Retail 101: 4 Simple Ways to Collect Customer Payments

One of the most effective ways of increasing sales and conversions is by making payment methods as easy as possible. After all, ensuring timely payments are all essentials for smooth flow of operations.

As technology continues to improve, so does the chance to offer a greater customer experience. This can be done by offering multiple methods for payment by secure payment products whether online or otherwise, which results in your business getting paid faster. Additionally, streamlining the process can reduce the time spent dealing with customers, adding efficiency to the payment.

With that being said, here are 4 simple ways to collect payments from customers:

Schedule Advance Payments

By utilizing payment automation, business owners can schedule quick payments ahead of time. This allows the business to automatically charge customers based on monthly, daily, or even an hourly basis. Businesses that charge subscriptions usually use this method. An example can be a gym or a fitness center. Scheduling payments ahead of time will enable you to further streamline your process and save you countless hours in billing.

Send an online invoice

Invoices are usually used by service-based companies or professional services to request payments for services rendered. Often sent through the mail, the process can prove to be a bit expensive and time consuming if paper invoicing is used.

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Online invoicing enables business owners to collect payments from customers via effective secure payment systems. With the online payment system proving to be secure, more and more customers are availing the convenience by sending payments via credit cards.

Pre-Authorize a transaction

For businesses such as car rental agencies or hotels, the final amount remains unknown when the card is first swiped. This method acts as a core function of any transaction. Pre-authorizing a transaction prevents funds from being deducted on a credit card until the business processes a capture.

Using a platform like a virtual terminal enables you to see how much the business’s cash flow is held in a pre-authorized state, which helps you plan for any incoming funds.

Request only essential information from customers

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Adding excessive fields to fill creates hurdles for your customers. This prolongs the transaction period and may result in potential customers abandoning the process altogether.

Gone are the day for businesses to wait on checks to be mailed and payment calls to be done. With offers such as EMV contactless readers and EMV payment systems. Our POS solutions remain at the forefront of the industry. Contact us now

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