With technological advancements and a surge in the use of digital mediums, businesses are becoming more customer-oriented. Digital payment service is one such innovation that can help businesses enjoy a profitable customer relationship.
In this article, I would be sharing light on the challenges businesses face using some payment channels and how they can leverage new digital solutions to maximize profit.
Aside from cash transactions, most businesses indeed accept payments from their customers either with the POS for in-person transactions or Bank transfers for both remote and in-location transactions for all digital means of payments. These channels come with their benefits and their challenges.
Bank transfer is one of the fastest means as customers do not need to rely on carrying physical cash and customers often use this as their desired method when paying for products or services. Also, merchants get instant payment for transactions and customers get receipts via the bank app transfer with all things being equal.
Issues with Bank Transfers
- However, with these benefits, merchants come at the risk of sharing sensitive account details such as name, account number, etc. To distrustful individuals.
- In some cases, it’s one of the slowest as merchants can be faced with delays in alerts because of how long it takes for banks to process the transaction and complete the money transfer to the business which in turn leads to a longer waiting time for customers.
- It also delays the booking procedure for merchants as they then must wait till the end of the month for bank financial statements to take the record. This is one of the major challenge business owners faces over time is that they are unable to track well and manage financial transactions.
A point of sale (POS) consists of both hardware and software to run the payment system.
The use of POS is quite beneficial as it has waved off the time in making bank transfers as customers, then using their ATM cards directly to make payments to businesses. About half of customers prefer to shop in person and detest long ATM queues so the POS is being used at the point of sales.
Issues with POS
- The documentation process is long, and technical know-how is required to fully set up an account.
- Once a transaction is carried out, it takes about 3-5days for merchants to receive a payout.
- In cases where a merchant is experiencing hardware and network issues on the POS channel, then customers result in using a bank transfer.
As more and more people go online, fewer will do business using bank transfer or at point-of-sale (POS) systems because of the challenges and limitations experienced.
With all these limitations and challenges, there have been new technologies developed to ease the payment process for customers and make the benefits sustainable for businesses as well.
Leveraging PayedIn to improve customer experience
One such solution is the PayedIn App, a no-code payment platform that enables businesses to create, customize, and accept payments on the web as well as mobile.
PayedIn has provided a sustainable and simple platform to reduce the challenges that business faces while carrying out transactions with customers. Some of the benefits are:
Ease of use: Merchants can sign up to accept payments in a few minutes via the web or mobile app without lengthy documentation. It provides easy, low cost- and hassle-free solutions for your online business transactions that involve your customers interacting directly with you.
Offers various payment options: With the release of PayedIn, all merchants can optimize their customer experience to be simpler, faster with the option of using either the payment link or the QR code to receive payment which can be shared via different social media channels and their communication fully encrypted.
Security: As a PayedIn merchant, there is no need to stress over giving your account number to customers. With PayedIn’s easy-to-use solution, you can receive payments securely either in-person or remotely anytime, anywhere without worries of risk implications.
Subscription: Customers also can set up recurring payments and not miss out on important subscriptions or bill payments to businesses.
Instant Notification: With PayedIn, customers experience a more reliable payment which reduces the need for cash as they get instant notification and receipts for payment made to your business. This in turn boosts efficiency and saves customers’ time.
Advanced reporting: PayedIn also provides a detailed dashboard to manage your account and helps in tracking transactions either daily, weekly, or monthly.
It would be of great advantage to decide to leverage solutions that would result in better customer satisfaction. Evaluating all these options, PayedIn provides a better customer experience which generates more value for your business.
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