4 minute read
Beyond payments: key features your tech stack should deliver
Monday, September 18, 2023
4 minute read
As a small business owner, you know technology plays a vital role in connecting with customers, streamlining processes and driving growth. However, research indicates that 80% of small businesses are not making the most of available technology. Here, we explore how choosing—and using—the right tech stack can significantly improve the success of your business.
Payments—and so much more
Your point-of-sale (POS) technology is not just for accepting customer payments. It’s so much more. From driving revenue to streamlining processes and paying invoices, your tech stack can help you grow your business.
1. Accept customers’ preferred payment methods
From traditional cash, cheques and credit cards to digital to mobile payment options, the payment landscape is constantly evolving. And today’s shoppers expect to pay however they want, wherever they want, whenever they want. Customers may leave your store or abandon their cart at checkout if you don't accept their preferred payment method. And this has a direct impact on your bottom line.
Keep customers converting—and sales flowing—by offering a variety of traditional and emerging payment options.
- Credit and debit cards, including major and local brands
- Contactless payments
- Digital wallets like Google Pay, Alipay, WeChat Pay and Apple Pay
- QR codes and payment links
- Bank transfers
- Buy now, pay later
- And more
With the right payment partner that offers the right tech stack, you can accept all the payment methods your customers prefer—online, in person or on the go—from anywhere in the world.
2. Deliver a seamless, omnichannel shopping experience
Your tech stack should also accommodate omnichannel shopping. Omnichannel shopping blends in-store, in-app and online buying into a single streamlined customer experience across physical and digital touchpoints. Customers can start their shopping journey online and then continue or complete their transaction in your store or on your mobile app—seamlessly.
85%
of customers interact with brands through omnichannel shopping, a preference consistent across all generations.
When you deliver an omnichannel shopping experience, you give customers the added convenience of letting them shop from wherever they are, whenever they want, however they want. Allowing customers to choose the most convenient channel for their needs results in more engagement and higher sales conversions.
A robust tech stack gives you the flexibility to take payments wherever your customers shop—social media, in store, in app, live streaming, subscription commerce and more. All while delivering a seamless, consistent buying experience—across whichever channel they choose.
3. Drive growth with powerful analytics
You need a tech stack that supports your growth through powerful data and analytics. When you analyze payment data—across channels and around the world, you can run your business more efficiently and effectively. With the right insights, you can make smarter, more strategic decisions that help you:
- Understand business performance
- Benchmark against your competition
- Measure campaign effectiveness
- Minimize your shopping cart abandonment rate
- Reduce chargebacks
- Improve sales forecasting
- And more
The right technology will deliver the data and analytics you need to review and analyze all your transaction data—across every channel and location. It will provide access to the actionable insights you need to better meet your customers' needs.
4. Keep payments safe and secure
With the global cost of cybercrime expected to increase nearly 70% by 2028, it’s no wonder businesses and consumers are focused on fraud and data privacy. While larger enterprises typically have strong security protocols and internal fraud prevention teams, smaller businesses like yours often have fewer resources to focus on preventing fraud and cyberattacks.
Regardless of the size of your business, it’s important to handle and protect customer data safely and securely. Data privacy laws and regulations often have specific requirements for handling personal data—including payment data. It’s important to familiarize yourself with the data privacy rules that apply to your business.
To help keep your customers’ data secure, you need a tech stack with built-in security. One that’s focused on data privacy, is PCI compliant and includes advanced fraud protection—3D Secure 2, encryption, tokenization and EMV technology.
5. Streamline invoicing—and get paid fast
Do you send invoices or bill your customers for the goods and services you provide? Your tech stack should enable digital invoicing and payment processing. Digitizing your invoicing process saves you time and money—no more printing and mailing paper invoices. And with digital payment processing, you can get paid faster!
But it doesn't stop there. Digital invoicing and payment processing provide a clear audit trail for financial tracking and reporting. This not only enhances your financial accuracy but also streamlines the reconciliation process at the end of each financial period.
From sending digital invoices to receiving electronic payments and maintaining financial records, the right tech stack helps you streamline processes, improve accuracy—and get paid fast.
Does your tech stack deliver?
Technology has the power to improve your entire business. The right tech stack can help you connect with customers, streamline processes and drive business growth. When you consider your current technology, does it stack up?
If you’re ready to unleash the full potential of your tech stack, contact us today.
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