Finding the right payment processing strategy is difficult, especially in the home heating and fuels industry. Every business is different and requires a special strategy to increase profitability.
Before diving into potential strategies, I encourage you to reach out to a professional consultant first if you’re unsure of what payment processing strategy will benefit you the most. When you receive expert advice, you’ll avoid wasting time and energy that could’ve been used for other business processes.
At Richmond Financial Services, I offer expert consulting to drive payment processing costs down. Not only will you enjoy savings, but you’ll also gain access to more data that’s beneficial to your business. Now, let’s dive into a few of my recommendations.
1) Expand payment methods
B2B payments are expanding and becoming more accessible than ever. As a business owner, you want to ensure you do everything in your power to streamline the payment process. If a B2B payment fails, you’re losing out on valuable revenue that directly impacts your profitability.
Keep in mind that B2B payments are generally must larger than B2C payments, and the size of these payments is expected to increase in the coming years.
The traditional ways of collecting B2B payments were through credit cards, bank transfers, wires, checks, and cash. To keep the process more secure, there is new software like Stripe and Braintree that include easy integrations and an open API. Most of this new software is pricey, though, so it’s important we work together to find a solution that aligns with your budget.
2) Invest in eCommerce
If you don’t have some sort of online presence for your business, now is the time to start. In the digital age, most new B2B business is coming from online interactions. Why the increase? Millennials now makeup 70% of all B2B decision-makers and focus on online interactions.
Businesses that implement eCommerce see five-times quicker revenue growth, according to Forrester. And eCommerce will account for 17% of all B2B sales by 2023.
3) Consider cryptocurrency
We’re not saying go out and buy a bunch of cryptocurrencies, but this is something to keep on your radar. Right now, only 8.1% of firms use this payment method and satisfaction isn’t that high. Significant improvements must happen before cryptocurrency becomes a dominant payment method. Plus, it’s worth noting that Mastercard has brought cryptocurrency onto its network with 89 blockchain patents and 285 pending applications.
Now that you know a little more about developing a payment processing strategy, you probably have questions. To learn more about how I can help, please visit my website.
