also use business checking accounts for things like free night deposits at the end of a long day. Some places will also provide you with discounts on checks or free electronic statements that you can organize to keep track of finances each month.
Establish PCI Compliance
PCI compliance means that your online payment gateways meet at least the minimum security standards for virtual safety. Security enhancements are part of the improvements you might be able to make to your online transactions. Customers who know that their personal data is secure may feel more comfortable making regular transactions with your company. When your patrons are able to pay safely, you can minimize the risk of any dispute down the road. By improving your payment gateways, you will increase your customers’ sense of security.
Offer ACH Processing
This is a type of online payment form that any business can use. However, it might be most useful if you deal with services that include regular fees or subscriptions to things. ACH tends to have lower fees than what you might see with debit or credit transactions. A customer just needs to input their banking info once. That data will be retrieved each time it is needed. This saves you time to focus on other things, and your clients can make quick purchases without delays.
All customers appreciate when an online sale goes well and has no problems. Business owners can appreciate that a flawless transaction creates a happy patron who is more likely to offer repeat business.