Everything You Need to Know About Payment Systems
It’s okay if you are lost in the sea as long as you hold on and swim for the shore. Hope, is a big motivator and in the end you want things to work out.
Let’s take example of any business – as a owner you want it to become a success. And as a customer, you want it to be your best purchase. And if something goes wrong, you want it resolved. Fast.
Imagine you buying a coat, it arrives at your home in 5 days. And it’s not right. You don’t feel the vibe.
You go to the website and ask for refund- they say it will take another 10 days. At this point, you are angry. And don’t want to continue.
As you scale your business, you forget this core element. Initially you are the one person show – you do everything. But once you become big, you delegate and hire people.
And then there are metrics which you dictate. Often arbitrary- and which doesn’t make much sense. The customers aren’t feeling it. But you don’t care – as long as the revenue is same or increasing.
That’s where you have lost it. You got interested in the wrong metric.
One of the key components of your business is payments system. Be it online or offline, you want an efficient way to transact. So that the customers have a fulfilling experience.
But at the same time, you want to have a payment systems which helps you in case you are in a problem.
Cash is king. You can’t replace anything like cash in offline transactions. The key is to have enough change and acceptance to torn currencies so you let the customers move faster. And hopefully you don’t lose much because you save time with this technique.
Another thing is to have swipe machines which helps you do fast transactions and let’s the crowd move faster.
Do you know why customers love them – it’s because it’s protected by the big companies like Visa or MasterCard.
As a business – the best way to have a payment systems is to have your own card system. Which is as secure as a Visa. This way, you can let customers have the same experience as a Visa card. But when it comes to refund – you can do it instantly. Also when it doesn’t work, you can check it instantly for your customers.
In online, you can have the similar example as wallet- your business specific wallet. Which your customers can add money and then transact securely. It helps you to take control of full mechanism. Just make sure the security is to-notch.
If you are small business, you can team up with many other business to have your community wallet. This is the way to go and have an amazing payment systems.
Again, when something goes wrong – don’t treat it as a metric to avoid, see it as an opportunity to serve and make a lifelong connection.
A simple checklist to follow in your business:
1. Treat customers experience as the most valuable metric.
2. Have a solid payment system so there is less fraud and also you can refund the money fast.
3. Give rewards which are meaningful. Example, someone who has shopped for 3 years – give them a jacket or handbag. Make it exclusive.
4. When you scale your business – keep these ethics as the most important thing for everyone to follow.
5. Let your customers think less while making a purchase but yet secure them from fraud or deceit.
6. After sales and complaints are the opportunities and not something which you should hope doesn’t happen.
7. Oftentimes, all you need is to listen, be empathetic and generous.
8. Remember there is a human on the other end and not some number which transacted with your business.
9. Do everything to secure your business because when money flows – you want it secure to the maximum.
10. Be awesome, your vibe will reflect and refract.