More efficient, more secure, more competitive; that is how we want small businesses to be; and that is how they should be, in their own interest. Finding our niche among the “big boys” requires us to forge our own identity, but also to adopt appropriate strategies and practical tools.
The bank card payment system through a phone call can significantly benefit small businesses for a number of very specific reasons that we present in this text. But before explaining these keys, a very brief introduction to the problem facing SMEs, which has to do with the same old problem: scale.
The usual problem: infrastructure and scale
The starting point is well known: inequality in order to compete. Indeed, small companies do not have the resources available to large companies (either technological or financial, or both).
In other words, the bargaining power of SMEs with banks or card payment providers is not the same as that of “the big guys”. And neither does its capacity to invest in innovation and technology. So the small entrepreneur has to look for innovative but also affordable tools if he wants to survive.
This is the role of the telephone card payment system, provided it has solid security and privacy guarantees: it is a way to expand the range of payment channels, increase conversions, improve the customer experience and facilitate loyalty. What are the differentiating facts offered by this technology to make this possible?
The three keys
In our opinion, card payment by phone presents three essential elements that help small businesses to compete in better conditions without the need for large investments or unrealistic organizational transformations.
Reduces payment processing costs
If you have a merchant business, you are probably aware of the so-called processing fees involved in any credit card transaction; basically, these are the fees paid by the merchant for accepting card payments. You will also know that transactions without the presence of the holder are usually larger.
This is essentially due to the fact that they are considered higher risk, because it is considered that there is a greater possibility of fraud and a greater possibility of returns. However, the credit card industry itself, embodied in the PCI, recognizes that automated management (without human intervention) greatly reduces these risks, and with them, fees.
Increases process efficiency
Commissions aside, the automated process is more efficient for two main reasons. On the one hand, and returning to the human factor, the possibilities of error in data entry or information verification are reduced to practically zero. There’s no question about it, machines fail less.
And they are also admittedly faster. Without a flesh-and-blood intermediary, waiting times are significantly reduced; with this waiting time being the number one enemy to successfully completing a transaction, the specific weight of this factor for success in small commerce is understandable.
Improved customer satisfaction
Another factor immediately follows: customer satisfaction with fast, reliable and efficient sales service goes through the roof. Loyalty and upselling possibilities are enhanced when the customer has personally verified that the payment procedure is fully satisfactory.
There is nothing smoother in a buying process than moving from the research phase to the purchase phase in a single gesture. This means, for telephone sales in the field of small businesses, that the customer can get in touch, obtain information and purchase the product through the same channel and in a seamless procedure.
Technological innovation at your fingertips
Thriving in the competitive market of the digital economy means, among other things, taking advantage of the comparative advantages offered by cutting-edge technologies.