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How Electronic Payment Is Supporting Businesses Through COVID-19

How Electronic Payment Is Supporting Businesses Through COVID-19 0

The COVID-19 pandemic has changed the way small- to mid-sized businesses operate and has caused many businesses to rethink their procedures, especially when accepting payments from customers or clients. In today’s digital climate, electronic payment services are prepared to help.

If your small business has neglected this type of payment, you’re probably wondering “What is an electronic payment?” and, “What can electronic payment do for my business?” Don’t worry, we’re going to discuss all of that with you below.

First off, electronic payments refer to a string of solutions designed to help your business receive money while following social distancing guidelines and limiting the risk of exposure when dealing with customers or clients.

It’s the new way to do business and many consumers are going as far as refusing to support small businesses that neglect to offer electronic payment services.

Since offering an electronic payment can save your business from potential public backlash, here are some ways you can start incorporating this new technology in your business:

1.   Accepting Mobile Payments

Mobile payments are becoming the new norm for businesses. They help you reduce the costs of bank fees and overhead, as well as help you better manage your cash flow. As for the customer, mobile payments allow for a practical and easy solution when sending a payment, effectively improving the point of sale for everyone involved.

2.   Contactless Payment Methods

When maintaining social distancing guidelines and providing a safe environment for customers or employees, contactless payment solutions allow you to maintain efficiency for in-store transactions. They eliminate the need for cash and handling the customer’s card, adding to the appeal of this simple solution.

3.   Accepting Payments Online

If you don’t already own an online store, it’s a smart move that could help boost your business in the age of the COVID-19 pandemic. When launching an online store, making sure it has the capability to accept payments online is essential. Furthermore, you’ll want to offer as many options as possible to increase customer satisfaction and avoid customers abandoning their cart.

4.   Recurring Billing & Electronic Invoices

Having a software program designed to help you manage invoicing and billing can save your business a large amount of time every month when managing finances -- especially if you deal with a lot of clients on retainers. They’re easy to monitor and help you limit mistakes or delays when invoicing clients. 

5.   Selling & Accepting Gift Cards

Offering a way for customers to buy gift cards is an excellent way to increase sales during the COVID-19 pandemic. Loyalty programs are also a great way to boost engagement with your store during difficult times. Of course, you also need the right tools and resources to support your new loyalty program and redeem gift cards -- which we can assist you with.

6.   Efficient POS System

If you’re still managing payments in-store, then you understand how a slow and inefficient POS system can cause lines to get backed-up. To avoid this, your business needs an up-to-date POS system tailored to meet their business needs in a timely manner. Our solutions are easy for anyone to learn and help improve the experience between customers and employees.

What Can Consultants In-A-Box Do for You?

Every business is being hit hard right now, but that doesn’t mean your business has to fold. During the difficult times, the COVID-19 pandemic has presented us, it’s more important now than ever to invest in electronic payment services tailored for your business.

At Consultants In-A-Box, we offer the best solutions with the most exceptional customer service to ensure our clients are satisfied. You can trust us to help you implement the right strategies to get you through the COVID-19 pandemic.

Now that you know what is electronic payment and what it can do for your business, it’s time to take action and start implementing some of these solutions in your own business. Contact us today to learn more about how we can help you take control of your business again!

How Contactless Payments Can Reshape Your Business’s Future

How Contactless Payments Can Reshape Your Business’s Future 0

With the COVID-19 pandemic showing no signs of slowing down anytime soon, businesses of all sizes continue to be hit hard by this global phenomenon. As business owners look for innovative ways of dealing with this virus, contactless payment methods have become a win-win situation for both consumers and businesses.

In some cases, consumers refuse to shop at a business that doesn’t offer a contactless card payment in fear of contracting the virus. For that reason alone, this style of payment has become a necessity for businesses of all sizes.

Although it’s not new, many businesses have neglected this style of payment in recent years. Today, we’re going to discuss what is contactless payment for business and how it can help your business thrive through these difficult times.

What is Contactless Payment for Business?

One of the leading innovations of the modern world is finding new ways of having technology communicate with other technology without needing to be connected to each other via wires. It’s what made Bluetooth so famous and is the leading concept behind what is contactless payment.

Utilizing something called near field communication, contactless payment works when one device (generally a smartphone) communicates with another device (generally a payment terminal) to initiate a transfer of funds. Consumers can also use a credit card with a contactless chip on it or use wearable technology.

The three most popular ways of utilizing this technology are with Apple Pay, Google Pay, or Samsung Pay. If you’re using one of these mobile wallets on a phone, you just need to wave the phone near the terminal and you’re all set to go.

Are There Benefits With a Contactless Card Payment?

Contactless card payment continues to be the preferred method of the transaction between consumer and business, especially in the age of COVID-19. It’s an effective way of transferring funds without needing to exchange cash, touch a keypad, or swipe a card.

Let’s take a look at some of the major benefits behind the contactless card payment craze: 

1.   Simplicity

When using contactless payments, the customer just needs to wave their device or card near the terminal. It’s a transaction that’s extremely easy for the customer, but also requires no work by the employee.

2.   Speed

With the COVID-19 pandemic forcing businesses to limit inside traffic, it’s more important now than ever to keep your lines moving. Since contactless payments are quick, your lines won’t get backed up and it will be much easier to follow social distancing guidelines -- even after the pandemic has slowed down.

3.   Safety

Anytime you bring cash into the picture, it requires a handoff between customer and employee. This increases the risk of cross-contamination among people without symptoms. The same goes for credit card users due to the keypad, except it increases customer to customer contamination.

4.   Security

Contactless payment methods utilize EMV chip technology, which was created by EuroPay, MasterCard, and Visa. It’s the most secure payment technology out there right now and is the global standard, so you know it can be trusted. There won’t be any personal information at risk and fraudulent cases will be limited.

5.   Savings

Offering contactless payments at your business allows customers to link their mobile wallets to certain rewards programs you set up. This allows for better customer engagement with your business and helps increase sales. In addition to that, you’ll gain valuable customer insight and analytics that help you further enhance the experience for your customers. 

6.   Service

Customers like options, especially during these difficult times we’re in today. Not only that, but they also want to know their needs, demands, and safety are being taken into consideration. Offering contactless payments at your business helps you satisfy all of these demands and keeps the customer happy -- which is the top priority.

If your business needs assistance setting up contactless payments at their business or you want to learn more about how it can benefit your business, call the professionals at Consultants In-A-Box today.