Customers appreciate being offered quick and easy payment options. During the buying decision phase, it can make the difference between a transaction or a lost sale. Put yourself in your customers’ shoes for a minute and ask yourself – are you providing prospects (or equally important, repeat customers) with simple-to-understand and instantaneous payment choices?
If you haven’t recently reviewed how your company accepts payments, you may unknowingly be making doing business with your company frustrating, overly complicated, or time-consuming. Although electronic banking and ecommerce have been around for decades, the technologies which power them are constantly evolving. There are likely new capabilities, which could easily streamline and improve the way customers make purchases, payments, and how transactions integrate with your banking and accounting systems.
Modern ERP solutions like Attivo All-in-One, powered by SAP Business One, are designed to be easily customizable. Streamline online and in-person transactions within a secure and transparent module fully integrated with your payment process, banking, and bookkeeping systems.
Here’s a handy checklist to take stock of the current state of your electronic banking practices:
Do you make it easy?
Patrons appreciate simplicity and choice when interacting with vendors. How fluid is your payment processing? Do you experience abandoned shopping carts and complaints? Are manual actions needed by your staff anywhere along the transaction path to ensure funds are deposited and the sale booked as revenue?
Are there processing delays?
If you’re seeing a hold on funds occurring with regularity, especially with credit and debit card transactions and checks written from U.S. banks, a review of how your current system functions is in order.
Is fraud a problem?
One of the advantages of electronic banking is the interconnectedness of financial institutions. Purchasing attempts using closed checking accounts, insufficient funds, and fraudulent credit cards can be detected instantly, preventing financial losses. Automated alert systems also will ‘red flag’ problems and notify merchants of problems, typically shifting the burden of loss to the bank and way from you.
Out of date customer profiles?
Recognizing a returning customer is as welcoming as smiling and saying hello when a regular stops by your office or store. A well designed electronic banking component auto-fills the repeat customer’s information, even including their form of payment if desired. Requiring someone to type in data into fields every time is an annoyance and doesn’t reward their loyalty to your business.
If you do business with customers in Canada or overseas, the process can be greatly simplified and made more efficient for both parties if the necessary processes are in place. Integrating the order with shipping options for foreign orders, currency conversion, and acceptance of non-U.S. payment instruments makes it clear you are accustomed to doing business in other markets.
Getting your electronic banking capabilities up to speed and in sync with your website, sales activities, fulfillment, and accounting assets is easier than you might have guessed. Why take the chance of losing out to competitors or experiencing unnecessary customer churn? Talk to one of our Electronic Banking experts today about the options available in Attivo All-in-One, powered by SAP Business One.
Attivo All-in-One, powered by SAP Business One has the most powerful and fully integrated analytic and reporting tools in the ERP software sector for small to mid-sized businesses. This makes it easier and more efficient to design and implement customized quality control processes and methods across your organization.