Running a business today is no easy task. There are so many things to keep track of, and the competition is fiercer than ever. Designing and creating a layout of your business can be the fun part, whereas overcoming challenges of maintaining a steady business can be quite demanding.

The information available to shoppers increased. So, shoppers, especially the savvy ones, spend a lot of time researching their purchases and considering the overall customer experience before committing.

As an eCommerce company, you must provide new, unique and innovative means to meet the demands of your customers. The eCommerce companies who do not shy away from the challenge are bound to excel, as we have seen recently.

Deloitte has reported that customers will spend up to 140% more if they have a positive experience than those who experience a negative experience. You will agree that this figure isn’t far-fetched because the information age has created ample opportunities for both buyers and modern eCommerce companies.

Therefore, it is clear that to keep buyers loyal; you need the right tools while putting in place innovative measures to stay ahead of the crowd.

In this article we explain how using different payment acquirers can lead to more checkout conversions.

E-commerce considerations for point-of-sale (POS) software

By 2024, online sales are expected to make up nearly 22 percent of all retail sales globally. This means that current in-store retailers are taking their stores online in an attempt to capture part of this market.

eCommerce sites have different needs than physical locations, especially when it comes to their point-of-sale (POS) systems.

What is POS?

Operating your own small business or eCommerce store is a process that requires a lot of different tools and processes. Aside from an excellent idea and a dedication to your niche, you’re also going to need a platform through which you can handle transactions.

A point of sale system, or “POS”, is essentially an environment where you can handle a lot of the financial and administrative work of running your business.

Within your POS you ensure that there’s enough inventory for your customers. You can also use your POS software to track sales trends, and handle transactions.

• The types of payment cards you are willing to accept (for example, some acquirers do not support the Discover card).

• The average number of transactions expected weekly or monthly in your web-shop (this is specifically important due to some acquirers asking for a monthly fee which can be a costly burden on a merchant that has a low number of transactions in its early stages).

• The average amount per transaction made in your web-shop (this number can help you calculate how much will potential acquirers charge you for each transaction).

• The services offered by the acquirer (for example, some acquirers will offer you integration services if needed while others do not. It is important to know ahead of time how much work you will need to put in yourself).

• The types of ecommerce platforms supported (if your web-shop is built on a specific platform, it is imperative that your acquirer supports it).

Conclusion:

World is moving towards a cashless economy every single day by leaps and bounds because it not only eases one’s life but also helps authenticate and formalise the transactions that are done.

It’s quite necessary nowadays that your ecommerce store or online shop has an online payment option enabled and all the stores are synced with a Merchant Operating System like CommerceCore™.

If you’re looking for a way to increase your sales, consider how customers are making their purchasing decisions. People expect more from businesses than ever before and that means offering them the payment options they want is vital.

CommerceCore™ offers several different payment acquirers that allow your customers to pay on their Customer Portals or e-Commerce website with their favourite payment methods. We can show you how our solution will work for your eCommerce company by scheduling a demo, so contact us today!