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Putting Payments to Work: How the Right Technology Can Delight Customers and Increase Profitability Payment technology has become a game-changer for small businesses, going far beyond simple transaction processing.
Small-businesses owners often look for innovative ways to protect their companies and keep their customers happy. One not-so-obvious way to do this is with the right payment technology. It's not just about making life easier by offering more pay methods — it's about using these tools to supercharge business growth and stay competitive in the market.
The right payment technology can do wonders, from fighting fraud effectively to smoothing out transactions and giving you insights into what your customers really want. Here are some areas where it's having the biggest impact.
Make it easier to do business.
These days, the average online shopping cart abandonment rate is massive. Successful business owners know they need to do everything they can to deliver a simple online shopping experience. Thankfully, payment technology is making checkout easier and, in turn, reducing the number of missed transactions.
For example, Visa has a robust infrastructure that allows small businesses to deliver a checkout experience that feels just as seamless as what large enterprises offer. Rob Cameron, Global Head of Acceptance Solutions at Visa, says, "Consumers expect a great checkout experience. So, we simplify it so a small business can have similar to large enterprise payment experiences."
This is where platforms like Visa's Authorize.net come in. The recently refreshed payments platform offers a range of new tools for businesses to request and collect payments from consumers while seamlessly integrating payments into the software they use to run their companies. It also allows businesses to easily accept major credit cards, signature debit cards, eChecks, and online payments—a major convenience for customers.
Another useful tool is Visa's Account Updater, which receives information from participating card networks when they re-issue a customer's credit card and automatically updates this information with enrolled merchants. This can be helpful for businesses like gyms that operate with a subscription payment model. "If a customer gets a new card or loses it, Visa has it covered by updating their details so merchants can still process payments," Cameron says.
Deepen the relationship.
Data can be a great equalizer in the battle for customer loyalty. When handled smartly and safely, it can provide unique insights into customer behavior and help brands – even small ones – get to know their customers better and drive toward profitability.
This is why Visa's Customer Information Manager allows businesses to manage customer profiles and issue transactions manually from within the merchant Interface. Integration is easy right on your website or app using an Application Programming Interface (API).
Customer Information Manager also lets customers save billing, payment, and shipping information on file for future orders. And it includes multiple payment methods and shipping locations all in one profile.
By tapping into insights from payment transactions, businesses can make smarter decisions that fuel growth and profits. "We've really simplified how businesses access data and dashboarding on the re-imagined Authorize.net platform," Cameron says. "Now they can easily see what their customers are spending and have lots of different analytics that they can use to help them better manage their business."
Fight fraud more effectively.
Two thirds of small- and medium-size businesses (67%) say they are not completely confident in their ability to fully recover from a fraud incident or cyberattack1. Cameron points out the importance of securely storing customer details.
"With our Advanced Fraud Detection Suite, we help identify, manage, and prevent suspicious and potentially fraudulent transactions," he says. Payment technology builds confidence on both sides by equipping small businesses with these tools.
Visa's Advanced Fraud Detection Suite (AFDS) can help identify, manage, and prevent suspicious and potentially fraudulent transactions. To do this, it includes 13 easily configurable fraud filters to help set minimum transaction thresholds, payment velocity settings, country limitations, and more. Visa supports the entire payments ecosystem through its diverse tokenization technologies. Each unique solution offers complete flexibility to integrate, build, and manage token services to create richer, more personalized experiences.
Looking to the future, payment technology is set to offer even more flexibility and choice for small businesses. As Cameron notes, "Authorize.net is all about giving small businesses the freedom to choose the tools that work best for them." This flexibility not only simplifies things but also helps businesses stay in tune with changing consumer tastes and trends. For those small business owners feeling wary about adopting new payment technologies, Cameron has some encouraging words.
Click here to learn more about Visa can help your business increase profits and keep customer data safe.
