It has been well reported that online is certainly becoming the consumer channel of choice, with a recent IMRG survey showing 96% of consumers will be shopping online this Christmas. So with this record number of shoppers being expected to shop online this Christmas, creating higher traffic through a business’s website can also mean increased costs of processing card payments.
To help businesses manoeuvre their way through this challenging time we have created 12 top tips to help you cut the costs of your payment services this Christmas.
- Do your research and be informed – be sure to look around for what your competitors are offering. Since the recession, consumers are forced to be smarter than before. They will use comparison website to compare prices. You don’t want to be left out in the cold.
- Keep a spending diary and a festive spirit – Keep a record of all your spending this Christmas. You can do this on paper or electronically. This should help you spot some simple opportunities to cut your spending and improve your cash flow.
- Seasonal offers – Many Online retailers will use all promotional tools they can lay their hand on at this period of the year to boost their sales. They will offer the popular promotional vouchers (favourite for 31% of Christmas spenders) or Cashback incentives. Make sure you are following the trend.
- What’s in your stocking? – Make sure you take advantage of all the services your provider offers. Many providers offer additional services on top of a merchant account and the payment getaway i.e. store builder, PCI DSS Compliance. These could help you save money by not relying on a third party to provide these services to you.
- Christmas all wrapped up – with 70% of shoppers hoping to save cash this Christmas every little help will make the difference. Have you thought about offering free delivery? This will help them avoid the crowds, blisters and last-minute panic and motivate them from buying online rather than from the high street.
- Merry MOTO – If you accept payments over the phone or by mail order (sometimes called MOTO), make sure your solution includes a Virtual Terminal, designed to accept these types of payments. You should not pay any more for this.
- E-invoicing – Electronic invoicing is a great way to get paid quicker than relying on cash and cheques, look for a payment provider that offers this at no additional charge.
- Going international – Planning to price your goods or services in different currencies? You can open multicurrency merchant accounts. Guess what, you should not have to pay extra for this either!
- Happy shoppers – Make sure delivery of goods is within the timescales you advertise, you display and honour a clear refund policy and your website displays customer service contact details – all this helps reduce costly disputes with cardholders and will make the perfect Christmas shopping experience for your customers.
- Fraud prevention tools – From additional passwords to voice biometrics, payment providers offer a range of methods to reduce losses arising from fraud. As their risk is reduced so should your costs which should brighten up your Christmas!
- Trust your instinct – Take precautions & reduce the risks. Do everything possible to validate the order before it is shipped and don’t be negligent. We know Santa can deliver presents to any remote part of the world, but if you receive a large order from Lapland paid for from a card issued in Japan, you should be worried. If it is sounds too good to be true, it probably is!
- Have a happy profitable Christmas 2012 – and to help you achieve this check out CashFlows Christmas offer. http://www.cashflows.com/festive_offer.php