Streamlined Payment Systems Enhance Businesses

Oct 13, 2021

Streamlined payment systems not only simplify businesses but also decreases customer churn and boosts trust with customers. With digital payments on the increase comes more complexity with payment processing systems. This is also due to the many players within the payment ecosystem: credit card companies, retailers, banks, consumers. 

Large organizations are beginning to struggle with friction and regulation as they try to keep up with payments using their current legacy solutions. This translates into more risk and more costs.

For smaller businesses, the drawbacks of not having a streamlined payment process could mean that you are not able to pay yourself, your employees, or your suppliers on time. Furthermore, your marketing budget, any business development plans, and hiring can be compromised. 

On the flip side, by streamlining your payments, you can develop a better rapport with your customers, you can get a better snapshot of your cash flow. Luckily, streamlining your payments does not have to be complicated. 

How To Streamline Your Checkout Payment Process

  • Don’t Enforce Registration 

The key to securing conversions is to provide an easy check-out process. Mandatory registration should be avoided. If sales and account registrations are needed, the information needed to register for an account is already captured during the transaction. The merchant will only need to make it an option at checkout to add a password and create an account. Make sure to highlight the benefits of creating an account, all the while stressing that it’s completely optional. 

  • Keep Things Clear And Concise

Ensure that you are given your customer clear directions at every stage of the checkout process. Give short and concise directions, nothing wordy, in bold font. Feature information buttons to give further clarifications on how you plan to use their information. 

  • Streamline User Flow

A study conducted by Invesp reported that improving the navigation of an e-Commerce site increased the site’s conversion rate by 18.5 percent. One way to do this is to keep users on your site, instead of redirecting them to an outside gateway. 

Don’t feature any pop-up ads during the payment process so that customers can focus exclusively on completing their transactions. Once the payment is complete, redirect customers back to your homepage so that they can choose to continue browsing. Also make sure that your logo, color scheme, and fonts are consistent throughout your site, including your checkout page to build trust with your customer. They will feel more secure that they are still in the right place. 

  • Email A Receipt

The best way to conclude an online purchase is to issue your customer a receipt via email. Not only is it gratifying for the customer, but it also gives you the opportunity to upsell, cross-sell, and offer a coupon for a future purchase on the site. 

  • Stay Current On The Latest Digital Technology

It’s always beneficial to stay one step ahead of digital technology. With innovations happening at almost lightning speed, staying well-versed and informed about the latest improvements not only benefits your customers but your bottom line as well. 

In Closing 

What makes customers come back to your online store has a lot to do with their payment journey. From start to finish your customer must have a simple and streamlined payment process. By implementing the aforementioned strategies, you are positioning your business for sustained and future growth.  

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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