Part of the job of a responsible payment service provider is to guide small business owners through the online payments process to help them reach new markets.
The decline of the UK high street at times seems irreversible. Having a bricks and mortar business may not be enough anymore for SMEs with high growth ambitions. Building, maintaining and developing an online web presence can help to boost a brand, introduce it to new markets and go a long way to attracting new business.
It’s not all doom and gloom for the high street, though. With Britons spending approximately £4,611 each online every year, many chains and SMEs are adapting to offer better experiences both online and in-store.
Having a presence on the internet isn’t enough to grow though. Working with the right online payment service provider can help you to achieve online compliance, streamline the services you offer and – most importantly – keep shoppers coming back to your site in the future.
Tap into the knowledge of an online payment service provider
For those with little experience of the online realm, a good payment service provider won’t overload people with technical jargon and confusing terms. The right payment service provider already knows what a tough job senior managers and SME owners have without having to worry about the complexities of web processes.
As well as acting as a guide to streamline and perfect users’ experiences when they look to make a purchase from a website, an online payment service provider’s largest selling point is their knowledge and how they keep their ear to the ground when it comes to the digital marketplace.
Because the truth is that the online marketplace is constantly changing. Newer apps and ways to pay are constantly being released from the financial technology (fintech) sector, designed to disrupt traditional financial models and make it easier than ever before for people to access and manage their funds through connected technology.
Navigating online compliance with a payment service provider
You may already have a website and are looking to create and release your own app, for instance. The challenges of integrating payment components into an app-based service though can be extraordinarily complicated.
Not just in a technological sense. An app with payment provisions has to pass several strict tests such as regulatory cover, risk management, fraud prevention, identity verification processes and more. Not just from a compliance angle, but to simply build trust with potential customers to let them know that their money and information is safe with your business.
We know from experience that it can be an incredibly tall order for small business owners and managers at high levels within an SME to heavily involve themselves in the online process as well as managing teams, dealing with customers, working on their own tasks and growing a business.
Working with an experienced payment service provider that’s as dedicated to achieving you online compliance and growing your business as you are is the best way to get a solid footing online as you extend your brand’s reach beyond bricks and mortar and interact with brand new markets online.
Fibonatix also offers lower payment charges for businesses. We can offer 1.5% compared to the 3.5% offered by PayPal. Contact our team today to find out more.