Tips to Improve Your Business

When it comes to doing business, every little counts, whether it be for or against you. So, you’ve got to maximize the “fors” and minimize the “againsts” in your business. This can seem like a balancing act, but rest assured, with a little bit of work and due diligence, you can easily make your business a successful one. Here are a few tips.

For starters, advertising is an essential component of any business, but how many businesses consult with consumers about what they want out of their products, let alone advertising? This small change can make a huge monetary difference. If business is a gamble, then using focus groups to refine your product is betting on a sure thing. Remember, you’re not going anywhere in the business world if you don’t focus on making the customer happy, and it seems like most businesses these days are successful enough to be able to forget that.

Next, consider trimming the fat wherever possible. That’s not to say you should cut corners, however, as that violets rule number one. Now, instead of zero in on excessive spending in an area and find a way to reduce it. Or, simply let some employees go in favor of new hires that hit the mark and make the company money. As long as you never let the quality of your products and/or services take a backseat to profit, spending less is generally preferred.

Lastly, consider the importance of employee morale. An increase in morale is an increase in productivity, and the opposite is true, as well. Happy employees do the best work, so do what you can to improve the moods of your workers. Adding little incentives for top performers is one way to make them happy and want to work harder. Consider giving your top employee each pay period a move ticket from StubHub, for example, and it’ll make all the difference in the world.

Choosing the right payment gateway for your business

The internet has been widely accepted as the number one source of merchandise by customers. As a merchant, therefore, you have no choice but to find a reliable way to get your products online. To a merchant, online retailing increases sales by exposing the business to a new customer base, while to the client, shopping online eliminates the hassle of physically visiting a store.

However, the success of eCommerce has been marred by overwhelming cases of card-not-present fraud. Consequently, it is up to the merchant to employ payment processing practices that give the much-needed protection from malicious buyers. While not full-proof, a payment gateway is the best chance an online seller has to process credit card payments securely.

 

Types of Payment Gateways

Payment gateways provide a link between websites and card services to allow customers to make direct payments and complete transactions instantly. Although the services a gateway will offer your business vary with your merchant account provider of choice, it will likely fall under the following two categories:

 

  • Hosted Payment.

 

 

If when making payment a buyer is redirected to the gateway page where they can complete the process, then yours is a hosted payment gateway. PayPal is an example of a hosted gateway provider. The best part about this gateway is that it doesn’t require you to accept or store any personal card details on your website. Instead, the gateway’s site handles the security risk.

 

 

  • Shared Payment

 

 

A shared payment gateway enables the customer to finalize the purchase while still on a merchant’s site. Rather than redirecting to another website for payment, clicking the “buy” link or button reveals a post form, which the buyer fills with all the required details. A good example of a provider that offers this type of gateway is eMerchantBroker.

 

This type of gateway lays the entire security risk on the merchant but makes the transaction process a lot faster. Moreover, customers do not always like to be redirected to other pages while shopping.

 

Picking what is right for you

Choosing between hosted and shared types should be based on your business. New or small-time sellers prefer hosted gateways, but an established merchant is likely to benefit more from a shared gateway.

Besides type, other things to consider when choosing a payment gateway include:

 

 

  • Transaction fees

 

Gateway providers will charge a small amount for the use of their website or app to process your payment; either as a fixed fee per transaction, a set percentage of each purchase or a mix of both.

 

 

  • Recurring billing

 

A good gateway should extend to the merchant the ability to process monthly subscription payments from the customer automatically.

 

 

  • Fraud prevention

 

In addition to payment processing, a gateway can come bundled with fraud mitigating solutions and chargeback detection services which prevent losses from suspicious purchases.

 

Signing up for the right payment gateway requires sufficient understanding of your business niche and the operations of available payment service providers.

 

Yash computech Solutions software development company in indore

Yash computech solutions

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