Optimize revenue streams with electronic payment systems
August 05, 2013

Smaller businesses can become complacent with the types of payments they accept, forgetting consumers look for multiple methods to purchase goods or services. According to Practical eCommerce, a online merchant resource, some of the most common mistakes SMBs often make result from getting too comfortable with older payment processes and products. Consumers continue to seek the next best thing, with many expecting retailers and smaller businesses to stay up to date with the latest technology. SMBs should consider investing in electronic payment systems and ACH processing to provide consumers with multiple transaction options while taking advantage of purchasing innovations.

Practical eCommerce suggested retailers look to refresh their websites with new content and promotions, while encouraging consumers to purchase products online through the website's payment processing software. Many SMBs think simply having a website can help improve sales, but retailers should remember to monitor the site and invest in electronic transaction methods so customers can buy goods on the Web. Consumers often look to SMBs' websites to compare prices and retailers can lose sales when they do not accept plastic purchases online. 

According to Practical eCommerce, SMBs cannot afford to let their online stores become "stale." Continually monitoring the site and how much revenue it is bringing in can allow smaller enterprises to understand the importance of updating their Web pages and providing customers with their preferred purchasing option. The source suggested retailers determine if the business is becoming too dependent on one source of revenue over others.

SMBs should continue to look for ways to improve their websites to drive sales, and electronic check and plastic processing is essential as more consumers go online to research products and purchase goods. Accepting debit and credit cards in their virtual stores can set SMBs apart from their competitors and keep customer satisfaction high. 

Nexus: G-WEBCD2