An uncertain economy highlights the importance of having a steady cash flow. Small and mid-sized businesses (SMBs) rely on it to stay afloat. <\/p>\n\n\n\n
While organizations historically leaned heavily on pure credit card or cash payments, the advent of contactless and embedded payments<\/a> has changed everything. Today, SMBs can tap into state-of-the-art payment features to increase cash flow. <\/p>\n\n\n\n In this blog, we discuss an eight step process to help SMBs drive revenue and growth with modern-day payments applications.<\/p>\n\n\n\n Before you can optimize your payment process, it\u2019s essential to do a thorough internal review. Doing so will enable you to better understand which touch points can be improved, automated, or eliminated. <\/p>\n\n\n\n For instance, take a close look at your accounts payable and accounts receivable workflows. Evaluate your current payment system for issues.\u00a0<\/p>\n\n\n\n Next, you\u2019ll want to shift from identifying processes to planning the optimization phase. Consider switching from legacy ERP systems to cloud-based systems,<\/a> increasing automation and efficiency. <\/p>\n\n\n\n Another option may be to leverage a plugin<\/a>. Plugins are added on to a software solution, improving or expanding its original capabilities. Usually, the plugin is third-party software that provides additional features, such as customization or automation.<\/p>\n\n\n\n While plugins may seem like an easy solution, not all payment systems and strategies are created equal\u2014and modernizing your payment software is not enough. Working with a payment provider specializing in your industry may<\/a> be essential. Tapping into their expertise enables your team to set up a streamlined payment strategy more effectively. It also makes it easier to get support and troubleshoot potential obstacles.<\/p>\n\n\n\n Next, you\u2019ll want to focus on major revenue drivers, such as developing new and profitable initiatives, re-engaging customers, or improving other areas of your business. <\/p>\n\n\n\n Customer experience is one example. Technology makes it possible to create seamless, self-service payment options for customers that boost satisfaction. Best-in-class payment systems accomplish this through several features, such as recurring payments, personalization, increased payment acceptance, and one-click payment options.<\/p>\n\n\n\n One way to increase customer experiences can be through recurring payments. When applied correctly, these payments are powerful. In fact, one study discovered that organizations using this payment strategy can grow up to 3.4x faster than Fortune 500 companies<\/a>. The same report found that recurring payment models boosted retention and annual revenue per client account. This feature can easily be used in many industries to stabilize predictable cash flow, reduce customer turnover, and make it easier to plan growth programs.<\/p>\n\n\n\n Personalization is another critical element to creating a strong customer experience. A study from McKinsey found that 76% of consumers get upset <\/a>when brands don\u2019t personalize interactions. This strategy can include allowing customers to save their payment information, offering local payment options for regional or international customers, and adding relevant upsells and add-ons to the check-out process. <\/p>\n\n\n\n Another element to consider when looking to drive growth is increased payment acceptance. According to the 2023 Global Digital Shopping Index from PYMNTS<\/a>, 48% of consumers say that having different payment options is an important feature. The fact is cash and credit cards are hardly the only payment methods anymore. Customers may also expect you to include integrations with PayPal, Google Pay, digital wallets, and bank transfers. Cash, for instance, is on the decline. Pew Research<\/a> found that 41% of Americans don\u2019t use cash for weekly purchases. Furthermore, your industry may benefit from alternative payment types like loyalty points or gift cards. A wide array of payment options can reduce cart abandonment and attract more customers. <\/p>\n\n\n\n Finally, SMBs can get paid faster by making payment as easy as possible. One-click payment portals allow customers to complete a transaction quickly. Top payment systems let you send these one-click invoices through multiple channels, such as email or text messages. <\/p>\n\n\n\n In today’s competitive landscape, SMBs can level the playing field with enterprise-level organizations through innovative payment solutions. By adopting features like recurring payments and one-click options, businesses can enhance customer satisfaction, accelerate cash flow, and fuel rapid growth. <\/p>\n","protected":false},"excerpt":{"rendered":" An uncertain economy highlights the importance of having a steady cash flow. Small and mid-sized businesses (SMBs) rely on it to stay afloat. While organizations historically leaned heavily on pure credit card or cash payments, the advent of contactless and embedded payments has changed everything. Today, SMBs can tap into state-of-the-art payment features to increase […]<\/p>\n","protected":false},"author":1,"featured_media":12763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"Discover eight simple steps SMBs can take to drive revenue and growth through modern payment solutions, enhancing cash flow and customer experience","_seopress_robots_index":"","footnotes":""},"categories":[566,577],"tags":[],"class_list":["post-13047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-featured"],"acf":[],"_links":{"self":[{"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/posts\/13047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/comments?post=13047"}],"version-history":[{"count":0,"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/posts\/13047\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/media\/12763"}],"wp:attachment":[{"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/media?parent=13047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/categories?post=13047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/tags?post=13047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Step #1: Evaluate your current process <\/h2>\n\n\n\n
Step #2: Fine-tune Your ERP and Integrations\u00a0<\/h2>\n\n\n\n
Step #3: Select a Specialized Payment Provider\u00a0<\/h2>\n\n\n\n
Step #4: Focus on Profit Centers <\/h2>\n\n\n\n
Step #5: Tap into Recurring Payments <\/h2>\n\n\n\n
Step #6: Personalize the Payment Experience <\/h2>\n\n\n\n
Step #7: Vary Your Payment Methods <\/h2>\n\n\n\n
Step #8: One-Click Payment Options <\/h2>\n\n\n\n
Empower Your Business with Modern Payments <\/h2>\n\n\n\n