A small business selling handmade products started out by only accepting bank transfers or cash on delivery and not offering any digital payments. Due to this approach,
they encountered many problems, such as:
- Low customer base: Potential customers are turned off by the lack of diverse payment options. Some customers prefer to use bank cards or digital wallets that they do not offer for online transactions. The BlueSnap survey showed that 48% of businesses have lost up to 10% of international revenue due to payment uk phone number data processing providers not providing the right payment options.
- Payment delays: Due to bank transfers, there are often delays in receiving payments, which affects cash flow. This also creates difficulties in inventory management.
- Ineffective payment management: Since orders are not automatically linked to payment records, the team has to check payments manually, which is time-consuming.
- Limited data visibility: The team couldn’t analyze which products were selling well or track customer purchasing behavior.
- Security Issues: Customers hesitate effective content types to buy products and make payments due to lack of security.
Now, what do you think are the right things this business can do to streamline its financial transactions? Implement an online payment gateway system and integrate it with the CRM software.
However, if you are new to the concept of payment gateways, let’s first understand that and get the basics right.
What is a Payment Gateway
Payment gateways are digital services that enable financial transactions between businesses and customers. They act as an intermediary to securely transfer payment information from customers to the merchant’s bank account, while also switzerland leads verifying funds and authenticating transactions.
It also supports various payment methods such as Unified Payments Interface (UPI), credit cards, debit cards, and digital wallets. They encrypt sensitive payment data and ensure its secure transmission between two parties.
Online payment gateways are an integral part of an organization as they can
Improve customer experience Make transactions quick and easy by offering customers multiple payment options.
Enhanced Security Protect sensitive data by deploying advanced security measures such as encryption. It reduces the risk of fraud and other malicious activities, thereby building trust and reputation.
Makes settlements faster: It facilitates faster transaction and settlement times, ensuring businesses receive funds quickly.
However, one of the challenges businesses face when relying solely on digital payment services is the lack of integration with CRM software that is often used to manage day-to-day operations. Take a closer look at why CRM payment integration can be a game-changer for your business.
Top Reasons to Consider a CRM Payment Gateway
No wonder the numerous integrations offered by CRM applications streamline business processes and make selling easier. Among the countless third-party integrations supported by CRM systems are email marketing, social media, and telephony, among others, which also include payment gateways.