Payment Solutions That Businesses Can Use During This Crisis
The ongoing COVID-19 pandemic has brought about significant changes in how people handle personal and business matters. It has become more apparent that everyone should focus, at least for now, on family, friends, community, and, of course, on one’s self. The catastrophic effects of the novel coronavirus outbreak are evident, and everyone is trying their best to manage and survive, including businesses.
Government authorities are imposing lockdowns in areas severely affected by the coronavirus. People are advised to stay home due to the highly infectious nature of COVID-19. Companies, especially small businesses, have been negatively impacted by government-imposed physical and social distancing measures, curfews, and even closure of storefront locations.
Amid fear and uncertainty, companies all over the world are trying to stay relevant by promoting their business online and offering utmost value to their clients. After all, the general public still needs to purchase essential items and services, as well as pay for their bills and other necessities. Your responsibility as a business owner is to come up with ways to deliver your service or product to your clients. It is comforting for business owners to know that there are payment solutions available for customers who are hesitant to visit storefront businesses due to the virus or are unable to leave their homes due to quarantine.
Payment Solutions Businesses Should Use During Quarantine
No country anywhere in the world can be deemed as wholly prepared for the havoc that a global pandemic would bring. Fortunately, you can continue to provide value to your customers with the help of modern payment solutions. Digital payment methods are not entirely new. In fact, electronic and online payment solutions have been around for decades. Find out below the available technology-powered payment solutions and how these will benefit your business during this crisis.
Modern POS Systems
Contrary to popular belief, modern point-of-sale (POS) systems can be utilized by businesses during the pandemic. If your business is operating in a location that allows physical storefront operation, an advanced POS system is essential.
Although traditional POS systems are reliable and functional, they lack the features of a mobile point-of-sale or a self-service kiosk payment system. Your business can adhere to physical distancing rules by utilizing a kiosk so customers can pay for their items without coming into contact with the store employees. Your team can also use high-tech payment systems from Talus Pay to deliver your products to customers. You can integrate your payment system software to a smartphone, tablet, or any gadget for seamless and convenient sales transactions.
Another benefit of modern point-of-sale terminals is that you will be able to manage inventory and other sales information through the cloud. The customer can use either cash, debit card, or credit card to complete their transaction. You will have access to all the details of the sale as long as there is an Internet connection.
A money transfer through an Internet banking facility is one of the safest ways customers can send payments for their online orders. Your customer has to approve the transaction using an authentication code before it is completed. An online bank transfer may be more tedious than virtual payment solutions, but it is best to offer such an option to cater to customers who prefer this method.
It is not surprising that people, including your customers, will want to avoid going out during the COVID-19 crisis. It is also possible that people perceive cash as a potential vehicle for the coronavirus, hence the preference for cashless and contactless transactions. If your company has a virtual merchant terminal, customers can pay for their purchases in the comfort of their homes
Promoting your goods and services over the Internet is an excellent way to continue serving customers and supplement the company’s income. There are different ways to receive virtual or online payments from your customers, including:
. Credit card:
Plastic money is considered as one of the most common ways to pay for ecommerce purchases. Credit cards allow customers to buy your goods and services no matter where they are located. One of the advantages ofJ credit card transactions is that you can be paid instantly once the sale is authenticated.
. Debit Card:
A debit card is used the same way as a credit card in online transactions. The main difference between a debit and a credit card is that the payments using the former are immediately taken out of the cardholders’ available bank funds.
. QR Code Or Payment Link:
The customer pays using the payment link or QR code that they receive from you. Once the sale is processed through a payment processor, you will receive a notification that the money has been sent.
Take advantage of the ecommerce marketplace during the pandemic by accepting online or virtual payments from your clients. It will not only help boost the company’s revenue, but it will also attract new customers and enhance an already excellent business reputation.
Also referred to as digital wallets, e-wallets are applications used to send and receive money. There are numerous e-wallet apps available globally, like PayPal, and some strictly by country, such as Alipay. E-wallets can be accessed through a web or mobile browser.
When your business is capable of accepting e-wallet transactions, you’re able to provide additional payment options to your customers. In times of crisis, being considerate of your customers’ circumstances and preferences will be beneficial to the company in the long term.
There is no guarantee or any assurance as to when the COVID-19 pandemic will end. But, one thing is for sure–the increased usage of online payment systems is inevitable. If your business is not yet utilizing modern payment gateways, this is an excellent time to assess how you can integrate them into your operations.
It is a must for business owners to take advantage of technology to provide convenient and practical payment solutions to their customers. Adopting digital and mobile payment solutions will benefit your business not only during a crisis, but also when everything returns to normal.