This post was first published in February 2018, but the information may be useful to businesses affected by COVID-19. Please note that some information may not be up-to-date – you can find our latest COVID-19 guides here.
Please click here for Welsh Government’s latest COVID-19 advice for employers.
Digital technology has revolutionised the way businesses manage and exchange money. From handling paper cash and swiping a credit card to completing electronic payments at the click of a mouse, technology is enabling businesses to become more agile and flexible with how they accept payments from their customers.
Increased payment options allows customers to complete their purchase journey in their preferred method or most accessible means. Removing barriers in the journey can not only make the customer’s experience more seamless but can help you to maximise sales!
Due to the flexible nature of electronic payments, you can choose the payment system that suits your business needs and this makes it much more accessible to small businesses rather than being reserved for big or web-based companies.
We have 4 important steps for businesses contemplating adopting an electronic payment system including questions you need to ask and important factors you need to consider:
What are your needs?
Before you start researching the systems available to you, write out a wish list of what you will need your electronic payment facility to do. Don’t get caught up in flashy benefits and extras that may not actually offer anything to your business. Start you research with a defined list of features or services that you require. This could include card processing only, a point of sale terminal, online payment gateways, customer loyalty programs and gift cards products, or integration with accounting software.
Research your options
Don’t jump right in with the first all-singing, all-dancing electronic payment software you find. Compare a few options within your price range first and evaluate what they offer your business, how it will realistically improve your business processes and how this will impact the customer journey or experience. As a small business, you are unlikely to need a full-service electronic payment system so consider your specific needs but also your potential growth activities.
The Superfast Business Wales Software Directory offers a summary of key information on a range of electronic payment and electronic point of sales (EOPS) software available. Join the Superfast Business Wales journey now to access this free support!