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Top 3 things to consider while choosing a payment gateway for your business

Category: Growth Hacks

Top 3 things to consider while choosing a payment gateway for your business

Top 3 things to consider while choosing a payment gateway for your business

Whether you are selecting a new payment provider or looking to replace your existing one, you would want an efficient, versatile product that fits your budget. You do not want a provider who regularly gives you problems and puts extra workload on your support team. Overall, your choice of an online payment gateway could impact the overall customer experience on the website and also the way you receive money from customers. So lets look at what are the main things to consider while finalizing on a payment gateway.

Things to consider before choosing your payment provider

  • What matches your business needs – classic or modern-

The basic difference between the two types of gateway is the merchant account. While the classic payment gateway requires you to have a merchant account so that it can transmit money into your account, a modern payment gateway does not. The modern ones draw funds directly from the customer’s bank account or credit cards and after validating them, deposits it directly into your account. Even though the modern payment gateways require you to do very less in order to use them and receive money from your customers, they mostly charge a larger transaction fee and also drive customers another website for making the payment, which could lead to lesser conversion. Also classic gateways are considered to be much safer and secure, hence a better choice for bigger businesses. They also charge a lower transaction fees. Find out what aligns with your business first.

  • Which payment modes and currencies do you want your payment provider to support?

You most probably know which countries you are selling to most and the currencies that your customers like to pay in. So the first thing to check is – does your payment gateway support alternative payment methods such as Sadad in the Middle-east. It only makes sense to choose a payment gateway that makes it easier for customers to pay through a mode which they are most comfortable with. Hence check which are the payment methods that the payment gateway of your choice support. A gateway like PayTabs supports multiple currencies and offers several alternative payment options.

  • How secure is the payment gateway?

Every online and ecommerce business that accepts online payments faces the risk of fraud and chargebacks. Both of these can hurt the business and hence it makes sense to go with a payment processor that offers secure transactions. This is probably the most important factor that should make you for or against a payment processor. Fraud is the first thing you will want to fight and want to protect your customers against. Hence make sure your payment gateway is secure, very secure. This means it should at least comply with PCI Data Security Standard and must be integrated with 3D secure. Level 1 PCIDSS compliance means that the gateway has achieved the topmost level of security and deals with more than 6 million transactions every year.

Apart from implementing these market research tips, you should also look at fee structures of major payment gateways. Make sure there are no hidden charges. Check for their transaction failure rates as well.

Conclusion

Your payment provider is the “better half” of your online store. You should use your customer’s needs, your business needs, and general essential security requirements to select a payment services provider for your eCommerce site. It goes without saying that choosing the right payment gateway can go a long way in helping your business. If you have any further questions about which payment gateway is the best for your business, mail us at [email protected]

5 ways you can get referrals for your business

5 ways you can get referrals for your business

In today’s competitive world, “word of mouth” marketing is probably the most coveted of all since it’s the most reliable and definitely the most cost-effective way to grow your business. Referrals are most sought after since someone has actually experienced your offering and is recommending the same to someone else. That makes it the most reliable and hence it also doubles the chances of the lead getting converted into sales.

According to a report by Nielson, people are 4 times more likely to buy a product when it is being referred by someone to a particular business. It is also estimated that customers who are referred are more loyal and can spend more on a long-term basis according to researchers at Wharton and Goethe University.

Now the question is how do you get those referrals for your product or service?  Let us look at five ways that can get you good referrals for your business

  1. Offer “best-in-class” customer service:

Your customers are constantly giving you feedback – if you choose to listen. And each feedback, good or bad, is a great opportunity for your brand to shine. Take the example of three year old Lily Robinson who wrote a letter to Sainsbury saying their tiger bread actually looked like ‘giraffe bread’. The customer service head saw this as a fun opportunity and not only responded to Lily’s mail but gave an explanation on why the bread was called so and a $3 gift card. Lily’s mother posted the letter on her blog and within no time, it went viral. They even went on to change their bread’s name citing Lily’s feedback.

All this put the brand in a positive light and build up its goodwill among existing customers. There is a good possibility that many new customers who hadn’t tried the tiger/giraffe bread were now curious to try it out.

  1. Social as a source of referral:

According to Brandwatch, 96% of the people that discuss brands online do not follow those brands’ owned profiles. Juxtapose this with another statistic that says “2015 Facebook influenced 52 per cent of consumers’ online and offline purchases”. There is no doubt that most of your consumers exist on various social channels and many of them are talking about you and influencing purchase decisions of new customers. Do some hard listening beyond your profile. Thank each customer who is spreading a positive word. Listen to those who are angry or dissatisfied and be proactive in solving their concerns. If customers know that you are ‘accessible’, they’ll be more open to giving your products a try.

  1. Highlight your best referral sources:

Your loyal customers are the ones that need the best of your thank yous because they’ll love to refer you anytime, anywhere. Take the example of Christina McMenemy who stayed at the Gaylord Opryland hotel three years in a row and fell in love with their alarm clock that played soothing music. She simply loved the fact that the sounds helped her sleep better and searched high and low to find a clock for herself. When she couldn’t, she wrote to the hotel on Twitter asking where she could get one. During the exchange, Gaylord recognized that Christina was a loyal customer and sent her not one but two alarm clocks.

The interesting part is that the brand did not call out these stories. Their customers did all the talking and got all the positive attention for the brand. (source: https://www.helpscout.net/10-customer-service-stories/ )

  1. Propose an incentive:

A referral bonus is the oldest trick in the game. Use it, recommend it, and get more of it. One of the best examples of this comes from Dropbox who offered extra storage space as a reward for referrals who joined them. Needless to say, the trick continues to work like a charm and got Dropbox into the big league for cloud storage and sharing.

  1. Ask to refer your business:

According to Texas Tech University, 83% of consumers are willing to refer after a positive experience—yet only 29% actually do! Some referral programs run by themselves because of your great customer service and word of mouth that goes on an auto-pilot. Yet, most referral programs need an extra push and don’t miss out on any opportunity to ask for a referral.

Conclusion: Compared to traditional marketing, referral marketing is neither time-consuming nor expensive. It is one strategy you cannot choose to ignore in your marketing mix.

10 great quotes that inspire me always as a small business entrepreneur

10 great quotes that inspire me always as a small business entrepreneurIt isn’t easy to be an entrepreneur. Those who’ve taken up this uphill journey will tell you that it is a life changing experience. It can take you to the heights of euphoria, pits of darkness, awaken a sense of passion and sometimes drive you insane. It can do all of this on the same day!

Often, when you start living the journey, you look at fellow entrepreneurs around you – those who’ve made it, those who didn’t make it and those who are struggling just like you every day. It is then that a sense of epiphany appears and their world – the collective world of entrepreneurs – begins to make sense. You look for inspiration and motivation and most of all a sense of belonging from this world. Here are 10 legendary quotes about entrepreneurship that will make you look at your own business in a new light.

  1. The richest people in the world look for and build networks. Everyone else looks for work – Robert Kiyosaki

On most days, you want to leave the free fall of entrepreneurship and take up a job that assures a salary at the end of the month. But there is a sense of adventure in that free fall that is a lure. Those who dare take the risk sometimes receive the best rewards. It isn’t easy to be among the elite club of entrepreneurs but it’s worth it.

  1. Karen Lamb: “A year from now you will wish you had started today.”

When the entrepreneurship bug bites it also injects a bit of fear in us. That fear makes us stall and push our entrepreneurship dreams to ‘a bit later’.  A bit later when you have time; when you have money; when you can afford it. A year later when you see another entrepreneur successfully executing your idea, all you’ll have is regrets. Time and tide favours the brave. Take the risk. Fail fast if you have to so that you can learn and move on

  1. Scott Belsky, Behance: “It’s not about ideas. It’s about making ideas happen.”

Many entrepreneurs think that they have landed a goldmine with their million-dollar idea. The key here is that it isn’t the idea that investors pay for. They invest into the entrepreneurs’ ability to make the idea work. They invest into your cumulative experience, you team and your leadership in executing the idea.

  1. Mark Twain: “Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.”

As a small business entrepreneur, everyone thinks they have the right to judge you. Advice, often unsolicited, will become a part of your life. But not all of it is great and people can be harsh. It’s best to ignore people whose advice is counterproductive. Keep you spirits high by surrounding yourself with people who share constructive criticism.

  1. Bill Gates:“Your most unhappy customers are your greatest source of learning.”

Speaking of constructive criticism, you will get your fair share when you start. And it’ll come from the end user who uses his savings to buy and try your product – a product that hasn’t got the backing of a trusted brand name. It is their criticism that’ll help you evolve faster and learn from small mistakes now rather than big mistakes later.

  1. Warren Buffett: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”

If you are an entrepreneur today, you’ll be an entrepreneur for life. What you do today, how you do it and how you treat people on your way up will all be remembered at every critical juncture in life. Be good because Karma is watching!

  1. Rocky (movie): Nobody is going to hit as hard as life, but it ain’t how hard you can hit. It’s how hard you can get hit and keep moving forward. It’s how much you can take, and keep moving forward. That’s how winning is done.”

Failure is a part of entrepreneurship. If you don’t fail, you can’t learn. And if you don’t learn, you won’t grow. If you don’t grow, you won’t succeed.

  1. No matter how educated, talented, rich or cool you believe you are, how you treat people ultimately tells all. Integrity is everything

This quote is one that all entrepreneurs should remember. Those who you meet and employ today (and even the ones you don’t) will remember how you treated them when they were ‘nothing’.

  1. Vivienne Harr, Make A Stand: “Stick with it, even on the bad days.”

Entrepreneurship will have its days. Good ones when you get orders and things look bright. Bad ones when your biggest customer walks away. You can’t have the rainbow without the rain.

  1. Albert Schweitzer: “Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.”

This one little word – happiness – is what entrepreneurs tend to forget in the rush. And it is all that matters in what you do. Be happy – everything else will fall in place.

7 Mistakes to Avoid When Starting an Online Business

7 Mistakes to Avoid When Starting an Online Business

Starting an online business can be an exciting venture for any newcomer to the e-commerce industry. So while the thrill of setting an online shop and managing your online business with ease can make it seem like a walk in the park, it is important to refrain from committing the following mistakes that could set you back or ruin the chances of growing your business:

  1. Lack of planning:

The number one most important thing when starting an online business is having a business plan. Walking into a business venture without any action plan is risky and reckless.

  1. Paying attention to tiny details:

Little details can be very distracting from what’s important and can sidetrack your focus, this can lead to wasting valuable time.

  1. Not making money a concern:

You should always be wary and know where funding will be coming from, startups don’t profit from the beginning but experience a lot of losses. Financial plans are important.

  1. Not valuing your product or service:

If you are selling a product or a service, it is imperative to set a price that can end up gaining a good profit.

  1. Not prioritizing customer service:

Your customers are what will give you the profits you seek, ensure they have a good experience. Nobody wants to buy from the business with unimpressible customer service.

  1. Not hiring early:

Hiring early is a positive factor because it will allow you to match the skillsets and personalities and ensuring you have a solid team and company culture when the business picks up.

  1. Underestimating the focus and commitment needed:

It will take a lot of effort and focus to start your business, so you can only imagine the effort needed when running the business. Make sure your focused enough the achieve your goals, multi-tasking might not work for everyone. So dedicating the time for this is highly important for proper management.

All online businesses have the potential to succeed through hard work, dedication, smart planning and of course, the right online payment facilitator for their business. With PayTabs, we are dedicated to empowering and enabling our merchants with all the payment platforms required to accept payments and grow their business. To test the power of PayTabs’ platform, you can sign up for a free demo merchant account. For more useful tips and tricks, you can stay up to date with our posts by signing up for our blog alerts as well.

Your brand’s online reputation is at jeopardy! Here are 5 tips on how to safeguard it

Your brand’s online reputation is at jeopardy! Here are 5 tips on how to safeguard it

Reputation is a major component that can drive companies into major profitability or irrecoverable loss. It is highly important your company’s image meets the ideal expectations of the public and the consumers to avoid putting the brand in a vulnerable and controversial position that can put all of your hard work to waste. Not to also mention, retrieving information or opinions about any company is very simple since all it requires is a quick search on Google. Therefore, maintaining a powerful online presence for the brand is essential. Negative reviews or comments can be easily tackled by including content that is easy to share, search and is highly reliable, and that content will have a higher chance of appearing in the first page of the results. Here are 5 essential tips to keep your brand’s online reputation in-check:

  1. Create a company blog

Blogs are good with building relationships with customers instead of just increasing visibility via search engines and driving traffic to the website. It can also give you the opportunity to be placed as an industry leader with quality content.

  1. Keep your company’s website up to date

Having an up-to-date website, and a professionally written bio page not only helps legitimacy and credibility. It creates a strong impression because the company website is the first place people will visit when they research about your business.

  1. Take advantage of online reviews

Consumers find reviews highly reliable, therefore displaying recommendations and opinions on your website is a good method to create a positive expectation for the consumer. It’s important to also make sure you treat customers well online and offline. It will be reflected in the reviews.

  1. Never forget your personal brand:

Personal brand is important to in line with the company brand. This brings more influence and visibility over the search results of the business. There might be cases where your name might be more Googled than your company if it just started. So it’s important to keep in mind you have a positive image and reputation online.

  1. Utilize social media

Social media platforms rank highly in search results, and make great places to push out latest news and content. If your company is doing something interesting, use social media to let customers know about it by sharing recent press releases, or upcoming events and important announcements. It shows that your company is active and relevant.

As important as it is to focus on maintaining a reputable brand reputation online, it is also recommended to maintain certain mannerisms away from the internet such as premium customer treatment, maintaining high-quality standards with merchandise, staff behavior, and contributions to society can help boost your brand’s reputation as a whole. Companies allocate high budgets just for brand reputation and representation, and you can maintain yours without breaking the bank by following these tips! Do you think there are more ideas on how to maintain a positive brand image online? Let us know in the comments below!

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