Month: March 2014

Top 5 Online Merchant Challenges and ways to overcome  

 

A successful e-commerce website can prove to be a stepping stone for your business. An online store significantly reduces some of the overall costs of running a “brick and mortar” establishment. Overhead such as employee salaries, insurance, licensing fees, and rent will be greatly reduced. Moreover, an online store allows you to stay connected to your customers round the clock, which allows transaction to be made at any time of the day. Finally, with international shipping being reasonably priced, it is common to receive orders from anywhere around the globe. People can now order products from the source and often eliminate the middleman.

However, where you find numerous advantages there are always a few challenges. To start with, a large majority of sellers do not realize the amount of time and effort that is required to start and maintain an e-commerce website. A website template and layout, the installation of a shopping cart, content generation, site optimization and e-mail marketing strategies are just a few things that you need to give birth to an online business. If not planned strategically from the get-go, you may run into a few kinks later on in your business development.

The best way to address such challenges is to be aware of them first in order to tackle them head on— with the right attitude.

Here are a few of the major challenges that are faced by merchants and what they can do to avoid them:

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Unreliable Website

It does not matter how sophisticated your website looks and whether you hired a professional to design your web store or you just doodled it on a piece of paper—customers may not trust your website security right away. This may be the case particularly if you are selling high-priced items with sizeable shipping costs.

To gain your customers trust, always make sure that you add your point of contact information in your site. If possible, you can also add photographs of yourself and the people who help you in business and website maintenance. You can include genuine customer testimonials to build your customers trust. It is a good idea to be sure your social media is visible and there is an active dialogue between you and your readers. Don’t forget to outline your return policies clearly as well as which payment service system available.

 

 

Threat of Security Breach

No matter how big or small your business is you can never be safe from a security breach. It can be a nightmare for both you and your customers. This can compromise your customers’ personal information. It can even be as bad as payments being transferred to an unknown account.

Put simply, the best way to protect yourself and your customers is to change your password regularly, customize the database location of the shopping cart frequently, check the report of e-commerce breaches often and figure out the key vulnerabilities of your FTP server/web. You may even want to hire a third party expert to be your watchdog.

Stand out in the Clutter

Customers who shop online are presented with a great selection of online boutiques to choose from. In fact, the selection is nearly endless. This is a shopper’s heaven, but it also means that they are bombarded with information.

The best way to break through the clutter is to be unique. Recent trends such as pop-ups, group-on coupons and flash sales are a snazzy way to get attention. Catchy content that tells the story of who you are and why you do what you do will grab those clients who are wondering, why they should buy from you. Hiring a good content writer can do wonders and save you loads of time.

VIDEO! Don’t forget video—fun, colorful video never fails to impress.

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Intelligent Use of Social Media

Love it or hate it, social media is an efficient way to get the word out. However, one bad review, tweet or comment from an unhappy customer can tarnish your image like nothing else.

In such a scenario, the best approach is to use social media to have an ongoing dialogue with your clients. Something goes wrong? Tell them how you fixed it. A bad review? Have 10 great ones to minimize the effects of the one not-so-flattering comment. Merchants who make intelligent use of social media sites such as LinkedIn, Twitter and Facebook can make a huge difference to the reputation of their company as well as help their customer base understand the decisions they make as a company.

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Mobile Commerce

Due to the influx of smartphones and tablets, customers are using these devices spend, spend, spend. If you fail to cater to them by not having a website that is compatible with mobile devices and online payment services then you might lose many potential customers.

Be sure to develop a utility app where you can display the products on a tablet or a smartphone.

Take on these challenges one by one and take steps to overcome them. Get your resources in order well in advance and even hire extra consultants if need be.

Hindsight is 20/20!

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Merchant Services Tips that make your business stand out from the rest

Being an online merchant or retailer, you may already know how the use of online payment is growing. Then you must also already be aware of the increasing competition triggered after this increase in worldwide online transactions. It has certainly changed the way of how you view your competitors as well as how you manage your payment services.

As most merchants and retailers offer secure online payments to their customers, it is no longer considered a competitive advantage. It is necessary for online dealer to take extra measures to make sure your site stand out from others in the same industry.

Here are a few things you can do to make your online store more attractive and user friendly:

Revamp Your Website

There have been many studies into how colours can provoke different reactions in people and their emotional responses. Website occupied with appealing high-resolution images enable the customers to stay on your site a little longer and high possibility to put an order. Make sure the images highlight the main features and unique selling points of your options. Don’t confuse clients by having a picture of something you don’t offer just because the picture seemed to fit that exact spot (you would be surprised how often people do this). For example, if you don’t accept certain cards, be clear about this before your client goes through the entire payment process only to be left hanging with their order.

In addition, merchants’ site can add images and icons that guide the customer through the payment process. Many online payments came to a halt at the last step because payment confirmation page is not visible to the client. Close-ups and easy to read fonts on buttons or in information guidelines are essential. You can even consider to include a video to demonstrate the payment process, giving your client confidence in using your online payment system.

Don’t Forget To Add a Trusted Name

Using a trusted source is necessary if you want your online payment system to survive in the highly competitive online marketplace. Choose one that is easy, safe and recognized internationally. If your source is not used all over the world and is not popular among your target groups, you may scare away potential users. Having a relatively common setup on your website will increase your validity. Moreover, giving customers a way to pay through a preferred method can help increase brand loyalty.

Easy Currency Conversion

If you are operating in international markets and have clients all over the world, make sure your website features a currency conversion tool. Better yet, it should display the prices in the customer’s home currency. In this regard, it is highly recommended that your payment partner have local payment partners as they tend to offer accurate and up to date commercial rates.

Immediate Confirmation

Most retailers offer real time booking via online payment. A confirmation puts the buyer at ease and gives them a guideline to the shipping period. This is expected when purchasing online and a customer won’t think twice before switching to other online stores if yours lacks the immediate confirmation feature. Guarantee payments, confirmation upon availability and other related benefits is what makes online shopping convenient and comfortable.

Try a Social Media Shout Out

You may be losing many of your potential customers if you are not vocal about the ease of your online payment options on social media. Reinforce how easy it is to shop on your site by outlining your payment system features and offering great deals and promotions.

Live Chat Support Customization

At times, customers may not be able to process a request due to technical errors or new customers are unsure about the use of a website’s online payment system. Make it easy for them to ask questions. A live chat is a great way to resolve immediate concerns. Customer support such as “send an email and we will get back to you within 24 hours” no longer works and may cost you online sales. That’s right, they have already moved on to another site that offers real time online shopping support.

 Customization

It all comes down to customization. Your online store should offer a personalized experience to visitors based on their location as well on their past purchases. The faster and more customized your online system is, the more successful it will be in the competitive retail arena. Repeated clients can be rewarded with special promotion or get notified earlier before new products are launched.

 

We would like to know about any specific feature you are looking at for online retailer or what you have to say in your latest online shopping experience. You can leave your comments here or write to us at ac@maxxstrategies.com  and we might credit mention your site in our upcoming monthly newsletter.

 

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Cellular Payments and Contactless Technology

Near field communication is at the heart of cellular electronic payment, so any explanation of cellular payment needs to start there. What exactly is NFC? It’s a short-range wireless communications technology standard that allows electronic devices to communicate with each other, for example, to make a cellular payment. Using a short-range radio frequency, an NFC reader can read data from a tag or another device placed very close to it [sources: Nokia Europe and NFC Forum].

It’s similar to the radio frequency identification (RFID) technology used in wireless inventory tags, contactless credit cards and transit cards that you can touch to a reader. NFC and RFID both transfer data via inductive coupling. Induction occurs when a wire or other conductor of electricity passes through a magnetic field, generating an electric current in the wire.

An NFC-equipped cell phone is outfitted with a chip with a built-in coil of wire. The payment station, or reader, generates a magnetic field and also has a coil of wire inside. When the phone is placed within a few inches of the payment station, an electric current jumps between the coils of wire, signaling data-carrying radio waves to pass between the devices.

But NFC connectivity can do more than RFID solutions, which is particularly useful for electronic payment. NFC offers two-way communications, so the payment station can send information like discount coupons or carry on a conversation with the chip in the phone. That also offers added security. The pay station, for example, can request account information from the chip, which can ask for time for the user to enter a password on the keypad. The devices can keep the connection open until account and security information is provided and the transaction approved.

Are you ready to give it a try? Analysts anticipate a booming market for NFC technology, predicting that the number of annual cellular  electronic payments will increase fivefold by 2013, with mobile phone users spending more than $300 billion worldwide each year on digital goods (such as music, tickets and games) and physical goods (such as gifts and books).

However, a few obstacles stand in your way. The first is that you need a  cell phone  equipped with an NFC chip. No problem with that, if you live in Japan. The phones also are becoming more common in Europe. In fact, the Far East and Western Europe are expected to represent 60 percent of cellular electronic transactions worldwide in 2013 [sources: Juniper Research].

But the NFC-enabled phones aren’t expected to be available for purchase in the United States until 2009 at the earliest. They have been tested in pilot studies, including for ticketing on the Bay Area Rapid Transit System in San Francisco, with the MasterCard PayPass processing system in Chicago and with 600 merchants accepting PayPass in New York and on a line on the city’s subway [sources: MSNBC].

While the response from consumers has been positive, stores, restaurants, ballparks, gas stations and other retail establishments need to see enough value in cellular electronic payments to install NFC technology and adapt applications on their end to work with enabled cell phones.

Beyond any reluctance to accept cellular electronic payments, many merchants are not ready to do so. M.V. Rajamannar, executive vice president for CitiGroup’s Citi Brands, estimated after the New York City study that only about 40,000 of the nation’s more than 6 million merchants were equipped with contactless readers .

 

SOURCE

Online Retailer Must Know: What are the preferred alternative payment by shoppers?

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With more than 300 alternative payment schemes in action globally, merchants must meet shoppers’ expectations at the checkout. Providing an adequate mix of alternative payment methods, as well as the right set of local and industry-specific fraud prevention tools, sets merchants apart and therefore ensures PSPs/ISOs success. A suitable payment set-up is the key to lower costs, fewer dropouts, higher conversion and, ultimately, higher revenues. While in a recent post we focused on Europe, today’s post will take a look at preferred alternative payment methods in America.

Alternative payments in the United States

In the US, eCommerce amounted to $225 billion in 2012 and is estimated to reach $370 billion by 2017. The most popular payment method is by card (71.5%). However, eWallets are also a significant method of payment (17.6%). The US accounts for 33% of all mobile transactions worldwide and mobile devices are used to complete 1.2% of payments, with mobile wallets being used for 0.7% and direct carrier billing making up 0.5%.

Alternative payments in Canada

eCommerce turnover in Canada amounted to $21.5 billion in 2012, with cards being the preferred payment method (65%). However, eWallets have a significant portion of the payments market (23.2%). Bank transfers make up 3.3% of transactions, while offline cash-based payments account for a further 7.2%. A popular alternative payment method in Canada is Interac, a national payment network that allows Canadians to access their money at 60,000 automated banking machines and at 766,000 point-of-sale terminals.

Alternative payments in Brazil

Brazilians are the most avid internet users in Latin America. In 2012, eCommerce sales amounted to $22.3 billion and are expected to reach $26 billion in 2015. Brazilians pay mainly by card (59%), although offline methods are still significant (paper cash: 20%, cash on delivery: 3.1%). eWallets comprise 4.5% of payments and mobile payments currently make up 0.6% of all transactions. Another Brazil-specific alternative payment method is Boleto Bancário, which is regulated by the Brazilian Federation of Banks. A Boleto can be paid at ATMs, via the internet banking of any bank, at the post office and at some private companies, e.g. supermarkets.

Alternative payments in Mexico

In Mexico, cards (30.5%) and bank transfers (29.9%) are the preferred payment methods, but alternative payments are continuously gaining importance, with eWallets amounting to 17.3% of all transactions. Offline methods, however, are not widely used (cash on delivery: 6.6%) and mobile payment is still in its infancy (0.1%).

Alternative payments on the rise

Overall, alternative payments are on the rise. In 2013, the amount of payments processed as alternative payments were up 22% and it is estimated that alternative payments will account for 59% of all online transactions in 2017. 61% of online shoppers have greater confidence in a website that offers them a choice of domestic payment methods in a secure shopping environment; this can only be achieved with the right set of specific fraud prevention tools. It is important that merchants jump at the chance right now!

 

SOURCE

5 Mobile Banking Innovations to Watch

When Texas bank USAA introduced mobile remote deposit capture in 2009, nobody knew how big the tool would get and how fast. But ask credit union mobile banking experts today for the defining moment in the niche’s brief history and all signs may point to MRDC.

That’s because the mobile tool potentially lets users do something they could not do quickly or easily with online banking, some insiders say. For now, deposits via MRDC are bigger than deposits at ATMs. A growing number of financial institutions are on the prowl for the new tool that may bring in that next big wave of mobile banking users with some of the larger ones leading the way.

“We already see more money coming in through MRDC,” said Christopher Owens, mobile product manager at the $4.1 billion Pennsylvania State Employees Credit Union in Harrisburg, Pa.

Meanwhile, other credit unions and vendors are expecting to see a number of new innovations deployed in the remote and mobile arenas.

1. Virtual Assistants

“I can guarantee you it won’t be long before a Bank of America rolls out a virtual assistant,” said Brett Wooden, senior vice president of marketing and innovation at the $192 million Cy-Fair Federal Credit Union in Houston.

Wooden pointed to Apple’s Siri and said, “Already, you can tell Siri to open an app. Soon, you will be able to tell her to ‘pay $75 to the electric company.’”

He strengthened his case by pointing to the huge investments that both automobile makers and established tech players such as Google and Apple are investing in in-car computer technology. Where better to reconcile an account with the help of a virtual assistant, said Wooden, than stuck in traffic.

The $2.5 billion MSU Federal Credit Union in East Lansing, Mich., is heading in that direction, said Sarah Bohan, vice president of corporate relations.

“We plan soon to build at least limited voice commands into our mobile app,” she said. “We will introduce new features in stages.”

In its first iteration, members probably won’t be allowed to pay bills but may transfer funds between accounts, make balance inquiries and do similar actions, Bohan explained.

Add it up and voice-activated virtual assistants have much going for them in a mobile phone context, some experts say. And with the rising popularity of Siri and its competitor, Android virtual assistant apps, advocates think virtual commands will be the next big thing.

2. Cardless ATM Cash Access

“We believe this can be as big as MRDC,” said Chris Gardner, a co-founder of mobile payments company Paydiant Inc. in Wellesley, Mass. “It’s super compelling. It is faster and easier and more secure than using a card at an ATM.”

Here’s how it works: A member opens the mobile banking app, selects cardless cash access, designates an amount and an account, then goes to an ATM, taps that same selection and a bar code appears on the screen. The member scans the code with his or her smartphone, it’s validated, and the ATM dispenses the requested cash.

Gardner said the service is in a pilot phase at three financial institutions with five to 10 more in a queue to get active.

“We really believe this will become very big,” he predicted.

3. Personalization

“The mobile banking app is very impersonal. Everybody gets the same. But you already see the big banks moving towards a next gen app that will be highly personalized for each user,” said Ido Ophir, vice president of product management at Personetics Technologies, a White Plains, N.Y.-based firm that develops apps that predicts customer behaviors.

“Banks are fearful they will become commodities. Personalization will help create loyalty,” Ophir suggested.

If the app knows the user and his or her interests, who would want to leave that app for a financial institution that does not know them? Ophir said the cutting-edge financial institutions get this and it may well become a battleground in the next generation of mobile banking apps.

4. Marketing Smarts

At the $5.2 billion Digital Credit Union in Marlborough, Mass., there is growing interest in finding ways to push appropriate marketing messages to members via the mobile channel, said Julie Moran, vice president of support services.

Industry watchers say with branch traffic down, some institutions are detecting a shift in volume from online to mobile banking. The problem is that with its small screen size, mobile is a challenging place to market in ways that do not annoy members.

Moran said DCU is using what it calls account manager tools to send individualized, custom messages, including members’ credit scores on a monthly basis – “so people want to look at it,” she noted. If a member has been just approved for a car loan or a home equity line of credit, a message will pop up in account manager.

While mobile marketing is in an early phase, the recognition is spreading that making the strategy work has to be solved.

5. Photo Bill Pay

“We believe photo bill pay is up and coming,” said Christopher Whalen, an e-services specialist with the $400 million Connex Credit Union in North Haven, Conn. “We don’t presently offer it, but we are investigating this. We believe it will explode.”

Experts say the genius behind photo bill pay is that it uses a strong feature of the mobile phone – a high-quality camera – to do the data input that is otherwise clumsy and slow for many who find typing on glass to be cumbersome.

“Photo banking – anything with a photo – will be big,” said Mary Monahan, an executive vice president with Javelin Strategy + Research in Pleasanton, Calif.

Ralph Marcuccilli, president/CEO of Allied Payment Network Inc., a Fort Wayne, Ind.-based firm that sells a photo bill pay service currently live at three credit unions with two more in the queue, said that half of photo bill pay customers are not signed up for Internet bill pay. This may mean the product appeals to a different user.

“People use this because of the simplicity,” said Marcuccilli. “Snap a picture, put in an amount and the day you want to pay it, and you are finished.”

He said there is also is growth in where the one-time payments can occur such as to a physician dentist, or perhaps a plumber. For that consumer, paying by snapping a photo is much easier than inputting the required data to create a new payee.

Will photo bill pay take off? Adoption has been slow and so far, no money center bank has signed up. However, little by little, Marcuccilli said the sheer simplicity of paying with a snap of a lens will take off.

With a number of channels on the cusp of breakouts, experts believe what is certain is that there will be a next MRDC and the real question will be who gets to deploy it first. Advocates are convinced that those will be the financial institutions that sprint ahead of their competitors.

Source: CreditUnionTimes

Why your business should go e-commerce?

Electronic commerce or e-commerce refers to a wide range of online activities for products and services. In other words, any form of business transaction that interact electronically or through a computer-mediated network rather than by physical exchange or direct physical contact is considered e-commerce. In 1999, Andy Grove the chairman of Intel stated: “All companies will be internet companies in five years time or they wont be companies at all.” [The Economist] By that time, many presume that’s just an exaggeration remark made by infamous information-technology company like Intel. Now in the year of 2014, that impudent and distinct statement stands for itself.

Yes, welcome to the digital world.

Okay, one may argue that their business is doing very well with their conventional brick and mortar position even without having any online sales. True, many businesses are making huge influx by not having a presence in internet. However, I think no one can argue that most successful and remarkable business that is globally renowned did not fail to presence themselves in digital world.

Claim Your Fame
Kill two birds with one stone by spending some effort on developing a digital platform. This enable the consumers to express their opinions and suggestions in order to improve your business and at the same time give your business a complimentary form of publicity. Work on building a stronger brand by having influencers to talk about your trade name and marking. Plus, what kind of legitimate established business do not crave for the pure viral marketing. Nevertheless, be careful as this can also turn against you if it’s not managed properly.

Increase Your Profit
Living in the era that is being bombarded with all the technological advanced gadgets and devices, now is the best time ever to have an online presence for your business. Being visible online means that you are able to sell products or any services 24 hours a day, 7 days a week and having unlimited space to showcase. This automatically help to extend your sales by creating more awareness and reach customers you might not have reached before. Undeniably, e-commerce has been more important than ever for business to stay afloat. However, bear in mind that no e-commerce trend will survive without a solid brand or foundation.

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Fulfill The Market Needs
With the lifestyle changing of consumers , there is definitely a growing need for specialized and larger diversity of products to be sold online. E-commerce reduces delivery time and labor cost thus it has been possible to save time of both the vendors and consumer. An interesting fact is that consumers commonly visit a traditional bricks and mortar store then go online to make purchase because it is cheaper.

Get Found from Multiple Channels
Yes, if you are out of view you are out of sales. Basically, your online store is no longer going to be enough. As mobile and tablet traffic are on the rise, it’s becoming more apparent that online shoppers come from different shapes and directions. In order to reach out to bigger target market, you ought to have a presence through popular online marketplace like Amazon, eBay or even Facebook or any famous online retailer depends on your business model and your location or country.

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So now you know that there are incessant opportunities with e-commerce, it’s time to get into the game. Whether you are exploring into online business or trying to optimize, let us know how we are able to lift your business to the next level.

– www.paymundosales.com –

Tips to increase your sales online

It has been over a decade since the e-commerce first evolved. Researcher and practitioners in the electronic commerce constantly strive to obtain insight in consumer behavior in cyberspace. Online retailers continuously work on Increasing competitiveness over in-store sales and the control of profitable sales. The following suggest certain vital points of the latest online shopping trend and a glimpse into shoppers buying behaviors.

Be Specific and Detailed

Don’t be too avid to target everyone as every business has its’ own target market by means of genders, ages, geography and sometimes season. It’s important to profile and segment them according to your offer. Knowing where your audiences are and work on your web domain may increase your search ranking in that particular location. In order to fulfill your audience needs, know your products thoroughly first before trading your business overseas in untested water.

Be Supportive

Be helpful over hard sell on your website. People usually go online to look for free information. Try not to be over pitchy in your business overview as you may tend to turn your visitors off before you manage to sell them anything. Let your customers have a peace of mind to shop at your store by being there (chat support, skype , commercial support , after sales service etc ) when they need help. Treat it as essentials over hassle to win customers’ heart in  a long run. In addition, half of shoppers say tracking services for online purchases are necessary [Comscore].

Appealing Web Page

A picture tells a thousand words. Web owner should work on having their web designer or content distributors adding the relevant pictures alongside with the products’ description.  Even though research shown that 75% shoppers [Media Post, Zendesk] still prefer the experience of brick and mortar store. Online retailer can compete with in-store sales by having appealing visual contents, attractive and interactive web store to help buyers making decision. Furthermore, this also makes the business look solid in the eyes of customers as well as function as sales boosters and loyalty stimulators.

The Power of Words of Mouth

39.4% online shoppers [Media Post] said they were checking product reviews before making any purchase. Having this in mind, collect your current customers’ testimonials/ pictures showcasing your products. Merchants can cleverly do so by offering some product samples/promotions to customers to appreciate their effort. Having organic recommendations from users is way better than any advertisement to boost your product’s desirability. Get credibility from the clients that you have served to gain visitors’ trust in your business.

Get Found on Multiple Gadgets

Today the amount of trade that is conducted electronically using e-commerce has increased with a wide spread usage of internet and technology. Some says- shopping gets complicated and it’s somehow true. Buyer’s path to purchase often involves several online steps. With the revolution of mobile and the technology, consumers now spend more time interacting with online retailers on smartphones and tablets  (55%) than via desktops and laptops (45%). Mobile can be interpreted as an ancillary device where  shoppers normally browse with mobile or tablets for reviews and any available promotional before making any purchase. With the progress of technology, online retailer definitely do not want to miss out online shoppers that like to explore products from multiple angles or devices.

Reliable Merchant Service Provider , Payment System

Shoppers tend to have lots of expectations when it comes to online shopping. Online shoppers believe they deserve the same treatment and customer service as the physical store offered. Simple yet pleasant shopping experience comes with a smooth and seamless checkout is appreciable especially for online business. Having a reliable merchant account provider have a large impact on where shoppers buy, the amount money spent and the return rate for future purchases. Develop multiple payment methods – even “insecure“ payment like open invoice or direct debit only to trustworthy group of good customers if it’s not troublesome.

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