Tapping Your Payments Platform For Quick Wins
From ecommerce stores, subscription businesses, to software platforms and marketplaces, adding new payment services can open up customer acquisition and revenue growth opportunities for any business. The payments platform you choose matters for both business-to-consumer (B2C) as well as business-to-business (B2B) companies.
Here are a few quick win opportunities to explore with your payments platform provider.
- Launch subscription services which generate recurring revenue. Offering scheduled product or service delivery set to customer preference builds brand loyalty, increases purchase frequency and the lifetime value of each customer.
- Implement Card Account Updater (CAU) to ensure you are notified whenever a customer’s card information is changed by the credit card issuer. Having the updated card number and expiration date dramatically reduces declined transactions and the cost of contacting your customer to request a new payment method.
- Add Apple Pay and Google Pay to your payments mix. Both are in high demand as mobile payments volume continues to grow at more than 30% annually.
- Enhance your checkout by tokenizing new customer payment details to enable 1-click checkout on future transactions.
- Implement convenience fees (certain business types) or surcharges to cover a portion of your credit card acceptance cost.
- Add ACH payment options to give business customers more choice and lower your cost (vs. credit card).
- Automate recurring payments for scheduled services. Spend less time invoicing and collecting while building more predictable cash flow.
- Lower your cost on commercial card payments by passing additional remittance data (called Level 2 or 3) which also simplifies invoice reconciliation for your customers.
- Implement Network Tokenization in place of other proprietary tokenization services. Improves approval rates by as much as 3% and reduces interchange cost.
- Enable multicurrency services so that you can sell into international markets while continuing to receive funding in US dollars.
For information on how Exact Payments can help you tap these opportunities, check out Accept Online Payments | Exact Payments.