Though boasting their fair share of perks, operating a retail business can come with a wide range of setbacks and challenges. Taking payments, however, should not be one of them. You need to work with suppliers and partners that can provide you with reliable and robust payment methods to help you earn money 24 hours a day, everyday.
When it comes to starting a new business or taking your existing small company to the next level, it is essential to ensure that transactions are smooth and instantaneous. From the customer’s perspective, they need to be led through a simple, secure process without any setbacks or barriers when they purchase your products or services.
Whether you take payments over the phone, via a virtual terminal or directly through your website, making use of innovative payment solutions is crucial.
The team at Inspire Payments work hard to deliver a range of affordable payment solutions for all types of small businesses across the UK. Whether you’re a restaurant owner, an independent shop owner, or another commercial enterprise, we have the products and services you need to enhance your customer experience and speed up your business payments. Put simply, no matter your business type, our payment solutions are designed to help you increase your market share in the retail sector.
What are online payment systems and how do they work?
The retail industry has dramatically evolved over the past decade.
There has been an explosive growth in online retail stores since the digitalisation of shopping became popular amongst businesses and consumers. This stepped up to new levels during the recent pandemic when the majority of physical shops had to close their doors, with online retail being their only option for a time. Because of this, customer expectations have increased and the demand for online payment options that are reliable and easy to navigate continues to rise.
An online payment system bridges the gap between the customer and the business, providing a platform for making financial transactions using a computer, smartphone or tablet. There are three vital strands to the payment process using online systems:
- The payment gateway – From the moment your customer checks out their basket and inserts their payment details, all data is securely passed through the gateway to the processor to deal with the deposited funds.
- The payment processor – During this stage, the debit card or credit card details are transferred between the acquiring banks, and all information is checked for any errors or faults.
- The merchant bank – The final step of the process involves depositing the funds into a merchant bank prior to being deposited into your business bank account.
As a business owner dealing with multiple orders a day, it is imperative to implement a payment method that maximises the safety of customer details. Once a customer completes a purchase with their card details, they are completely encrypted and processed through the gateway – so sensitive data is always safe.
How can your retail business benefit from using a payment gateway?
Running an online marketplace should be planned with diligence and care. Part of this entails careful consideration of merchant banks and gateways to get the fastest payment service possible. Additionally, retail businesses should consider how the speed and usability of their payment service could affect sales and the customer experience. So, what can your business gain from integrating robust online payment software?
Customer satisfaction and happy customers
Nearly 70% of consumers abandon their baskets before completing payment, but this can be reduced by fine-tuning the checkout process. By embracing innovative software that enhances the way your customers shop, you can maintain brand loyalty and stand out amongst your competitors.
Faster payments
Put simply, having an online payment option will help you to sell your services and products faster. The easier the process, the more likely your customers will make a purchase. You can set up remote payments quickly and receive them into your business account quickly, too.
Extra security over funds
Online retail payment solutions are essential for all sorts of business types, but, as you’d expect, the retail sector especially. Not only do they benefit both buyers and sellers, but they can also mitigate any risks or scams. Secure payment solutions can add extra seller protection against scams and chargebacks, as well as ensure that no customer information is accessible or put at risk.
Employing our gateway solutions for safe and secure transactions
Stay ahead of the game in a highly competitive industry by integrating our online payment system and gateway solutions. Make card processing as straightforward as possible by working with our experts who will provide you with the payment services you need for your business. The team at Inspire Payments can also provide you with countertop, portable and mobile GPS terminals, helping you process quicker payments night and day.
Here at Inspire Payments, we understand the importance of getting the payment process right. We understand how much of a positive impact a secure, reliable and fast payment option has on both your business and your customers.
When you work with us, you gain the benefits of unrivalled payment solutions as well as the assistance you need to integrate them. For us, providing a personal service to our clients is paramount. As a result, you’ll gain access to a single point of contact. A member of our team will guide you through the process every step of the way, helping you to implement our services and improve your business.
From the moment you enquire with us, we’ll identify how your business can further excel. We’ll talk you through our smart payment solutions and, once the most suitable option is agreed, we will work with you to incorporate our services into your retail business and website with a seamless integration.
