Quickly adapt your business to sell remotely
When running a business, often the aim is to keep things simple and avoid complexity. Yet many companies inadvertently walk into a tangle of operational mess. Let’s take retail as a case in point. Think of all the things you need to be successful: ecommerce software, accounting software, a payments platform, helpdesk software, and even supply chain management systems. Then you’ll need processes for returns, complaints, and internal procedures like inter-team requests and website updates. The list goes on.
It’s easy to solve problems without taking a long-term view. 86% of respondents to a Harvard Business Review survey claimed that their business processes and decision-making had become so complex that it was hindering their ability to grow.
Like most problems, acknowledging their existence is the first step to overcoming them. There comes a point for every business, where to ensure scalable growth they need to stand back, take stock, and begin to examine each of their processes and how they can be improved. By removing complexity you can build the foundations of an agile business, capable of best serving the needs of your customers and the wider organization.
In this article we’ll zoom in on three areas payments can help overcome the barriers of complexity.
Consider how simplifying your business activities can also simplify your customer’s shopping experience. Every customer touchpoint should be looked upon as an opportunity for improvement. Google talks about “micro-moments”. These are “intent-driven moments of decision-making and preference-shaping that occur throughout the entire consumer journey” and can often be influenced by improvements to your payments platform.
Think about the symptoms of complexity below, that can often lead to a poor customer experience, and how they can be remedied by a well-equipped payments platform:
|Purchased jeans online and would like to exchange for a bigger size in store.||Enable buy online, return in store or any channel combination.|
|Traveling to a faraway store since the closest one doesn't have the items they want.
||Access actionable insights by understanding which stores your customers use and how far they are willing to travel.|
|Difficult to visit a store in person so would like to order item over the phone or social media.
||Introduce Pay by Link, from social, call center or email - they're all new and available sales channels.|
|Can’t pay with a favorite ewallet or unable to buy now and pay later.
||Easily enable the latest payment methods, online and offline, without the need for multiple contracts.|
|Returning to an online store but have to fill out their payment details again.
||Securely store payment details during the first authorization so subsequent payments are done in one-click.|
Cashflow is the lifeblood of your business. If more money is flowing out than in at any given time, especially as your business looks to scale-up, you could find yourself in a difficult position. Financial complexity can be found in areas such as the incompatibility of different software systems used for reporting and methods used for reconciliation.
Returning to the example of a retailer, if you sell fifty pairs of jeans today, you don’t want to spend hours and hours over the course of days trying to check, double check, and triple check which payouts you are receiving from which card networks and when. This often has to be done line-by-line to see which have been paid out and which have not, in order to accurately reconcile your accounts. You may have to do this multiple times to match the sales to your payouts. Whereas, if you utilize features such as Sales Day Payout you can receive one day’s worth of sales paid out in a single settlement so you can benefit from:
Additionally, having all of your data in a single place eliminates the risk of errors caused by manually manipulating data from multiple systems. You can chop up your data in different and meaningful ways such as date ranges, channel, or payment method and start to analyze the performance of your business better. And if you need quick optimizations, having a single provider means you can reduce the number of suppliers you’re dependent on and stress less with 24/7 support from a dedicated team.
The first step in optimizing performance involves looking at where your skills can have the greatest impact on your bottom line. For most, these are aspects such as sales, marketing, accounting, or strategy.
However, there are also areas where your payments platform can further assist you:
The smart use of technology, and payments technology, in particular, can be a driving force in your efforts to simplify your business processes. Businesses that scale the quickest are those which have the self-awareness to acknowledge the build-up of complexity and do their utmost to tackle it. Choosing the right payments platform can give you one less thing to worry about.
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