Efficient payment processing is a must for any business. Not only does it benefit your customers by giving them convenient payment options, it also helps your business improve its cash flow because payments can reach you much faster. Beyond having an up-to-date process in place, you also have to Exercise transparency to gain your customers’ trust. Finally, it’s also crucial to keep up with newer technologies like artificial Technology (AI) to future-proof your payment processing.

If your current payment processing system isn’t up to par with the demands of your daily operations and customer expectations, below are some ways in which you can improve:

1. Send Clear and Accurate Invoices

After your customer makes a purchase, your business should be able to promptly issue an invoice of the transaction. All the important details must be in the invoice, including the customer’s name, your business’s name, the products or services paid for, a tally of each item, applicable fees and taxes, and the time and date of the transaction. Sending late or incomplete invoices may confuse customers, leading to misunderstandings or missed payments.

In this digital age, it’s also crucial for your business to have the capability to issue online invoices. Receiving their invoice via email or a messaging app can be more convenient for a lot of customers and can encourage them to settle their bills much quicker. Online invoices are also less at risk of being lost or destroyed unlike paper invoices. Moreover, having the digital record on both your and the customers’ end makes the transaction more transparent.

2. Accept Multiple Payment Options

Customers prefer businesses that are easy to transact with. In this regard, you should work on expanding your accepted payment options so that potential clients wouldn’t have to worry whether or not they can use their preferred payment method. If you’re a small business that wants to offer this level of convenience for your customers, consider payment links. This way, your business can accommodate clients who may prefer to transact using a particular payment method only.

To that end, Maya Business aims to help business owners like you improve their payment processes through online solutions such as payment link generation. Maya Payment Links allows you to create a payment link that’s unique to your business, which you can then send to customers through any messaging app. What’s great is that no matter how many transactions you may have or whichever payment method your clients prefer, you only need one payment link. In addition, having the link in their message history also promotes transparency as your customer can simply review their message history to see all the transactions they’ve had with your business. 

3. Send Payment Reminders

Due to various circumstances, there may be times when your customer may overlook making a payment. This could result in canceled orders, which can take up time and resources on your end. To avoid this issue, make it standard practice for your business to send out payment reminders to give your customer a gentle nudge about their outstanding balance. If it was just an oversight, then your reminder can get the transaction rolling again towards completion. It’s certainly a more efficient outcome compared to the customer facilitating a re-order after their initial order is canceled.

4. Offer Incentives for Early Payments

Delayed payments can be a huge hassle, especially if you’re a small business that needs constant cash flow to keep operations running smoothly. So, in addition to sending out payment reminders, try to incentivize early payments to encourage customers to settle their bills ahead of time. It can be a small discount on their next purchase or a freebie together with the item they bought. These incentives can be a great strategy to have customers pay promptly and thus streamline the payment process.

Moreover, early payments decrease the need for constant follow-ups. It then frees you up to attend to other important business matters instead of taking the time to check which customers haven’t made their payments yet. This further increases the efficiency of your payment processing.

5. Invest in Technology

Rather than keeping track of each transaction manually and risk making mistakes, you can instead use specialized software for automation. A bookkeeping software, in particular, can keep an accurate record of your transactions and cash flow, making your business records much more transparent and easy to review. For added efficiency, utilize other digital payment solutions like QR Ph codes or online payment gateways that will allow you to securely receive payments from various platforms. What’s even better is that these payment technologies can be further empowered by AI integration.

6. Tap into AI Implementation

AI is steadily becoming a game changer in the payment processing industry, giving way to more secure and faster e-commerce transactions. For instance, AI-powered payment solutions can analyze a large number of incoming transactions in real time. Then, through machine learning based on your business’s transaction history, AI tools can determine and decline fraudulent transactions while allowing for quicker processing of legitimate customer payments. This is because the system doesn’t have to wait for you to manually confirm the payment—a win-win for both merchant and customer.

AI’s predictive analytics can also help figure out consumer behavior, allowing you to tailor fit your payment processes to your customers’ needs. This includes knowing what payment method they most often use so you can offer it upfront, or gauging from their past transactions how much they usually spend and then recommending items within that price range. Through AI, you can make your business’s payment processes not only more efficient but also more customer-oriented.

Customer demands continue to evolve each day. As such, your business’s payment processes have to keep up to ensure each transaction is fulfilled in an efficient, timely, and honest manner. Moreover, adapting to new technologies such as emerging payment gateways and AI technology can better future-proof your payment processing system. Let the tips discussed above guide you in elevating your current payment process system so that it can constantly meet your customers’ expectations.

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Originally Published on https://www.breakfastleadership.com/

Michael Levitt Chief Burnout Officer

Michael D. Levitt is the founder & Chief Burnout Officer of The Breakfast Leadership Network, a San Diego and Toronto-based burnout consulting firm. He is a Keynote speaker on The Great Resignation, Quiet Quitting and Burnout. He is the host of the Breakfast Leadership show, a Certified NLP and CBT Therapist, a Fortune 500 consultant, and author of his latest book BURNOUT PROOF.