According to Alan Safahi, an experienced entrepreneur and founder of a startup company in San Francisco, a solid payment processing strategy focuses on automating transactions between merchants and customers. Essentially, third-party services offer payment processing services, including accepting and verifying transactions. How to streamline your payment processing strategy? Here are the top seven tips. Read on!
1. Do your Research
Research is an essential aspect of doing business and optimizing operations. Performing thorough research means understanding the types of payment processing methods, choosing the right solutions, and implementing them accurately. Offline and online payment processing are two main methods, meaning you need to select the one that best fits your needs and your customers’ requirements.
2. Use Multiple Payment Options
Alan Safahi Orinda recommends offering multiple payment options for your customers, meaning you need to look beyond credit cards and debit cards. Research shows that customers in the 21st century want different options. Therefore, implement mobile payment features, contactless payments, and EMV payments.
3. Customer Data Management
All transactions, including online transactions, come with a large volume of data. It includes information about the customer, purchases, and shipments. Safahi recommends collecting and organize different data points to generate patterns, allowing you to use them on the market effectively.
4. Reduce Fraudulent Activities
Fraudulent activities are one of the most significant sources of loss because when you have chargebacks, you lose money. That’s why Safahi advises implementing a payment processing strategy that focuses on fraud prevention through high-level security protocols, including CVV code requirements, multi-factor authentication, two-way verification, etc.
5. Update the Payment Processing System
Alan Safahi Orinda has conducted thorough research on payment processing systems, and according to Safahi, declined payments are often due to system problems rather than payment methods. An obsolete or outdated payment system can’t manage a new credit or debit card, leading to payment rejection. Therefore, Safahi recommends updating the system to streamline the entire process.
6. Implement Reporting Methods
A payment processing system without integrated reporting methods can lead to ineffective payments. On the other hand, Safahi says that reporting tools allow you to analyze data, generate financial insights, and use this information to make better and informed decisions.
For instance, integrate a reporting tool with your payment processing system to streamline data analysis, including outstanding balance, payment requests, personalized text messages, etc.
7. Automate Exception Resolution
Many problems, such as incorrect customer or supplier information and data entry errors, can lead to invoice exceptions. Most companies resolve exceptions by hand that cost a lot of time and energy. Invoice exceptions are challenging and costly for businesses. According to Alan Safahi, you will achieve a more streamlined payment processing strategy when you automate exception resolution.
Final Words
A reliable payment strategy plays a crucial role for all businesses to achieve profits and survive in the long run, leading to more streamlined operations and overall success. If your business or company struggles to reach or complete its payment processing targets, follow the tips given above.
Originally Posted: https://safahi.com/top-7-tips-streamline-your-payment-processing-strategy-4309f7fe91e1
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