4 Payment Processing Tips To Help Startups Maximize Online And Offline Conversions

by Startacus Admin
Conversions are one of the most important metrics for measuring a business’s performance. A strong conversion ratio is a reliable indicator of a healthy business and a good strategy. Here are four ways that new startups can use their choice of payment processor to help boost their conversion rates.
Opt For An Integrated Online Solution If Possible
Adding new systems and software to your network can be a fraught process. Conflicts and incompatibilities can slow down the process of rolling out a new system, or they can render the whole exercise a waste of time. Looking for payment processing solutions that integrate with the existing systems and software that you use is an obvious way of making some substantial efficiency gains and saving yourself a heap of trouble further down the road.
For example, your business has almost certainly digitized and perhaps even automated it's invoicing and payroll, doing these manually is needlessly time-consuming. With a compatible payment processing solution that integrates with your invoicing software, you can enable your clients to pay you via a link on your invoice, making things quick and easy for everyone.
Making it as easy as possible for clients and customers to give your money will naturally maximize the amount of revenue you are generating from them. Look for a payment processing solution that integrates as deeply as possible with your existing systems so installation will be painless and you can maximize the opportunity before you.
Use Online Shopping Carts To Their Full Potential
Online shopping carts are an obvious feature for an online store to have. Only a lunatic (or Nintendo) would operate any kind of e-commerce store without implementing virtual shopping carts in 2020. However, while having shopping carts is great, you should be aspiring to do more than merely have them present. If you use them correctly, online shopping carts present a range of opportunities to maximize conversions.
For example, the abandoned cart email is one of the most powerful tools that businesses have to maximize their conversions. An abandoned shopping cart email is exactly what it sounds like, it is an email sent to your users if they abandon a shopping cart without completing the checkout process. There are a number of reasons why someone might add items to their cart but not ultimately purchase them. Unless they have taken the additional step of removing the items from the cart and signaling that they have no intention of purchasing them, it is worth chasing them up with an abandoned cart email to jog their memory.
Many businesses combine an abandoned cart email with a special discount code. For example, if you offer every user who abandons their shopping cart on your website a 10% discount if they complete the checkout process, then you can convert some of those lost customers into revenue.
Choose Your In-Store Card Machines Carefully
Many businesses make the mistake of assuming that taking payment from their customers is the final part of their interaction when they are making a purchase. However, the experience that customers have while they are in your store will have a profound impact on whether other people are likely to take a chance on you. If someone comes to your store to buy something but is held up by slow payment processing, don’t assume that they won’t tell their friends. Bad news about businesses tends to spread much faster.
The brand of card machine that you choose for your business might not seem like a big deal but the card reader and payment processor you use in-store will affect the time it takes to complete each transaction. For example, UTP Merchant Services who can not only offer sleek and modern card readers for business, but thanks to their partnership with Barclays, can offer fast processing which is of course very important.
Offer Mobile Processing
Everything is mobile these days. Most of your users will be browsing your website from their phones and many people who come into your store will be doing so because they have found you online. Releasing a companion smartphone app for your business enables your customers to spend money with you online or offline. By integrating your payment processing capabilities into a mobile app, you can help your salespeople to serve customers with their smartphones, eliminating queues at the register.
It is vital that new businesses don’t underestimate the importance of their payment processing. It is easy to fall into the trap of assuming that minor back-end decisions don’t affect the experience for your customers, but this is wrong. Choosing the right payment processor is vital if you want your customers to have a good experience.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Got a business in the manufacturing sector? These tips on how you can reduce energy costs while being more sustainable are well worth a read...

Innovative InsurTech startup SureIn announces a €4M Seed round to further its mission of making insurance easy, transparent and hassle-free for SMBs.

Nassia Skoulikariti, Director of IoT Programmes, Mobile Ecosystem Forum shares some insights on how IoT is having a significant impact on all our lives.

Roger James Hamilton, Founder and CEO of Genius Group, a world-leading entrepreneur Edtech and education group, discusses how introducing a globalized curriculum will help better prepare students.

SuperFi, the debt prevention platform, has announced a $1m pre-seed funding round to support people during the cost of living crisis.

41 startups from 13 countries, including the UK, have been selected for the 8th Kickstart Innovation program, one of Europe’s leading innovation platforms.

Personal training platform Another Round has secured £300k in its latest fundraise, including investment from angels and its community.

Thingtrax Secures £4.3M to Empower Manufacturers to Build the Factories of the Future

A measure of inflation relief for small firms sees transport costs fall but service price increases remain elevated

Bedfordshire-based HR tech startup HR DataHub has built a range of tools for HR departments
Published on: 3rd June 2020
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.







- SureIn Secures €4M to Close the SMB Insurance Gap 15th Aug 2023 Innovative InsurTech startup SureIn announces a €4M Seed round to further its mission of making insurance easy, transparent and hassle-free for SMBs.
- SuperFi raises $1M pre-seed funding round 28th Jul 2023 SuperFi, the debt prevention platform, has announced a $1m pre-seed funding round to support people during the cost of living crisis.
- Startups rely on AI & sustainability for new partnerships 27th Jul 2023 41 startups from 13 countries, including the UK, have been selected for the 8th Kickstart Innovation program, one of Europe’s leading innovation platforms.
- Another Round closes £300k Seed round to revolutionise personal training 21st Jul 2023 Personal training platform Another Round has secured £300k in its latest fundraise, including investment from angels and its community.