Use Of Electronic Payment Systems: Best Practices

The best way to use electronic payment systems is to make them work for you.  If you’re going to integrate with a new system, first ask yourself what it’s going to do for your business. If it doesn’t offer any real value, then it may not be worth the time or effort of integrating with it.

There are many different types of electronic payment systems and some of them serve multiple purposes.  For example, if you already have a point-of-sale machine, then you may be able to use that as your primary credit card processing solution.  Or if you want to accept online payments, there are various shopping carts or e-commerce platforms that can do that for you as well.

The most common type of electronic payment system is the point-of-sale (POS) system – these allow businesses to accept credit cards directly at the register or through dedicated kiosks in stores or restaurants.  POS systems are often integrated with other hardware like receipt printers and barcode scanners as well.

Another type of electronic payment system is the online gateway – this allows businesses to accept credit cards remotely over the internet without having to go through a physical POS machine or kiosk.  Online gateways can also be integrated with.

How are you accepting payments?

Send monthly reminders: A recurring payment gives you the ability to set up an automatic payment schedule for a monthly recurring service or supply.  Recurring payments are an excellent way to secure repeat business because they automatically take payments every month, eliminating the risk of clients forgetting about their outstanding balance and not returning for more services or supplies.

Offer web payment forms: Electronic donations are becoming a popular way for non-profit organisations to accept money. Because people can make a donation almost instantly while they’re still at their computer, they decrease the forgetfulness factor. Many nonprofits are setting up online payment pages for particular fundraising events and putting these links in newsletters, social media posts, and business websites. This enables them to reach a larger audience and offer an easy way for people to help.

Provide a “click-to-pay” or “click-to-donate” experience: Electronic donations are becoming a popular way for non-profit organisations to accept money. Because people can make a donation almost instantly while they’re still at their computer, they decrease the forgetfulness factor. Many nonprofits are setting up online payment pages for particular fundraising events and putting these links in newsletters, social media posts, and business websites. This enables them to reach a larger audience and offer an easy way for people to help.

Bring the cash register to them:  Customers are becoming more demand-driven, which means that businesses need to get out of their comfort zones and provide opportunities for their customers to pay with some form of electronic payment method. The process of paying for something online is simple, and customers have difficulty remembering what they want or why they stopped in the first place. By integrating your credit card system with a mobile credit card terminal, you offer the customer an opportunity scan pay for your product or service before they feel obligated and become difficult during checkout

Offer pay-by-phone:  In today’s fast-paced world, we are at the mercy of a lot of distractions. Whether it’s sending an email or updating your social networking statuses, your attention span is no longer on one task at a time.  Speed, access and efficiency are just some of the major factors driving disruptive innovation today.
Provide an on-the-spot payment option:  We recommend that you take advantage of the convenience and security of electronic payment. Some organisations that usually rely on invoicing with net-30 days terms have also seen a chance to run a card payment in person, right then and there, for all or part of the account balance instead of waiting for the check in the mail. This has worked well for businesses taking a design fee, a service fee out in the field, a consultation fee, or just allowing clients to pay at the time of a meeting.