In a recent video for Startup In 60, we were discussing how technology changes so fast that you’ve got to be prepared to pivot and update your business quickly.
And I admitted that things have changed vastly in my lifetime, including that I no longer use carbon paper to make copies–something I regularly did as a student!
It’s a new world out there, making it easier for us to set up online businesses, and we can make things easier on our customers too.
The way that we pay for things has changed drastically in the last decade. When I started my business, many of my clients still accepted cash and checks for their payments.
Cash and cards are not the only options these days, and more people are moving towards mobile payment apps and platforms like Paypal, especially when paying online.
This is super convenient, but accepting online payments can cause problems for businesses. When you have payments coming in multiple platforms, it’s a lot harder to keep track of your finances and there are more opportunities for error.
You don’t want to be making mistakes, especially with your customers’ money.
But there’s an easy edit! You can solve these problems if you use an integrated payment system that bring all of those different payment options together in one place.
There are plenty of great products (like the ones from this company) that allow you to take card payments, online payments, and mobile payments from a centralized system. All of the transaction information will be collected into the same ledger, making it much easier to keep track of your finances.
For me, I route all my payments through PayPal because it links seamlessly with my customer relationship management system (Kajabi) and my call scheduler (Book Like a Boss).
Here are the benefits of adopting an integrated payment system.
More Accurate Bookkeeping
I know! This is the boring stuff, but it’s essential that you know how much revenue you’re bringing in (income) and how much you’re spending (expenses).
If you don’t balance your books properly, you’ll end up with cash flow problems, which is one of the major reasons that businesses fail.
Having a lot of different payment systems in place and recording sales data separately leaves you vulnerable to making mistakes, especially if the data is being collated manually.
But if you have an integrated payment system that automates everything for you, your financial records will be a lot more accurate. This is going to be very helpful when it comes time to file your taxes.
You are filing your taxes, right? Right?
If your online business is trying to attract customers on a global level, your payment options are very important.
Unless you offer alternative payment options that are available in all countries, you’re missing out on a lot of potential customers. Don’t cut off your international followers!
People are naturally cautious about handing their credit card details over to a company halfway around the world, so offering safer alternatives will help to build trust.
Again, PayPal is a safe choice.
More Accurate Sales Data
Collecting data about your customers and using it to direct your sales team or marketing efforts is one of the most effective ways to boost income.
It’s important to know what your existing customers are buying, how often they make purchases, and how much they usually spend.
Then you’ll know exactly what kinds of products to launch in the future, and you’ll seem like a business owner who actually listens to her customers.
But it’s difficult to collect that data and get clear, comprehensive customer profiles when transaction information is spread out over multiple platforms.
When you use an integrated payment system, it’s far easier to bring all of your sales data together to create a rounded customer profile that gives you a better insight into their purchasing behavior.
Again, I highly recommend Kajabi because it integrates perfectly with PayPal, helps me attract international customers, keeps detailed reports, and collects tons of useful customer sales data.
Wanna try before you buy? Start your free trial of Kajabi.
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