Selling online is more accessible than it has ever been. However, it's still going to come with a few challenges.
One of the biggest ones is getting paid. Between some of the high transaction fees you may have to pay and account rules in some industries you may have very limited options.
You may find yourself facing a lot more hurdles that you expect. The good news is that these challenges can be overcome as long as you have the right tools. You can build a very reliable and scalable payment system for your business. It doesn't matter if you are in a niche that is considered high risk or very new.
Understanding the Common Hurdles
A very common hurdle that many sellers will face is access. The fact is that not all platforms are welcoming to all types of businesses.
You may find yourself in a situation where your business is flagged as being high risk. It doesn't matter if your business is legitimate or you are legally compliant. In other cases some sellers experience delays and a freeze in their accounts.
You may get some high costs for currency conversions and international payments. Chargebacks also get you some very high fees as well. This can cut into your profits significantly.
Make sure you understand the real cost of a payment processor before you go ahead and commit to using them.
How to Choose the Right Payment Tools
The key to avoiding many of the issues that are being discussed here is making sure that you select the correct payment system from the outset. You should be looking out for those providers who are very transparent.
This means you don't have to jump through hoops to understand their terms and they offer responsive customer support. It's always best for you to use platforms that are tailored towards your payment type.
You also want to make sure that you get flexibility as you grow. For example if you are planning on selling at events and online, you will benefit from using a processor that is going to give you online check out tools and a smart terminal.
This is a device that's going to allow you to accept payments in person. Selecting the right tools that work for your business will help you to avoid headaches and hassles.
Building Trust and Managing Risk
Always remember that payment systems are more than just for collecting money. They also build trust with your customers. Make sure that you have secure payment options available for them.
If you have trust badges, display them on your website. Your return policies should also be clear as well.
When you have these details available it is going to reassure your buyers. This will also reduce the risk of chargebacks and disputes.
Business Growth and Evolving Payment Needs
Once your business starts to grow you are going to notice that your payment needs will evolve as well. If you were a solopreneur or just a beginner you may have had simple processes that work for you.
Once you begin to scale your business and start diving into digital downloads, subscriptions and more complex processes this is where automation becomes necessary.
You need strong analytic tools and flexible billing options.
A good payment system is not only about processing transactions. It's going to give you inside knowledge about your customers behavior. You will also learn about your success rate and see very clearly all the areas where you may be losing money.
This is why investing in the right to payment tools from the very start saves you from doing a big migration later.
Customer Experience and Checkout Design
Another important factor that you need to think about is how your customers experience the check out process. A clunky or complicated checkout is going to cause friction which leads to frustration and then abandoned carts. It's like a domino effect.
The best payment tools are mobile friendly and seamless for your customers. Things must go smoothly to promote trust and ensure that effective payment is made.
The more hassle free you make the experience the more likely the customer is to go through with the transaction and become a return customer.
Start Selling
When you sell online you open up your business to some incredible opportunities but payment hurdles can slow down your momentum. When you understand the challenges and choose the right tools it will be smooth sailing.
You will have happy customers and a business that is thriving.
