Transaction Trends

By Shawn Silver, CEO, PaymentCloud and Member of the Payment Sales and Strategy Committee 

There are several elements that go into curating the perfect business plan. Execution, on the other hand, can be tricky. Many business owners overlook the importance of a solid payments structure when forming their organization. However, a strong payments strategy is essential in launching your startup or existing business into profitability.

Software, on the other hand, has a lot to do with the success of your business’ payment solution, and rightfully so. The way in which you integrate your technology, and your software as a result, will indicate the direction of your business. Affiliated with outdated or otherwise unsophisticated software? Your business is going to take a hit when consumers would rather be integrated with a faster or more efficient provider.

The Shift in Focus Between UX and UI
A place we see software having an effect on consumer habits is when it comes to completing transactions. With the threat of slow loading times, inefficient data, limited integration possibilities (the list goes on), it’s vitally important for you to consider who will be viewing your information. Outward-facing marketing can only get you so far if your internal software is lagging behind by industry standards. Queue the benefits of User Experience (UX) design to reach your audience. This type of software is specified to provide certain experiences to those who interact with your tech. If an online presence is what you’re striving toward, this is a practical solution. Guiding your consumers to view or interact with a certain tool can complete their entire user experience.

In contrast, User Interface (UI) technology relates to the physical hardware in which users interact. Unless you’re a cash-only operation, chances are you will need a physical means to accept cards at some point. With ever-evolving technology and innovation in the payments space, new forms of terminals and mobile swipers have completely renovated the once-traditional industry. Gone are the days when businesses were forced to choose from a limited selection of terminals that were clunky and confusing to use.

Utilizing Your Software to Maximize Your Business’ Success
Understanding the importance of your banking process is one thing for the profitability of your bottom line, but it’s also a major factor in securing the right market. Accessibility and ease of use are two of the biggest driving factors merchants look for when acquiring payment processing. Both physical and virtual terminals require the proper technology and software to accomplish these criteria.

When it comes to providing for your consumers, it should be your explicit goal to facilitate their experience to be as stress-free as humanly possible. After all, the easier the process, the stronger the likelihood of an increase in volume.

Virtual terminals, or online gateways, depend on the right software and agreements in order to integrate with third-party sites. Not being able to integrate with popular platforms such as WordPress or Wix can set a merchant back. This is why it’s crucial to have the right software in order to streamline your merchants’ payment process. In the end, gearing your software toward facilitating your consumers will be a win-win on both ends.