How payment processing works with your online storefront
Since 1982, the number of small businesses in the U.S. has increased 49%. Better news still: profits are rapidly rising for small business owners who expand their reach with online storefronts. E-commerce platforms like Shopify and Magento make that easier than ever.
As technology empowers small business owners to find new audiences around the world, it opens up possibilities that would have been unheard of even ten years ago. Artisans and inventors alike benefit, making entrepreneurship as accessible to a senior citizen in rural Kansas as a Millennial in Manhattan.
A robust and dynamic payment processor has the capacity to overcome many of the obstacles that confront small business owners as they expand into new marketplaces and grow their operations.
Offering consumers multiple payment options
According to international e-payment specialist The PPRO Group, 68% of consumers have abandoned an online retail site due to its payment process. Nearly half of these consumers (46%) left because the merchant didn’t offer them their preferred payment method as an option. With a payment processor, small business owners can offer a wider range of payment options to their target markets.
Providing multiple language options
Within the U.S. alone, at least 350 languages are spoken in consumers’ homes. Many payment processors offer multiple language options. This makes navigating your payment portal easier for all of your clients, regardless of their native language.
Increasing confidence in your ecommerce website
A robust payment processor makes your online storefront more flexible, providing greater options to a more diverse market. Pair that adaptability with increased security, and you’ve got an online storefront that your customers will trust.
Reducing overhead costs
Many store owners are now integrating their virtual and real world stores to make tracking inventory, costs and profits simpler. This also reduces time wasted on balancing two separate books and resources wasted on paper statements, reports and receipts. On average, Precision Payments Systems clients save $150 per month by switching to virtual billing and online reporting.
Get your online storefront up and running today
If you’re ready to capitalize on the advantages of our new virtual economy, start with a powerful payment processor. Contact our experts today to learn how we can get your online storefront up and running more efficiently.
How is your small business taking advantage of the business opportunities created by online storefronts?