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The Ultimate Guide to Retail Payment Gateway

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When you are running a retail business, it is very important for you to choose an online payment system that gives you a total control over your money and does not bog down in delays and unpredictability. The best solution for retailers is to accept as many payment methods as possible and provide a flexible point-of-sale system in place. 

As of modern technology and the digital global economy, retailers have the option of online payment that have open a world of new revenue streams and opportunities to compete with the Goliaths of the industries. CloudBanking gives you the greatest control of the operations of your business and mitigates undue risks by providing solutions like automated recurring billing, on-demand depositing to your bank account, and integration with your accounting software like XeroQuickbooks and MYOB.  

With CloubBanking digital payment, we provide you seamless integration and built-in fraud filters that can protect your online store from scammers, allowing you to micromanage specific and special transactions when they occur. However, you need to consider payment options that can manage your business cash flow and meet your customer’s needs. 

Here are some digital payment options for Small and Medium-sized enterprises 

  • Cash payments 

Cash is the common payment method you accept in exchange of your goods and services. You do not have to worry about any subscription fee as it does not require any payment processor software. However, there are dew downsides to letting your customers pay with cash as there may occur intricacies to handling and accounting for cash transactions.  

  • Credit card and debit card payments.  

A credit card lets customers pay for goods and services by creating a debt with a card provider, whereas debit card deducts the sale amount from a customer’s bank account. Accepting credit/debit cards as a payment method is required to keep pace with customers and competitors. With more and more consumers forgoing cash entirely, allowing credit card payments means you can avoid losing out on sales when customers just don’t carry cash. Moreover, credit card payments are often deposited into your bank account soon after your sale is completed. This gives your business a real time cash flow transaction. 

  • Online virtual payments (such as CloudBanking) 

Online virtual payments let your customers pay for your goods and services through any device having an internet connection. CloudBanking makes your payment automatic and convenient by using encryption for sending payment information to protect your customers from cybercriminals. 

  • Mobile Payments  

Keying in a card number on a mobile device is becoming the norm for many online businesses. When the payment is confirmed, an emailed receipt is sent immediately. Mobile payment app is a value-added option where business can sell and buy services and products online, access cash flow reporting, manage customer accounts, and send invoices. Mobile payments are faster and easier for consumers who typically have their phones out anyway. Moreover, when customers pay with their smartphones, you can potentially receive and track customer data, including how frequently they shop with you and how much they spend, and you can engage with customers throughout the in-store journey. 

  • Email Invoicing 

Send your customers an invoice by email and get paid at the speed of a few clicks. Email invoicing gives your customer the ability to pay their bills online and receive a receipt in seconds. With a total integration solution, from online payment to customer database, it can manage data securely and save time and money. 

  • Gift cards and vouchers 

Very popular on special occasions, gift cards and vouchers can increase sales and help you promote your brand. In some states gift cards and vouchers are valid for longer periods and acceptable both instore and online, so businesses need to honour the purchase if it is within that period. They are one of a retailer’s secret weapon in building long-term, loyal customer relationships. Moreover, customers feel more comfortable spending more money with your retail store when they receive a store credit voucher.  

Why does Retail business need digital payment? 

retailers purchasing online

Digital payment is becoming the new normal as online shopping industry is flourishing and business owners tend to facilitate easier and more varied payment options. Analysts predict that 95% of all retails sales by 2040 will be e-commerce transactions. 

CloudBanking is your payment gateway that functions as the bridge between your business, customers, and the card network to make online shopping experience a smooth one for all the parties involved. When a customer purchases anything using their debit or credit card, CloudBanking payment processor handles the transaction and verifies whether it is valid or not. It encrypts financial data entered via your website and provides data security. Furthermore, it offers cash flow management via accounting integration and provides a real time transaction information.   

Offering online payment options increases satisfaction by improving customer experience and saves time by accepting payments securely over their phone, website, mobile app, or through a recurring payment schedule that directly debits customer’s bank account.  

Conclusion 

When choosing payment methods, you need to think about the preference of your customer. It will make them more likely to pay on time. CloudBanking digital payment provides security on fraud protection and identity protection. These services are provided in the form of 24/7 fraud monitoring, data encryption, or HTTPS secure payment portals to maintain security in your online payment method.  

Moreover, depending on where your business is, your payment options have to be reliable on electricity or telecommunication. For example, EFTPOS uses electricity and needs access to a phone network. This payment method will be unavailable if these systems go down. On the other hand, Cloudbanking turns iPads, smartphones, or any other device with an internet connection into robust card readers and enables customers to accept online credit card payment anytime and anywhere. We offer innovative plugins and extensions, which enable you to add a powerful customer portal functionality to your business website and improve the capability to securely accept several modes of payment and process payment online. 

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    ACCOUNTING SERVICES

    Run fast, accurate, and automated accounting processes through Cloud Banking’s white label portal for accountants. Simply ask your customers to log on to your dashboard so you can download all their statements and reports—making it easier for you to do their taxes. Likewise, you can make sure that our platform can help you streamline everything from financial consolidation to compliance reporting and audits.

    Our innovative payment solutions can easily be integrated into your existing accounting, invoicing, and billing software so you can get paid faster and more secure. Interested? Start by talking to one of our business specialists today.

    HIGH RISK

    Are you in the high-risk vertical market? Getting tired of looking for a reliable payment solution for a high-risk industry? Don’t worry! CloudBanking got you covered.

    We understand that banks and low-risk providers may instantly turn down merchant accounts who they deem industries with a history of high chargebacks, irregular high ticket sales, or that are highly regulated. Thus, finding a high-risk payment processing solution that keeps high-risk businesses running efficiently might be a daunting, frustrating process. This is all the more true for the CBD oil industry. However, CloudBanking understands that your business model works for you. We believe in your business’ desire to help the community and we’re committed to providing top-rated services.

    Thus, we go the extra mile to ensure your business’ security and efficient cash flow. We provide tailored solutions and features because we understand your unique needs. You can now offer your customers a smooth and seamless journey with our innovative payment solution for high-risk industries.

    HEALTH AND WELLNESS

    Focus on what matters most to your business—your customers. And allow CloudBanking to take care of your payments. Our payment solution for the health and wellness industry will be your trusted partner in improving your customer experience. With our innovative platform engineered to accept all kinds of payments and provide the security, you need; we can guarantee you streamlined business operation.

    In the ever-changing global marketplace, make your business at the forefront of innovation to give your customers the best customer experience. Trust that our payment solution for health and wellness is here to help you meet your customers’ expectations while improving your cash flow. Contact us today to experience the difference.

    FIELD SERVICES

    Are you one of the small or mid-sized businesses in the field service industry having trouble collecting payments? And are you tired of all the waiting and hassles? Then, it’s time for you to adopt a phone- and cloud-based payment solution for field services that will improve your cash flow and accuracy. Allow your field services staff to accept payment on-site so they can focus on the next job.

    Level up in the game field by offering a cutting-edge payment solution for field services that will assist you in meeting your needs and improving your bottom line. Contact us to know how we can be your trusted partner in getting paid faster and secure.

    RETAIL

    The retail environment has evolved rapidly in the past years. To keep with the pace and increase your bottom line, you need to integrate a platform providing a full suite of card payment systems that fully satisfies the needs of you and your customers. CloudBanking’s payment solution for retail industry is here to help you stay in the game and be more competitive.

    Powered with the latest technology, our credit card processing solutions allow retailers to accept any form of card payments such as credit cards, debit cards, and EMV-compliant cards. Our payment solution for retail industry can help you effortlessly manage your point-of-sale transactions while you boost your retail sales.

    PROFESSIONAL

    CloudBanking offers a customized payment solution for professional services companies, such as law firms, insurance agencies, and accounting firms. Our platform is designed to provide you a safe, convenient, and secure way to accept your service fees and lessen the administrative cost related to payment processing.

    We understand that your business’ payment processing needs are unique. So you can’t just rely on any payment processing platform to manage your cash flow. You need a trusted partner to receive payments fast, secure, and easy. Enjoy this hassle-free process when you integrate our payment solution for the professional services industry.