Over the past decade, India saw two events that practically brought cash sales for businesses to a standstill. The demonetization at the end of 2016 and the Coronavirus pandemic with the onset of 2020 brought down cash payments significantly. Businesses were able to survive the jolt through both these phases owing to online payments. The increasing dependency on digital payments has made fortunes for many startups and enterprises over the last five years.
Today, online payments have become a significant mode of transaction preferred at Kirana stores to luxury outlets alike. A report by J. P. Morgan claims that more than 75% of e-commerce payments were made digitally in 2018. In the financial year 2021, digital transactions crossed the 40 million mark. With the market shifting to online payments, businesses also need to join the bandwagon. They need to choose the best online payment solution to expand to broader customer bases. Following are a few tips that can help boost business sales to a great extent.
Tips to follow for boosting business sales:
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Start online invoicing
If a business still relies on traditional invoicing methods, it is high time they make the shift. Online invoicing comes with several advantages over conventional invoicing. Creating an online invoice takes significantly less time and saves cost. Customers need not wait for days to receive the invoice, increasing their trust in the business. There is also the possibility to automate the process of creating online invoices. Several payment systems can automatically generate an invoice and mail it to the concerned customer. At the same time, it makes the necessary entries in the accounting or management software for proper tracking. This streamlines the process, reduces invoicing time, eliminates errors, and adds to customer satisfaction. Customers can directly receive an invoice from the checkout page with this expense management system
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Calculate payment processing costs
One of the significant costs associated with accepting online payments is the payment processing costs. To accept online payments, the business must register with an online payment gateway service, like Zaakpay. The gateway service charges the business with a minimal fee for online transactions. This payment processing charge varies from one gateway to another. To boost sales, it is essential to choose a payment processor at a reasonable cost. Cost-benefit analysis can be conducted by the business for all available options to find the best-suited one. A proper comparison of all the features must be made to avoid choosing a low-cost gateway but also lacks features. Customers are known to abandon the purchase if the gateway is not trustable or insecure. To boost sales, it is pertinent to choose a gateway that is both customer-friendly and secure.
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Install an Online Fraud Detection System
The online payments industry is not free from miscreants. Fraudulent transactions can be a problem for the business and also the customers. Employing an efficient fraud detection system can reduce the impact fraudulent transactions have on the company. There are several online services that businesses can use for safety. Opting for PCI DSS (Payment Card Industry Data Security Standard) compliant gateways reduces the risk of cyber-attacks. With gateways like Zaakpay, merchants can ask queries 24/7 and track down incomplete, suspicious or fraudulent transactions. It also provides several other fraud prevention features. Sales and revenue can be boosted by enhancing the security of online payments.
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Offer Diverse Payment Options
Online payments can be made through multiple payment modes like credit cards, debit cards, UPI, net banking, mobile wallets, and Pay Later. The customer base of any business would be spread across this broad spectrum. Inability to support any of these payment modes means loss of customers who prefer that particular mode. To boost sales, businesses need to accommodate as many payment modes as possible. The best online payment gateway that supports more than 100 different modes is Zaakpay. This also leads to customer satisfaction as they can pay without any hassle.
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Simplify the Checkout Process
The journey from the order page to the checkout page should be as simple as possible. Customers might abandon the purchase if they browse through several web pages just to order a product. The option of guest checkout can also boost sales. Many customers get frustrated if they have to register or sign up while placing an order. If the business needs customers to register mandatorily, they should provide an option to sign up using a Google or Facebook account. Redirects should also be avoided!
An integrated online payment gateway is a robust solution that further streamlines the checkout process for the customers. Clear and attractive call-to-action buttons should be used throughout the website to navigate the customer.
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Start using Payment Links
Payment links are simple URLs that direct the customer to the payment page without deviating from third-party pages. Transactions can be made much simpler with these links. All the customer has to do is click on the link, choose a payment method, and make the payment. For the merchant, the process is even more straightforward. Use a payment link service like Zaakpay, tap to create a link, and send it off using any messaging service to receive the payment. Instant payment processes have a knack for increasing sales by a considerable margin.
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Sales Analysis
Online payment gateway services generate data for all the transactions. Merchants can use both sales data and purchase patterns to analyze the trend of purchases. Marketing campaigns, discounts, and rewards can be announced and planned accordingly. One can also understand the demand for the product across different regions and the payment modes majorly contributing to the revenue. Sales analytics is a powerful tool that can expand the business to uncharted geographies, increasing revenues. You have to know about the WeInvoice.
Conclusion
Selling online is much more than just about the product. It is also about the experience that a merchant provides to the customer. Best online payment services can boost the sales of businesses multiple times. Merchants can follow the advice from this blog to enhance their customer experience and increase sales. A satisfied customer is sure to purchase again as well as bring more customers through word-of-mouth.
