If you run any kind of online store, automated payment solutions are something you should be aware of. They have become increasingly popular in recent years due to their ability to streamline the checkout process and increase efficiency, providing benefits for businesses and customers.  

The benefits extend to improved security, reduced errors, and more, so we decided to explore how automated payment solutions can help increase your sales to make it simpler to operate and grow your business. Read on for our tips, and let’s see if we have you convinced by the end of the article!

Improves your site security

One of the primary benefits of automated payment solutions is improved security. You often deal with sensitive financial information, which your site processes electronically. Automating this process lowers the risk of data breaches, fraud, and theft. Automated payment solutions use encryption to protect sensitive information while also complying with data security standards such as PCI DSS (Payment Card Industry Data Security Standard).  

When considering the various eCommerce tools to increase sales, automated payments provide your customers with greater peace of mind when making purchases, increasing the likelihood they will complete a transaction and become repeat customers.

Reduces manual errors with automation

Automated payment solutions can reduce errors in your checkout process compared to manually processing payments. It is inevitable that when dealing with loads of numbers, typos, incorrect amounts, and other errors will happen. These errors can delay or even prevent a sale, causing your company to lose a potential regular client.  

With automated payment solutions, you minimize these errors with payment processing and information verification, such as billing and shipping addresses, processed automatically before the transaction is complete. This process creates a smoother, more efficient customer checkout experience while also reducing the likelihood of abandoned carts and lost sales. 

Automation extends past payment acceptance to a range of other tasks in the world of eCommerce. For example, you can now have an automated dropshipping store with specific processes that previously took up much of your manual work time handled by machines.

Creates happy customers

If growth is one of your goals, processes that increase customer satisfaction should always be on top of your list when creating an effective sales plan. There is no better way to beat the competition than by creating a happy, loyal clientele. Modern digital shoppers expect a seamless and convenient experience, and automated payment solutions deliver just that. By reducing the time it takes to complete a transaction, customers can quickly and easily purchase what they want and move on with their day, leading to repeat business and positive word-of-mouth. 

Things to consider when implementing automated payment solutions

There are three key factors to consider if you want to implement an automated payment solution to ensure success:

• Choose a solution that integrates with your existing e-commerce platform and shopping cart software; this solution ensures you reduce the risk of technical issues that can delay or prevent a sale.
• Consider the various payment methods the solution offers: does it only accept credit or debit cards, or can it allow for PayPal, Apple Pay, and other mobile payment options? The more payment options you offer, the better you accommodate your customers’ preferences.
• Consider the cost of the solution, as some will charge transaction fees, while others will charge a monthly or yearly fee; compare the prices and benefits of at least three providers to find the best value for your business.

Improves internal processes and operations 

Payment automation not only benefits your customers, but also your internal team. By automating your payment process, you reduce the amount of manual labor and time that is spent on manual data entry, reconciliation, and other payment-related tasks.  

Freeing your resources and increasing efficiency allows for a greater focus on strategic initiatives that can drive growth and increase sales, like financial projections for raising investments or internal planning. You can also increase staff retention by removing repetitive tasks and replacing them with more creative ones, like marketing strategies and business outreach.

Collects and analyzes data 

As a business owner, it is essential to understand customer purchasing habits and behavior. Automated payment software offers in-depth reporting that helps you look into how your customers act online. 

If you have access to this data, you can tailor your products and services to your customer’s preferences and needs. This data can inform future marketing and sales strategies, identify trends, adjust pricing and promotions, and create targeted marketing campaigns that drive sales.

Adds flexibility and convenience 

If you offer your customers features like recurring payment options via subscription-based services, you stand to make a regular income from simple repeat business. It is a model that is growing in popularity with companies that previously sold one-off products.  

For example, one of the leading audio recording software producers, Avid, changed their Pro Tools purchase model from a one-off legacy fee to a regular subscription that provided a range of updates and extra features for their customers. You can easily manage this type of shift with automated. payment solutions, which reduce the effort required on the customer’s part to keep up with payments, increasing customer retention.

Automation makes everyone’s life easier

As you can see, automated payment solutions offer numerous benefits, such as increased sales, that will make your lifee simpler. The fact that you can enhance the customer experience in the process is a massive bonus! If you automate your processes to free up time and reduce errors wherever possible, you will be well on your way to a more efficient and profitable business.

In the business world today, what is the most common form of payment? Next to credit cards and cash, it’s debit cards. As popular as they already are for making payments, their popularity and use is expected to grow exponentially! So why, if credit cards and debit cards are so popular, are businesses looking at other methods for receiving and making payments? Answer: Associated with every transaction, when carried out with either a credit card or debit card, there is a high processing cost.

What’s the solution to a problem such as this? Answer: ACH transfers (Automated Clearing House). The smarter choice for today’s businesses – versus credit cards and debit cards – is the use of ACH transfers. Here’s why.

Perfect for Recurring Billing

For businesses that operate on a subscription model, ACH is ideal. In a most cost-effective manner, it allows them to accept payment, so they save money on transaction fees. The correlation between transaction fees and transactions means that the more transactions there are, the greater the number of transaction fees. That equates to money lost for businesses. The best choice, therefore, is ACH.

Convenience and Flexibility

Money transfers can be simplified with ACH – no more cutting checks. You experience the best of both worlds as a business owner because:

• Your customers have the flexibility to set up recurring payments or make a one-time payment with ACH.
• You get to say goodbye to that big bully of a checkbook as a payer, thanks to ACH. Right from your online banking portal, you can approve ACH payments securely. You don’t have to be around to personally sign a check.

No more having to follow up with customers because their card expired, and their payment failed. The transaction happens between the accounts of two banks. What’s more, to alleviate missed due dates, automatic payments can be scheduled for recurring credits and debts.

Security and Reduced Fraud Risks

One of the problems with checks is their vulnerability. They can be forged, misplaced, and/or stolen. Those worries are done away with courtesy of ACH. You can eliminate intermediaries through direct ACH transfers. To confirm the involved parties’ authenticity, micro validation is carried out. This gives the customer peace of mind but also ensures two things for the business owner:

• There are no account transaction blocks.
• Also assures accurate account information.

What’s more, if you believe you’re the victim of fraud or an error occurs, you can usually reverse ACH payments – unlike wire transfers.

Unlike large corporations, the same level of security isn’t usually as available for middle-market companies and small businesses. As a result, they are increasingly being targeted by fraudsters. Increase your level of protection by partnering with a commercial bank with services that strongly help prevent against fraud.

Faster Processing

ACH provides a settlement time that strikes a happy medium between credit cards and checks. Whereas it may take 2 to 3 business days for a credit card payment to settle and 5 to 6 business days for a check, it usually only takes about 3 to 4 business days for an ACH settlement to occur. In fact, same-day processing is now available where ACH payments are concerned.

What does this type of expediency mean for your business? You can expect quicker access to cash, flexibility with payments, and improved workflow efficiency.

Increased Sustainability

The concern over how the environment is affected by a business’s operations has become increasingly crucial. Investors, employees, and customers are all demonstrating preferences for companies that are eco-friendly. Without a doubt, corporate sustainability is a hot button today.

As opposed to processing and issuing thousands of checks made from paper, ACH is a green alternative. By limiting the use of paper, you save trees. Checks no longer need to be transported either. Carbon emissions and material usage can be significantly reduced by switching to ACH, particularly if your business conducts the majority of your transactions through receiving and writing checks.

Improved Cash Flow

With ACH payments, the old phrase, “The check is in the mail.” will no longer be an excuse. If you are the recipient of any kind of payments, that’s good news. On the date the payment is due, you should receive your funds.

If you are the one who’s paying – on the other hand – right up until the payment due date, you can hold onto your funds. Any way you look at it, you’ll be enjoying a more predictable, stronger cash flow.

Lower Transaction Cost

This may be one of the biggest reasons why ACH transfers have become so popular for today’s businesses versus debit cards and credit cards. Doing business via paper checks is a pricey endeavor, whether you’re dispersing or receiving payments. One of the major benefits of electronic payments is cost savings.

Let’s face it, there are a slew of miscellaneous costs that go into the use of checks for disbursing payments: postage, envelopes, check printing, etc. When using ACH, these disappear. What’s more, the ACH payment can also include invoice posting details, as needed.

Don’t put off until tomorrow the benefits of ACH that you can enjoy today. It’s a convenient, reliable way of receiving funds and making payments. By using electronic funds transfers, you can replace paper checks. You benefit from increased security, lower costs, and predictable cash flow. It’s just that simple.