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Online Payment Advice to Boost Your B2B Business

online-payment-advice-to-boost-your-b2b-business
Mohab Growth Hacks 0

Businesses are currently going through challenging times. The conventional methods are not effective anymore as the situation has taken an unprecedented turn. However, even in these times, business entities can follow certain guidelines to make their processes smoother and safer. If you are engaged in B2B business, then you can boost your online payment system to fortify your liquidity situation. The use of technology makes these tips more useful and efficient. So, here are some guidelines for managing your online payment processes to ensure that your business remains on the right track during this crisis.

  1. Initiate Online Invoicing:

    If you are still collecting payments for your goods and services through traditional printed invoices, then it is time to take a leap of faith and start with online invoicing. The online invoicing system has several advantages over regular invoicing in terms of costs and speed. This type of invoicing is much faster and helps you with cash generation in a lesser period of time. Electronic invoicing is also more streamlined and thus more efficient. It helps in reducing invoicing errors so that both you and your clients can spend fewer resources on rectifying the issues. Online invoicing can then be conveniently integrated with the online payment system to ensure further efficiency.

  2. Optimize your Costs:

    Once you have decided to take the online payment route, it is time to take stock of all the costs involved. While in the beginning, the system may seem pricey, it is important to take a long-term view. Also, there are several alternatives available which may help you in controlling the costs. One important category of costs is the payment processing cost category. These costs may make a difference to your bottom line, and therefore, are important for the control purpose. You are advised to seek different options so as to find the best possible solution at a minimal cost. You may also want to negotiate the terms and conditions before you settle down for a particular service provider.

  3. Install Online Fraud Detection System:

    As useful as the online payment system is, it comes with its own set of challenges. Some of the most important issues in this regard is the safety of the system. Online payments are the target of various fraudsters and scammers. In order to protect the interest of your business and your clients, it is important that you are aware of such miscreants. It is also advisable to come up with a clear cut fraud prevention You should keep your system updated to provide protection against new viruses and other cyber attacks. Advanced technological tools such as anti-virus software may come in handy in this regard.

  4. Incorporate the Latest Modes of Payments:

    Offering a wide range of choices is the key to achieve customer satisfaction. And today, there are several options available when it comes to making an online payment. Currently, tools such as mobile wallets and cryptocurrency are gaining a large following too. You can ensure higher customer satisfaction if you provide these tools for payment purposes. Most of these tools take minimal time for setup and are highly cost-effective as well. Further, these tools also provide more diversity and flexibility to your system. They are accessible even through mobile phones, which can be helpful in further expediting the online payment system.

  5. Simplify the Process:

    While online payment systems come with a wide range of options, it is important to ensure that the system still remains simple enough to understand and operate. B2B payment systems are often prone to complexities after all, especially when you introduce new features or make changes. You can solve this issue by taking proper stock of your clients’ requirements. You should also keep the number of options offered under control. It is vital that your business partners and collaborators understand the process completely too. Moreover, you should endeavor to keep the number of steps a few as possible, since lengthy payment systems tend to be more complicated.

The above guidelines are designed to ensure that you are able to set up your online payment system with the least number of problems. In this regard, you may also want to collaborate with established payment services providers to get started. Such providers may help you set up and operate your online payment system efficiently and economically.

5 years ago
how-to-give-your-customers-a-compelling-digital-experience
Mohab Customer Experience 0

With more and more people opting for online shopping, it has become vital for businesses to provide a compelling digital experience. Currently, physical stores are quickly shifting online and competing with existing e-commerce stores to grab shopper attention and achieve better sales. So, to survive this extremely competitive landscape, it is important to come up with strategies to enhance your customers’ online experience. Here are some tips that can help you.

Get to Know Your Market:

While knowing your market well is the key to success in any business, be it online or offline, it is more important for online businesses, as there is so little direct interaction. It is important to tailor your business practices to provide customers with the best possible online shopping experience. Knowing your market well will let you design your business and website in a more appropriate manner. You will be in a better position if you are thoroughly acquainted with your market. Further, you can also fix the right prices to optimize your revenue and profits. These things are not possible unless you carry out a proper analysis of your target market.

                        Also Read:4 Easy Steps to Improve Your Payment Experience

Revamp Your Online Storefront:

In order to enhance your clients’ digital experience, it is important to provide them customized services. The customization will start with the layout of your website. Make sure your online storefront meets the requirements of your target market. The online store should also be designed in such a manner that your clients do not have any problem navigating through different pages of your website. The processes and procedures used in your online business should be simple enough so that they do not require any excessive explanation.

Focus on Your Social Media Engagements:

Online marketing is one of the biggest determinants of your digital success. And social media is an important part of the online marketing strategy. The best way to go about social media is to integrate it with your online business. Such integration will allow your clients to share their purchases and experiences with your entire target market, providing you with “word of mouth”promotion.There are several actions you can undertake to motivate your customers to share their experiences online. You can set up a reward system where such promotions may result in discounts and other such incentives. You may also want to integrate your offline and online promotion services, to make them more effective.

Make it a Team Effort:

Enhancing the digital experience of your clients will require team work. Online experiences are not the sole responsibility of your digital media team. Coordination within departments is required for your clients to enjoy a seamless experience. For example, the finance department may be required to coordinate to ensure that your clients are able to make their online payments in the most efficient and economic manner. For this, adopting a reliable, fast and secure payment gateway is essential too. Go for a gateway that accepts multiple currencies and offers various payment modes. This will make checkout easier for all kinds of customers.

Seamless Multi Channel Experience:

If you are looking to provide a holistic experience to your clients, it is important that you undertake a multi channel strategy. However, these different channels should be integrated in a seamless manner. The customer care service should be prompt and responsive to the needs of your shoppers. If you are in hybrid mode, where you have both online and offline outlets, then it is important that your clients are able to spread their transactions across these channels. For example, your clients may want to browse your items online and then pick them up from on offline store. Similarly, they may want an offline shopping experience but the ability to make online payments.                  

All in all, the current crisis has made it vital for businesses to adopt the latest technology. To make their shoppers’ digital experience exemplary.Hence, keeping the above tips in mind will help you stay ahead of competition.

Also Read:5 Online Mobile Shopping Best Practices to Improve Customer Experience

5 years ago
challenges-and-opportunities-for-ecommerce-businesses-
Mohab Covid19 Resources 0

The current pandemic has dramatically changed the way businesses are functioning, struggling, and surviving. And while the e-commerce segment has been witnessing more demand than ever, owing to lockdowns and social distancing, they are not immune to certain challenges. However, COVID-19 also offers a few opportunities to e-commerce entities. Hence, running an online business during recession will require you to balance customer demand and supply smartly and watch your venture’s bottom-line as well. And all of that needs to be done in an empathetic manner.

So, what are the challenges?

  • During this pandemic, many e-commerce businesses are not being able to deliver with their original efficiency or speed. The reason is that not enough employees are available for this operation. Some online businesses have had to restrict delivery of non-essential products and only focus on essentials.
  • Stocking items that are not very common can become difficult during this crisis. Naturally, e-commerce stores might have to let go of some customers in the process, temporarily.
  • Shipping products can also take time due to lockdowns and local restrictions. Similarly, it might take time for customers to return the products that they don’t want.
  • Since now is the time when many first-timers will flock to online stores, enough customer support needs to be in place to help such shoppers navigate through your website.
Also Read:Startups living in uncertain times?

And here are the solutions and opportunities

As an e-commerce business, you need to remember that your customers are as anxious about the future as you. So, making your digital communications as clear and empathetic as possible is a good move. Your website must also state what you are doing to help the community and adhere to safety regulations. Some other solutions you can offer and opportunities you can make use of are:

  • Contactless delivery should be explored during this crisis, to assure customers that you are doing everything to contain the spread of the virus.
  • Offering essential products like everyday groceries, medical aids and hygiene items at discounted prices is also a good move. You can highlight such products on your webpage as well.
  • Online businesses will need to re-look at their website, layout, navigation system, and checkout process to see if everything is simple and easy to understand, even by those who are new to online shopping.
  • When it comes to examining the recession impact on e-commerce, you must note that many existing and potential customers might be out of jobs, struggling with loans or suffering salary cuts. So, extending payment dates for invoices might be a good idea during this phase. It can help boost their loyalty and establish long-term relationships.
  • If your business is going through a bad patch, if your inventory is low, or if you expect shipping delays, make sure these are clearly mentioned on your website, e-store and social media pages.

Further solutions and opportunities

  • COVID-19 is likely to enhance the prospects of businesses that deal in healthcare products, medicines, digital learning and entertainment products, and edibles and personal care items. Books, hobby kits and household cleaning products will also be in high demand for quite some time to come. Hence, promoting such items is a good idea. However, avoid hard-selling.
  • Offering a smooth and safe payment experience is crucial for an online business, especially during this economic crisis, as people will be more careful about frauds and losing money.Your customers may be reluctant to reveal their card information online due to the fear of scams. However, you can help allay such fears by collaborating with reputed online payment service providers.A reliable and efficient e-commerce payment gateway can offer multiple payment options, support many currencies, ensure a quick checkout and keep sensitive information safe.

All in all, the ongoing pandemic has brought several future opportunities in e-businesses to the forefront. All you have to do is make the most of them by tweaking your business strategy, powering up your online presence, understanding the changing needs of customers, and being empathetic.

Also Read:Transform your eCommerce today with PayTabs!

5 years ago