Why Multichannel Payments Are Crucial for Business Growth
In today's dynamic economic environment, businesses face rising costs in energy, labour, fuel, and general living expenses. To stay competitive, it's imperative for businesses to enhance their systems. Investing in advanced systems can lead to significant savings in labour costs, quicker revenue generation, and increased sales opportunities.
The Necessity of Systematic Improvement
A business cannot scale without continually improving its systems. If your company is stagnating or declining, it’s time to reevaluate your operational systems, with payment technology being the first priority.
The Overlooked Yet Vital Area: Payments
Payments are often neglected despite being fundamental to business operations. Businesses regularly scrutinise their energy bills but fail to review their payment processing costs. This oversight is ironic because payment systems fund energy bills, wages, and other running costs. Therefore, checking your payment systems is crucial. Use tools like the CashStream Optimiser to analyze and optimise your payment processes.
Key Features of an Effective Multichannel Payment System
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Secure Telephone Transactions: If your business cannot accept secure telephone transactions, you’re missing out, especially in high-value retail sectors where this can account for up to 80% of turnover.
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Live Payment Requests: Your system should be capable of sending payment requests via live webchat, WhatsApp, SMS, Email, and popular social media channels.
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Fraud Prevention: If your company faces fraud-related chargebacks, consider installing SOTpay. This solution offers a 100% guarantee against fraud-related chargebacks, providing peace of mind and financial security.
The Importance of Multichannel Payment Solutions
The solution is simple: if you don't offer payment options through the channels your prospects prefer, you miss out on valuable opportunities. Customers are most comfortable using their chosen channels, and if they leave because you can't accommodate their preferences, agressive internet intent marketing will target them with competing offers. This means that as soon as they switch channels or even stay on the same one, they will be flooded with alternatives, potentially taking the business you could have secured.
Impact on Revenue
Not providing a quality multichannel experience can directly affect your ROI. It's reported that businesses can lose up to 10% in revenue by not being omnichannel. Therefore, integrating a multichannel payment solution can help you achieve your goal of increasing turnover by at least 10%.
In conclusion, to drive growth and stay competitive, businesses must invest in better systems, particularly in multichannel payment solutions. This not only streamlines operations but also maximizes revenue opportunities by meeting customer preferences and ensuring secure transactions.
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