Entrepreneurship is a fascinating idea that appeals to many but, figuring out the entire framework is an overwhelming experience. When we pave the path towards entrepreneurship the foremost thing that we plan on is setting the bedrock basis which the income flow remains smooth, and the operations are calibrated in a way that the set framework is not hampered. Businesses are adopting a wide range of modernized technologies to improve operations, operational efficiency and deliver top-notch customer experience. Do you know? Merchants are oblivious to the fact that despite the FinTech disruption with AI and automation, Online businesses are setting borders for clients leading to revenue leakage. After this read, you will get a clear idea to escape this leakage and enhance digital payment acceptance for Business.

Payment acceptance is the percentage of successful payments, out of the total payments that were attempted. It is a significant metric that represents the authorization rate or approval ratio since low payment acceptance in business is considered a low yield. The formula that can be used to derive Payment Acceptance is explained below.

Managing payments is a tedious task, especially when the business is new, and the generated revenue is constantly rolled back to maintain continuity in future. Calculating and analyzing payments keeps the business aware of payment optimization for future needs. If the payment acceptance is low, it means that the business is undergoing a double loss, from prospective customers who are visiting the site to buy products for the first time, and from the existing customers who already appreciate your goods and services. To accept online payments efficiently, payment segmenting can play a crucial role in analyzing the reasons behind payment failure.

Here are a few tips that you can follow for preparing your business to accept payments smoothly and consistently:

1. Define Your Payment Terms Carefully

Begin with defining your payment terms to ensure that the cash flows in as per your expected date so that you can plan to reallocate the money and improve the various aspect of your business. When you begin defining payments, you tend to prepare your business to accept payments smoothly, giving more flexibility to the payers while giving them an idea about your expectations, in advance. The goal is not just to maximize the revenues but also to protect the business from getting into debt and jeopardizing the fiscal sustainability of the company.

2. Set-up Customer’s Account

To ensure smoother cash flow in business it is recommended to set up an account as soon as the customers decide to pay for your product(s) or services. The account will provide an ID number for your customers and the ID will be associated with their name, email ID, contact number and preferred mode of payment. Tracking customer details lead to understanding their exact terms, and preferred modes of payment. Proper details and ID allocation serves as the backbone of the bookkeeping procedure since organizing information to make it convenient to follow up with customers after the checkout process completes.

3. Accept Wide Range of Payment Methods

Undeniably, the current global economy knows no bounds and barriers, considering customers and revenues can come from any direction. This further unlatches the windows of new opportunities for emerging SMBs along with the established players. Despite the ongoing innovation spree in Finance and Technology industry, a considerable number of consumers abandon their online purchases right at the final checkout, leading to the loss of revenues or delayed sales. Such online payment challenges can be addressed by giving access to alternative payment options.

4. Deploy Secure Payment Gateway

A secured payment gateway infuses a sense of confidence in the consumers, so it gets easier for them to trust and pay. The consumer has grown smart, and the hackers have outsmarted the smartest of them. Thus, a reliable payment gateway has become the need of the hour, to serve the dual purpose of enhancing the revenues of the merchants while giving a secured checkout to the customers. If you are planning to step into global business, a secured payment gateway will give you access to an expansive consumer base to appeal to. Check out the features to look for, in an Online Payment Gateway

• Fast processing speed
• Easy integration
• Multiple payment options
• Security
• Detailed Reporting
• Dynamic dashboard

FinTech Industry is undergoing phenomenal growth over the years unabatingly, which is turning out to be a boon for business owners. Payment acceptance from diversified modes not only saves time but enhances a smoother cashflow. We at Pay10 believe in executing an integrated approach through our multifaceted payment platform that can help business owners in managing their cashflow and enhance digital payment acceptance for their business. For more information scroll through our official website.