Currently, many shop owners are relying on more than one way to accept and process payments. A common scenario that might be familiar is the use of mobile phone apps and SMS to collect online payments and a separate mPOS device to swipe credit cards. In addition to those, using QR codes for payments usually entails using another separate app that is even more of an unnecessary added complication.
A complex situation like the one described above requires a huge amount of financial management. As a shop owner, you may find yourself busy with paying different service providers, tracking transactions coming in from various places, while also managing payments being made to suppliers. Figuring out cash flow and expenses can end up taking up a significant amount of time this way. In addition, security issues are also a concern, as is dealing with multicurrency and cross-border payments through different payment methods.
Overall, having multiple solutions creates a big headache that can easily be avoided by using an all-in-one payment solution.
How an all-in-one payment solution can help
An all-in-one payment solution will solve all of the problems mentioned above. It introduces a range of added benefits that make your life much easier, and your customers much happier. Here are the four main benefits of an all-in-one payment solution:
1. Simplified accounting
No more calculating and counting. With an integrated mobile payment solution that provides a wide range of payment types, all transactions are automatically recorded and easy to track. Financial management is a breeze. You can view all transactions on a central dashboard, as opposed to searching through multiple sources to find them. This means that whether your customer paid in-store using their credit card or online with a mobile wallet, the transactions are all recorded in the same place. Outgoing payments to suppliers can be viewed too. This convenience saves time and money, enabling you to serve more customers and concentrate on other aspects of your business.
2. Increased security
Service providers may have varying levels of security. For optimal security, use an all-in-one payment solution from a PSP that is PCI DSS level 1 certified. PCI DSS compliance is a global standard that ensures customer credit card information is kept safe, for both online and in-store payments. PSPs who are PCI DSS level 1 certified meet strict standards and use advanced fraud protection technology to protect your business from fraud, which can otherwise be a significant source of financial loss. Increasing security also encourages new customers to purchase from your shop, as they will feel confident that their sensitive payment information is in safe hands.
3. An improved customer experience
Customers like a streamlined payment process. When using different service providers, the payment process is often complicated and differs depending on the payment method used. For the ultimate customer experience, an all-in-one payment solution can provide an easy and quick payment process. For online payments, one simple hosted payment page can allow your customers to pay easily with whichever payment method they choose.
According to the Baymard Institute, 27% of ecommerce shopping cart abandonment is due to a complicated checkout process. There is a significant increase in customer retention and conversions when the payment process is simplified to a few steps. A satisfied customer who has completed a simple payment process will be more likely to return and make another purchase in the future.
In store, an equally simple payment process can be provided by using an mPOS device instead of a traditional cash register POS. This is something a comprehensive all-in-one payment solution will include.
4. Easier multi-currency payments
Another way all-in-one payment solutions can increase customer satisfaction is by allowing customers to pay in their local currency. If you’re dealing with customers from many different countries, you’ll want a solution that enables you to accept cross-border payments and a variety of currencies. An all-in-one payment solution makes multicurrency payment straightforward and streamlined. Customers can simply choose their local currency and make a payment using their preferred method, through one, single integrated and easy-to-use payment system.
Juggling multiple payment service providers is no longer necessary, even when dealing with incoming and outgoing transactions both in-store and online. Whether you’re looking to improve the customer experience, simplify your finances, or provide a wide variety of secure payment methods to customers worldwide, an all-in-one payment solution is the answer.