Nearly 80% of B2B business purchases are influenced by customer experience. Therefore, focusing on customer experience becomes an indispensable part of business growth for consultancies and independent sales organizations (ISOs). Strategizing the best plans, responding promptly, and supporting your customers is one way to improve it; another is to offer packaged services to become a one-stop shop for their needs.
An online payment solution can be a great way to improve customer relationships; however, companies hesitate to adopt new technology due to the high costs of recruitment, development, and operation and the need for technical support. But ISOs and ISVs can offer additional services to their clients without extra effort via payment processing partnerships.
Read this blog to discover how payment processors can help you and your clients improve customer satisfaction and experience.
Should You Really Care about Enhancing the Customer Buying Experience?
You might question how the checkout experience can help your business. A study reveals that 17% of customers abandoned their cart because of a complicated/too-long checkout process. Customers expect a seamless and hassle-free experience when making payments.
Upgrading payment processing systems for your clients can help them:
- Provide multiple payment options to buyers
- Offer a seamless checkout process to customers
- Monitor and track all payment activities in one place
- Implement custom, cost-effective payment solutions
- Enhance security - decrease fraud and cyberattack risks
- Automate monotonous tasks such as generating and distributing invoices
By integrating a future-ready payment processing system, businesses enhance customer experience and gain a competitive advantage in the market.
How Can Payment Processors Help Businesses Enhance the Customer Experience?
Independent vendors and sales organizations often rely on their ability to provide exceptional customer service and a seamless buying experience to differentiate themselves from larger competitors. Here are some ways payment processors' partnerships help independent vendors achieve this:
Offer Multiple Payment Options
Customers have different payment preferences. 9% of customers abandon carts because they cannot find enough payment options. Creating a hosted gateway to accept payments from different sources, including credit and debit cards, e-wallets, ACH, and online banking, helps businesses offer a seamless checkout process to customers. Payment processors can provide you with tools and resources to accept various payment methods, making the checkout process more convenient for your customers.
Ensure Secure Transactions
Security is a top priority for customers when making online transactions. With the rapid increase in digital payments comes the rising risk of fraud, identity theft, and cyberattack. Top payment processing companies use the latest technologies and advanced security protocols to protect customer data and prevent fraud, instilling trust and confidence in your customers.
Provide Customized Payment Solutions
Every business and industry has unique needs. Payment processing companies cater to a wide range of clients and have the expertise and experience to create customized solutions that align with your customer’s goals and needs.
18% of customers don’t trust the site with their credit card information. Payment processing companies also create a custom page that integrates with your existing website per your branding guidelines to instill confidence and avoid friction points during checkout.
Enable Faster Transactions
A slight inconvenience means bidding farewell to your customers. Payment processing companies improve customer experience by reducing waiting time and offer features like one-click payments and recurring billing to automate monotonous tasks and improve efficiency.
Provide Real-Time Payment Tracking
Customers want to know the status of their transactions in real-time. Payment processors can provide tracking information, including order confirmation and delivery tracking, to give your customers a sense of control and reduce anxiety.
Payment processing companies like iCheckGateway.com also provide tools for invoice management, recurring billing, and fraud protection so that businesses can automate monotonous tasks and use their time, energy, and effort on more important business tasks to speed up their growth.
What Impact Can a Payment Processor Have on a Business’s Bottom Line?
A payment processor significantly impacts a consultancy business or a vendor business’s bottom line. Here are a few ways payment processors can impact the financial performance of these businesses:
Increase Customer Retention: Payment processors empower businesses with quick and secure payment options. By providing a seamless payment experience, businesses can increase customer satisfaction, which leads to repeated business and positive word-of-mouth marketing, ultimately boosting your revenue and sales.
Improve Operational Efficiency: Payment processors provide tools for managing payment data and generating reports, which helps businesses make informed decisions about their operations. By providing real-time analytics and reporting, payment processors help businesses identify trends, track sales, and optimize their payment processing workflows.
Gain Access to Support and Resources: Payment processors provide support and resources, including assistance with chargebacks, disputes, and fraud, as well as access to educational resources and training materials to help vendors understand the latest trends in the industry and make more sales.
Boost Revenue: By offering additional services to their clients, consultancies and sales organizations can become their go-to source for business needs, increase their customer base, and expand the scope of their services and revenue stream.
What Are the Key Features to Look For in a Payment Processor?
Some of the key features that you must look for include:
- Client Reviews
- Simple Integration
- Security (PCI DSS Compliance)
How Shopify Leveraged Payment Processing Software to Improve Customer Experience
Shopify, a leading e-commerce platform, partners with multiple payment processors such as Stripe to provide businesses and customers with various payment options. By offering flexible payment options, Shopify helps merchants increase sales and improve their overall customer experience.
Other companies that enjoy successful payment processing partnerships include Uber, Airbnb, and Starbucks.
Upgrade Your Customer Experience with iCG
Payment processors play a significant role in upgrading customer experience. By offering multiple payment options, ensuring secure and faster transactions, providing real-time payment tracking, and offering customized payment solutions, payment processors help merchants differentiate their business from competitors and win over more customers.
As an independent sales organization or vendor, partnering with payment processing companies is an extension of your team with several benefits without spending additional resources on recruiting and managing a team.
Book a call with one of our experts today to learn more about how you can become a partner.