Savvy CEOs and managers understand that the systems they choose are a key component of revenue generation. A smarter payments system makes it easier for businesses to improve efficiency, drive innovation, and maximize profits.
There’s more to payments than you might think, and here are the features you need to increase revenue.
Digital is the Future
Offering the ability to make online payments is the number one way to increase customer revenue. We know that most shoppers prefer online shopping, especially since the COVID-19 pandemic increased the public’s desire to shop from a safe distance.
And let’s face it, it’s the easiest way to shop. They don’t have to leave the comfort of their couch, and returns are just as easy. If you’re not offering a digital payment option for your customers, you’ll without doubt be losing out on revenue.
If online payments are the present standard, real-time payments (RTP) are the future. Taking payments a step further, RTP offers benefits to both consumers and vendors. People want faster payments, and what could be faster than real-time?
While RTP technology may still be in its infancy in the U.S., businesses at the forefront of the trend will make themselves infinitely more attractive to consumers, contractors, and partners alike.
For any kind of business software or system, being able to access and analyze data is immeasurably valuable. On its own, data can either be worthless or worth its weight in gold. It’s whether you know how to analyze and use it that makes the difference.
A payments system that offers in-depth analytics and reporting takes the guesswork out of raw data, making it easier to review and control your business’s cash flow, as well as giving you ideas for future innovation and revenue generation.
Can you see a trend in terms of the customer experience (CX) you provide? Are there any improvements you can make that can boost revenue? Maybe you might spot where you’re leaving money on the table, and resolve it.
A revenue-generating payments system should enable you to drill down into your payments data, letting you achieve more and make more.
Brandable Payment Cards
The global prepaid card market is predicted to be $6.87 trillion by 2030, so it’s no wonder smart businesses look to capitalize on the potential revenue these cards can bring. By choosing a payments system that lets you issue white label cards that are branded to your business, you can influence cardholders and encourage loyalty to your brand. They also look really slick.
First-Rate Security Features
Anything to do with money comes with potential headaches in terms of compliance, as well as the potential for fraud. These risks are even greater if your payments ‘system’ is actually a clunky mix of multiple legacy systems that you try to fit together.
How can you make sure that system A’s security features run smoothly with system B’s?
Juggling the features and protection of more than one piece of software is a headache in and of itself. That’s why a payments system with powerful, automated security features is one of the best ways to avoid revenue loss through fraud and non-compliance.
Payments Support When and Where You Need it
No matter how many advanced, revenue-generating features your payments system offers, without the right support, you’ll struggle to reap the benefits. You should be using a system powered by people who are not only technical experts when it comes to functionality, but who understand the world of payments inside and out.
The payments landscape is ever-evolving, and businesses need to be able to evolve with it. But what if your organization doesn’t include the specialist knowledge and skills needed to not only keep up, but forge ahead of the competition?
It’s not a problem—when you have the support of a payments solution provider that does.
As you can see, using a payments system that offers a comprehensive set of features and functions that actively bring value to your business is key to generating revenue. The right system does more than just help you accept payments, it lets you shave inefficiencies, scrutinize processes, and actively bring in revenue.
To learn more about how PayFrame can help you turn payments into a revenue generator, get in touch with one of our payments specialists today.