One of the biggest challenges faced by small businesses today is managing cashflow, and processing payments smoothly is critical to the process. With customers demanding faster and faster processing times too, the growing options for online payment is also helping boost funds. Many companies are also turning to outsourced accountants to free up time in their operations, thus allowing them to focus on improved service.
For online gift retailer Find Me A Gift, the exploitation of a range of secure payment tools is also boosting trust in the company, with the firm’s marketing assistant, Emma Laws, telling The Guardian small business blog:
“We have introduced these gradually over the past few years as our customers have become more security sensitive and also have more demands placed on their time. If we can optimise the time they do spend on our site, by offering a choice of payment methods they already use and by encouraging trust in our brand, we aim to capitalise on sales.”
Transaction analysis is key
When analysing the website activities of visitors, the company found that a significant number were not completing the purchase of basket items. A redesign and simplification project ensued and saw the introduction of PayPal checkout.
Amazon Payments, which Laws explained is used by a higher proportion of bigger spending consumers, was then added to the purchase options.
PayPal Express has since been added too, in recognition of the growing use of mobile devices to shop online.
Developing a culture of trust
The tie-ups with PayPal and Amazon, as recognised names, also helped the brand become a more trusted place to shop. With the two internet giants also offering their own purchase guarantees in addition to what the retailer offers, the element of trust was further supported.
The partnerships also help funds transfer from the customer accounts to the Find Me A Gift accounts more quickly than a traditional card transaction.
In peak periods such as Christmas, this boost to cashflow is vital for the firm and provides the cash to ensure stock levels are maintained to meet demand.
Funding international expansion
Streamlining online payments can also help with international growth plans, as beachwear firm Lilylola experienced.
It took the choice to engage with a payment service firm to tailor a bespoke e-commerce platform to process payments across Europe and further afield.
Recognising areas in which cashflow can be improved, through spotting trends in the market or reducing waste, is essential for small and medium-sized firms today. Working with outsourced accountancy services can deliver this, while also ensuring the books are kept in order through day-to-day operations.