Many businesses are behind when it comes to online payments.
Last year, a survey by B2B research firm Clutch revealed that 46% of U.S. small businesses do not have websites. A lack of a web presence translates to a lack of online payment collection. In a time when consumers are now making 51% of their purchases on the internet, businesses without online payment options are losing out on an enormous number of sales.
Business owners may be intimidated by online payments, believing that they are difficult to manage and operate. The opposite is true. All business owners need to do is find a payment portal provider, like BillingTree, who will take care of the creation of the payment portal for them and ensure that it runs smoothly. Business owners will then be set up for online payment success.
The basics of payment portals
Payment portals are online payment gateways that customers log onto 24 hours a day, seven days a week to make purchases. Instead of making a phone call and wasting an average of 13 hours per year waiting on hold, customers can pay for goods and services with ease, in just minutes. Customers have the power to decide where they pay from, whether it is on their mobile devices, desktop computers, or smartphones.
The benefits of payment portals are numerous. Since they are more convenient for customers and offer a better shopping experience, customers are going to be inclined to continue their loyalty to the companies that allow them to pay online. An excellent payment portal provider will allow companies to accept various forms of compensation through credit card payment portals and ACH payment portals, guaranteeing that they do not lose any customers.
Choosing a payment portal provider
There are many payment portals to choose from, but only the best one will supply all of the following.
- The payment portal provider will offer a platform that is user-intuitive. Customers will be able to know how it works in minutes and not need any tutorials on how to make payments.
- The portal should be able to accept cards, eChecks, and ACH payments since customers have various payment preferences. According to a recent survey from TSYS, 48% of customers pay with credit cards online, and 30% will use debit cards.
- The portal allows customers to create recurring payments that automatically deduct money from their bank accounts each month. Automatic payments ensure that bills will be paid on time, every time.
- The payment portal provider needs to let businesses utilize their logos and branding materials so that their customers have a seamless online experience.
- The portal should have a code base that is adaptable for future modifications as businesses grow and expand.
- Customers must receive real-time payment authorizations and alerts relating to their payments, so their shopping experience goes smoothly.
- The payment portal provider should offer a negotiation tool if customers need to set up payment plans with businesses.
- The provider needs to prioritize customer service and deliver live agent online support. Shoppers that need additional assistance should be able to call a customer service representative or use an Interactive Voice Response (IVR)
- The payment portal must protect customers’ sensitive information by having PCI, SSAE-16, and HIPAA certification.
A payment portal provider will revolutionize how businesses accept payments as well as help them increase their profitability.
Business owners searching for a payment portal provider that will suit your company’s needs should contact BillingTree or call us at 877-424-5587.