The Two Rules that Will Pay Your College Tuition
“I know you’re all in college seeking a future in business,” the guest lecturer opened. “But today, I’m going to share two rules with you that will pay for your entire tuition. Two rules that if followed, will keep you in a growing business forever.”
“Well shucks,” I thought as I straightened my posture a bit. “I better actually take notes on this one!”
“The two rules are this…”
I was getting excited. The secret of success was just seconds away. I’m going to be rich! I’m going to drive that same car he’s driving! I’m going to have a great life!
He picked up the dry erase marker and headed to the whiteboard.
“Number One,” he stated, as he wrote out a pound symbol and number “1” with the red marker, “keep existing customers.”
“Number Two” he followed with a tone of a magician ready to announce the card you chose out of the deck, “find new customers.”
Now. I’m no brilliant business strategist. But this seemed a bit simplistic to me. But how do you argue? That’s about as basic and true as it gets!
Ironically, as I fast forward my life a few years (we won’t reveal how many), I find myself in a company that helps other businesses do exactly that. We help companies attract new clients through their online and digital presence while helping our clients retain customers by making it easy for all parties to exchange dollars.
Keeping Existing Clients
Do Your Customers Find it Easy to Pay you? Do you find it easy to get paid? Ironically – accepting payments is both the most important part of owning a business, yet often the most challenging.
A lot of these challenges stem from our modern business climate:
- A highly regulated payments environment
- New payment technologies every day
- Variables in consumer behavior and payment preferences
- Cost of accepting funds
As a broker for merchant processing companies, Evolve Systems has the flexibility of offering a variety of payment solutions to ensure compliance, adapt to existing technologies, support various consumer behaviors, and lower the cost of accepting funds.
But we also understand that while no two businesses are alike, neither are no two customers alike. Because we are also a custom application development company, we are able to build solutions that not only lower your cost of accepting funds, but improve the process of accepting funds…or what we like to call: improving your payment logistics.
There are really 3 basic elements in the process of accepting payments:
- Payment Capture
- Payment Processing
- Payment Reporting
This is all about user experience. Most customers will forgive a higher price in exchange for a quicker way to pay, especially in online purchases. Here are a few tips to consider:
- Do you have a “guest check-out” option for those clients who just want to make a quick purchase?
- How quickly can your customers pay in store or in the restaurant? We will talk about Point of Sale solutions a bit further down, but by speeding up the payment process, not only are your customers happier with quick transaction, but you’re able to turn over more customers in a shorter period of time.
- Is it fun to buy from you? Are your systems clunky and outdated? This is the most important interaction with your client. If your client sees a green screen as they check out, they may have reservations about your commitment to innovation. Or if you have an online client engaged in an impulse buy (yet still a little nervous about executing) – a slow and boring payment page might be enough to cancel the transaction.
- Can you “vault” your customer’s payment information to make reoccurring billing easier? By taking the “thought” out of a customer’s transaction, you stand a much higher chance of retaining that customer through monthly subscriptions or future purchases.
Your payment processing needs to be secure and compliant for you and your customer’s peace of mind.
- Are you set up in the right processing account?
- Are you PCI compliant?
- Do you understand and accept EMV cards?
- Do you know the little tricks that can keep your processing costs down (like swiping a card vs. punching in the number?)
Your payment processes should not be a roadblock to your efficiency and ease of access to data.
- When your customer makes a purchase, do you have to manually enter data into your accounting software?
- Do you have a Point of Sale (POS) software? Do you have an interface that allows you to not only accept a payment, but have that payment also update your inventory, record customer buying behavior, or streamline your orders?
Nothing says “simplicity” like a streamlined purchasing process for your customers
If we want to keep existing customers, we need to make it easy for them to do business with us. You will find yourself to be much more profitable, and your customers much happier, when your payment logistics are well executed.
Let’s have the conversation about the efficiency, ease, and profitability of your payment processes.