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Manage Online Payments
BusinessManagementMarketingTrending

 How to Manage Online Payments

by Shamsul October 24, 2021

  Professional Tips for Online Businesses with Online Payments

Did you notice that managing your online payments can be challenging? With so many different payment methods, it is sometimes difficult to keep track of which card a person has chosen. This post will suggest you few tips on how to control this process and make sure all your customers are assured of their knowledge!

1. Propose a comprehensive list of payment options

At the time when digital technology was taking over almost every sector, it was thought that online businesses were risky. Online payments are now commonplace in various industries. Simultiounlesly, online business owners want to have all the payment options available for customers.

Many payment options include:

Credit cards/bank cards

PayPal

Check/cash orders per postal service (UK citizens only)

Electronic bank transfers through services such as TransferWise (available worldwide).

If your site takes orders from other countries, these international forums should also be mentioned above. However, few of them require accounting before they can be used. Gone are the days when real stores were required to have credit card readers to process payments. In the present day, if you have a merchant account with a payment gateway, you have an actual terminal that you can use to process online payments. This method is suitable for those who want to take payments on their website but do not have a visible site or staff (for example, a service business).

2. Request Only Required Information

At a time when burglary is a constant threat, security remains a responsibility. Customers need their information to be kept protected and secure at all times. It is important not to ask for too much customer data when they are buying just one product for you! If you fill out more fields on your opt-out form, the more likely it will look suspicious to potential criminals in online transactions. It is very easy for them to steal someone’s identity because of their own faults or procedural errors.

You can request the following for online payments:

– Name

– Address

– Email address

The customer will need to enter these chunks of information to complete their purchase, and you will be able to compile them in your database securely. You can also enter a field asking for their phone number – a decent idea if they are shopping out of town or have an unusual shipping location.

3. Improve Security and Privacy of Online Payments

As mentioned, the security of your consumer’s data is of paramount importance. There are two ways to protect customers’ data from unwanted access by paying online, including; encryption and tokenization. These safety measures protect data from to read, copied, or modified by unauthorized users. Encryption is the procedure of converting information into another way to keep it personal. It involves an algorithm that makes messages unclear without using the key to decrypt them back to their original state. Encryption can be in 1 way (leaving the message readable only if you know how it is encrypted) or in 2 ways (meaning the sender & recipient have keys).

The tokenization involves the cardholder’s sensitive information about random tokens before sending them to open networks. It reduces the risk exposure compared to other forms of payment such as credit cards. There is no possibility for hackers to break these codes during online payments.

Encryption and tokenization are means businesses can ensure online customer data. This is significant as the Internet has become a breeding ground for hackers, which can lead to stolen money or even identity theft if full credit card details are made anonymous to the public. These measures ensure safety and privacy for customers. However, they also impact business operations with cost implications ranging from additional software purchases to higher staff costs due to additional technical support staff. For this purpose, companies should check how long we will be given these services before making any significant changes such as hiding all transactions or using new payment technology such as EMV cards. The last thing you want is to make a detailed overhaul of your security plans if the benefits are not worth the cost.

4. Permit Online Payments without the need to create an account

Requiring newcomers to open a new account to pay can scare them and prevent them from completing the purchase.

You must accept online payments without needing an account by making a one-time payment instead of an annual or monthly subscription.

Tip: you should also give money with a bank debit card or credit card, which is very lenient to enter all your bank details.

5. Use Systems That Do Not Need Redirecting

When working online, try not to use any system that requires customers to leave your website to complete their purchases.

Redirecting has 2 problems: it will be more expensive if they stay on-site, and people who use Smartphones can lose up to 60% of all assets due to this disruption.

Redirecting customers to a third-party site is not only costly but also unsafe for online payments. The customer may submit their information to the wrong page, leaving them at risk of identity theft or other forms of cybercrime.

So, if you use PayPal, make sure they stay on your site and never direct them off from it!

6. Understand the Fees Related to Accepting Online Payments

There are fees also and associated with accepting all forms of online payments. For example, an e-commerce merchant can earn money to process credit card transactions from individual customers and exchange fees charged by U.S. card companies. Other costs such as cross-border transactions or foreign exchange rates are in converting local currencies to foreign exchange transactions.

In addition, some online payments providers charge retailers based on how many customers use their service in a given month, making it important for businesses to understand these additional charges before deciding which provider is best for them. This includes bank statements and what your processor charges you for the transaction and other additional monthly payments that they may add to the cost of all transaction processing such as minimum monthly or payment to make the transaction processed more than once per day.

Did you know that PayPal offers merchants up to $ 30 free credit when they sign up?

This is a very nice motive. Vendors not only get the opportunity to explore every aspect of PayPal for their business. However, many will qualify for the promotional offer also. They can do any online transaction, including sales and services. The best thing about this opportunity is the terms and conditions.

PayPal does not charge a fee for top-ups from debit cards (or any other payment method). So, no extra charges or anything to the account holder!

As you can see, there are many ways to manage payments online. Each business has its own needs and explanations in the way it wants the procedure to go. The good news is that whatever you want, there are probably options out there that will fit you! We hope this post has helped keep some ideas going forward to ensure that all aspects of your business run smoothly.

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Marketing Strategy of Paypal
BusinessManagementMarketing

Paypal Marketing Strategy | Marketing Strategy of Paypal

by Shamsul June 12, 2021

 

Paypal Marketing Strategy | Marketing Strategy of Paypal

 

Paypal was founded in 1998 and completely owned by eBay. In 2015, it became an individual entity. Currently, it has more than 197 million active users and nearly 15 million accounts are merchant-based. Now, Paypal is operating in 200+ countries and in 25 currencies. This American company is known for its online payment services, money transferring, and transactions via electronic platforms. It is a safe and convenient platform for online transactions. In this post, we will focus on the important marketing strategies of Paypal.

Important Factors in the Paypal Marketing Strategy | Marketing Strategy of Paypal:

Segmentation, Targeting, and Positioning:

Paypal uses demographic and psychographic segmentation strategies in order to target the different consumer bases on the basis of groups, choices, preferences, and tastes. They use a differentiated targeting strategy in order to fix the varying demands of the users. Product-based positioning has been used in the positioning strategy of Paypal in order to develop appropriate visibility in several markets internationally. The main mission of the company is to create a safe and convenient method for transactions.

Paypal Marketing Strategy | Marketing Strategy of Paypal

Competitive Advantage:

  • Exclusive Platform:

Its digital platform offering an end-to-end interface that helps the merchants and users in performing mobile and digital transactions without any nuisance. They provide hassle-free transaction service without any risk which is the biggest achievement of the company.

  • International Reach:

Now, Paypal is operating successfully in 200+ countries internationally which helps the company to increase its revenue and consumer base. Due to this global reach, they are developing international exposure successfully.

  • Business:

With a workforce of 18000+ people, Paypal is the leading company in online payment services with the highest market share and value. This thing gives a major competitive edge to Paypal.

Paypal Marketing Strategy | Marketing Strategy of Paypal

BCG Matrix:

Paypal has two major digital business payment platforms for merchants and consumers. Both businesses are linked together in the form of transactions, and connecting thousands and millions of merchants and customers globally. Both businesses are successful, that’s why both are starts in the BCG matrix.

Distribution Strategy:

The company has created user interfaces that assist the customers and merchants in transaction processing and also offer payment platforms. As a result, they can receive and send payments in different markets without any trouble. To shorten the boundaries, they integrate merchant accounts and consumer digital wallets digitally.

Brand Equity:

In Forbes list, it has been ranked 380th in the world’s global brands and also secured several accolades. It is a leading player in the relative industry in terms of market capitalization and share. Paypal is a trusted name in mobile and digital payment platforms, providing convenience and ease of transaction to both merchants and consumers.

Paypal Marketing Strategy | Marketing Strategy of Paypal

Competitive Analysis:

There is no denying that the international digital payment market is highly competitive and Paypal is facing stiff competition from different players. They are competing with rivals on some specific factors like user-friendly interfaces, customer service, ease of transactions, and engaging capabilities. They are attracting merchants and consumers with its offerings and products. The major competitors of Paypal are Google Wallet, Wepay, Fintech firms, Apple Pay, and several other digital platforms.

Market Analysis:

The digital payment industry has different challenges in both developing and developed nations in the form of per capita income, increasing literacy rate, automation, and migration of people. Plus, the appearance of other fintech companies is another important factor that is giving head-on competition to Paypal.

Customer Analysis:

Most of the customers of Paypal are tech-savvy who like to make online or digital transactions or payments. The majority of users of Paypal are B2B firms and merchants. On the other hand, several government organizations and private firms are also permanent users of Paypal.

 

Tags:

Paypal Marketing Strategy, Marketing Strategy, Marketing, Paypal, Online payment service, Paypal Marketing, digital payment, payment

 

Need Help or Advice in Content Management:

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Do you want any help to write content and drive more traffic and boost conversions; get in touch through Contact our team?

 

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