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The Guide to Growing Your Online Store

So, you’ve started up your e-commerce business, and it’s going okay, but you need the help to expand it into something bigger. Because of this, we’ll assume you know the basics of e-commerce, and if not, please see our “How to thrive in the e-commerce market” or “Getting a trusted online store” guides.

Many companies have applied complex strategies for years to stay ahead of the competition, or to even catch up to the competition. There are, however, four main objectives that you can follow to pick up some traction.

 

Tip #1 – Email Marketing Is King

So, you’ve got your plan of where to source your traffic from, and the ads are running. Email marketing is a great way to broaden your horizons and generate leads from elsewhere.

It’s incredible how quickly you can reach a large number of people in your target market with this method. With many other online and digital marketing strategies (including those highlighted later), and especially organic, it takes time to reach large amounts of people. With an email, you can quickly get your message in front of a huge group and fast.

 

Whether it’s a monthly newsletter or a promotional offer, grabbing a customer’s attention through email is a key strategy for many companies. This helps retain the customers you do have, and provides incentive for new ones.

Mailchimp is an example of a site that can also let you track clicks and judge how good your email is at getting attention. You can also craft a mailing list and segment the audience into different subgroups, which makes the job progressively easier for you, as you can contact your audience directly with deals and other ways to get them to return.

 

Tip #2 – Optimise, Optimise, Optimise.

When the customers are coming in, you need to focus on optimising your store- and never stop focusing on this. In the world of e-commerce, optimising is the same as evolving to survive.

By looking into your customers’ spending habits, it will become easier to figure out what they like and dislike, whilst seeing if these habits change over time. With this, it’ll be a lot easier to make educated guesses on anything from how much stock you need on certain items, to which web pages you may need to edit.

 

Conversion Rate Optimisation (CRO) is incredibly important. With all this newfound traffic gained from tips #1 and #2, guiding customers to buy is the next step you have to take. Make sure the site is easy to navigate, put best sellers near the top and have web design and copy that catches the eye.

 

There are programs like Fullstory and Hotjar, which can pinpoint the exact moment a customer left your site. This is useful for weeding out bugs and glitches, or even just giving you hints on which pages might be in need of some changes. This should improve your conversion rate.

 

Tip #3 – Get Different Traffic!

Investing in a good idea can be a good thing, but remember to never put all your eggs in one basket. Many companies right now receive their traffic from multiple sources, Facebook and Google being the most common ones.

There’s always a chance of an algorithm change that dries up your business, or a rejected ad that throws a spanner in the works, so it’s always nice to have numerous ways to bring in traffic.

Make your traffic sources varied and diverse. Some key places to focus on would include the usual social media giants, Google paid search and any sites where your target audience may be. If you’re where the buyers are, people will buy.

If you have a defined target audience, this is easier. You’ll be paying less on ads and getting more relevant leads- and there’s always Facebook groups or chatrooms in your niche which are free!

 

Tip #4 Get Different Products!

Similar to your sources, you can’t rely fully on selling one product. There are brands that have made a lot from selling one thing, but they all branch out eventually. This opens the opportunity for a more varied market, and the chance to build a loyal customer base that returns for more.

The 80-20 rule in business supports this. In many cases, 80% of your profits come from 20% of customers, This shows that it’s very important to have more for those to choose from, as customer retention is important. If you own a clothing store that sells one shirt, and someone loves it, there’s a missed opportunity for that person to buy another shirt and a pair of jeans too, and come back for more at a later date.

 

Need help getting into e-commerce?

We can help! We can turn your store into an online store using Sage Pay. After filling out a short quote request, we can integrate your company over to Sage, install fraud prevention measures and screening tools, and provide you with analytical tools to see your company’s growth first-hand. As well as this, we can provide 24/7 support, just in case anything goes wrong.

 

Visit http://cheaperpay.me/taking-payments-online/ for more info!

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How to Thrive in the E-Commerce Market

As the internet has grown, so has the market of e-commerce, to the point it’s undeniably the driving force behind a sizeable amount of the world’s most profitable companies- some even carving a path with it exclusively. Out of the 7.7 billion making up the world’s population, 4.1 billion are internet users as of last year, and that number is guaranteed to rise. Basically, it seems like a good time to really start putting effort into e-commerce.

However, the market is becoming oversaturated, and for every online store, there are a million more. You need to be ahead of the curve to stand out, and that’s what we’re going to discuss today. Here are the ways you can make your business more enticing to consumers:

 

Collaborate With Delivery Companies

The vast majority of e-commerce sales are delivered, so it is definitely beneficial to find ways to optimise this avenue. Personally collaborating with the delivery company is a good start as it creates a working relationship, meaning more reliability, easier communication channels to fix problems, and the chance of better deals through loyalty.

A common method of collaboration is a cash on delivery system. This bypasses the mistrust of consumers (for new stores) and the need for a debit card.

Another benefit of the Cash on Delivery system is customer satisfaction. A customer may refuse to pay for an incorrect item/damaged packaging of an item, in which case it is sent back to the manufacturer. The lack of mistakes will definitely improve the customer’s image of your brand, and it gives you a chance to amend any errors before the customer has paid- cutting down negative reviews.

 

Form Bonds For Affiliate Marketing

Having someone else recommend or advertise your product to others can be something very convenient and highly effective as a marketing tactic. Websites specialising in e-commerce should try to entice their customers to promote their products through worthwhile rewards. For instance, many sites offer discounts to returning customers for recommending the site or product to a friend.

As an example of this, look no further than the e-commerce giant Amazon. Their system, Amazon Associates, is an affiliate marketing program that allows website owners and bloggers to create links and earn referral fees when customers click through and buy products. This can convince a lot of influencers to take part, growing Amazon’s brand.

 

They also offer incentives to new members, namely a free month of Amazon Prime and Video, giving those trying to refer people some selling points, and creating a cycle of happy customers.

 

Web Market Support have gathered some statistics showing the scale and effectiveness of affiliate marketing:

 

  • 81% of brands and 84% of publishers use affiliate marketing, with the percentage increasing each year in the United States.
  • The United States have a 10.1% increase each year in affiliate marketing spending, with estimates showing the total amount in 2020 will be $6.8 billion.
  • Content marketing- including blogs of influencers- made up 62% of traditional marketing schemes in 2018 and generated triple the leads of traditional methods.
  • 16% of all online orders were influenced by affiliate marketing.
  • Jason Stone’s affiliate marketing earned him $7 billion in retailer sales from June to July of 2017.

 

This will also be a sure-fire way in creating brand loyalty and giving your customers a reason to commit to your brand.

 

Work With Manufacturers

In order to further promote your products, and cut out competitors, it can be good to form an exclusive partnership with the manufacturer.

PlayStation and Xbox do this quite often. They’re both in a constant battle to make games exclusive to their platform, giving fans of the games no choice but to buy their product.

 

If you have a supplier that you work with often, it would be a good idea to look into getting more for your partnership. Even if you can’t make a product exclusive to your store, discounts and freebies are still a certain way to bring more of their fans to you.

 

Tailor the Interface To The User

In the current age, there is a lot of competition and not a lot of patience. A business will fail if their interface isn’t easy to navigate, good-looking or fast enough for the customer to be satisfied.

How easy it is to search for a product? People often don’t put up with a site not loading when there’s another 20 selling the same thing for the same price on the same Google page, so it’s important to make sure everything is working perfectly. The key to a strong online store is a good first impression.

 

The key areas to take into consideration are things such as giving your site a clean and easily to look at design, improving the loading speed of your pages, having clear and engaging descriptions of your products and being sure to keep your site open to as many payment methods as possible.

 

Having a customer support section to report bugs will allow you to fix problems without having to notice them yourself (after many lost customers). Though failure is to be avoided, a few bumps in the road now and then can be a great teacher in improving your business.

 

Do More Research

Staying up-to-date with how competitors are doing, and changes they are making can come in handy. This, as well as looking at general trends in the field you’re in, can make your online store look fresh and ahead of the curve.

One such current change in e-commerce is the introduction of voice search in its various platforms. Over time, stores will have to implement this or be seen as outdated.

 

Make sure to update your site to keep up with competitors (or, even better, be ahead of them), add whatever new features are popular and read about features customers are asking for, or like from other websites.

 

Looking For Help With E-Commerce?

We can help! We can turn your store into an online store using Sage Pay. After filling out a short quote request, we can integrate your company over to Sage, install fraud prevention measures and screening tools, and provide you with analytical tools to see your company’s growth first-hand. As well as this, we can provide 24/7 support, just in case anything goes wrong.

Visit http://cheaperpay.me/taking-payments-online/ for more info!

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Gaining trust as an online store: The Guide

These days, online stores are becoming the new go-to option for any kind of purchase. Sites like Amazon, eBay and other similar e-commerce stores are constantly growing at the expense of the high street. If you are wishing to help your company progress and gain a worldwide following, the online store is a line you’ll have to cross at some point, and there are a lot of potential stumbling blocks that you’ll have to negate.

Make sure your site looks good

In the Internet age, patience is a rare thing. If your site isn’t friendly, easy to look at, easily navigable and fast, users can and will go back to Google to find a site that is. You only have a few seconds to draw a new customer in, so you will need a design that looks professional and is very user-friendly.

Modernity is the biggest factor in this. If your site looks dated, people lose interest. With web design, a lot of the time you do get what you pay for, so it’s worth spending that little bit extra to get a site that’s mobile friendly and that’s functional. If it fails to do this, people will view it as second-rate compared to the competition or, worse yet, believe your e-commerce store isn’t an authentic one.

Get reviews

Being able to provide good social proof will also help your site look as good as you want it to be. Reviews are an amazing thing as it helps build credibility on new sites that don’t have an established name or the money to advertise heavily.

According to studies done by the platform Optinmonster, 70 percent of online customers will decide on purchasing a product based on a review. With that in mind, providing the option for customer comments on your website or ability to make full reviews will help improve your reputation.

When sites are first beginning, it’s always a slow process. Be patient! Credibility and reputation come with time.

Another way to show off numbers and make you seem more trustworthy is the website tool Proof (link here: https://useproof.com/), which is highly useful in displaying how many people are looking at your site/ a product at any moment, which can be used to display the hype surrounding an item on your store.

Be transparent

You may have grand ambitions about what your business will look like in the near future, but the foundations of the site must be sturdy. Reputation is an important part of trust, but the attitude the company has towards customers is just as important.

Putting a lot of work into customer support can help in making the site trustworthy, as the customer is always right! Making the extra effort for anyone and everyone on your site builds loyalty, and loyal customer bases recommend your service to their friends, and a close friend’s word is a trusted word.

Be transparent. You should display your company’s e-mail address, physical address and contact number in plain sight on the homepage so the buyers know where to find support. Featuring a live chat box on your site can also help with instant support, provided you make sure it has good moderation as to avoid spam comments.

Along with that, it is important to be honest with a customer about everything in the process. If you’re a dropshipping business, make sure to keep a note of where the product goes in the information tab of the item. This will stop customers thinking they’ve been scammed when they see a foreign label on their packaging.

There is nothing bad about selling imported goods from overseas suppliers, but it can be misconstrued as a cheaper item if it isn’t explained anywhere.

Source: An eBay sale of a collector’s figurine and the item’s shipping information.

Don’t restrict yourself

Being able to accept multiple forms of payment will offer flexibility to the customer and make them feel like the company is more official. This is a major advantage compared to sites that will only deal in one or two payment methods. This isn’t necessarily something that can make or break a company, but it does mean that anyone can buy from your store, and that you have all the bells and whistles to get people to believe that your site is real.

Another way to build credibility is to have a presence on multiple platforms. Many businesses have a store on eBay, a store on Amazon and more, because it drives more traffic to the site, and racks up the reviews that are so useful in building a brand.

Sending delivery updates is another great way of letting the customer know their purchase is being taken care of. Using Smart Shipping software and other types of tracking technology is a really good idea, and something people will notice and be grateful of.

Go the extra mile- it’s worth it

Back to customer service, a kind return policy is something that gives that little bit of safety to a buyer, and will ensure that you don’t lose any business. The Consumer Rights Act of 2015 states that by law, the consumer is to be granted a refund, replacement, repair and/or compensation if goods are faulty, not as described or are sold illegally. That’s concrete and can’t be changed, which makes life a little easier for customers, but we recommend really going the extra mile.

There are many small bonuses you can add to a return policy to satisfy customers. For example, as well as a refund, you could provide store credit, or a discount voucher for their next purchase. This can even end up with a customer leaving thinking their inconvenience was actually worthwhile, and you can bet they’ll tell their friends!

Be you

Along with looking the part and being able to gain a customer’s trust, it is important for your business to have a personality and a story. The biggest reason someone would close an online store is because it’s unknown to them, and not sharing any information about your brand just breeds mistrust.

A buyer may like to know what products a store has, as well as the values of the company behind it. Coming across as a business ran by people is essential, because no one wants to give their money to a cold, emotionless corporation.

Overall, building a trustworthy online store is all about transparency, honesty and friendliness. If you treat the customers well, they’ll come back. Good luck!

Need help with taking payments through your website? Fill out our short form and get a free quote: http://cheaperpay.me/request-a-quote/

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Payments Testing One, Two, Three

Modern consumers have high expectations for technology. If something doesn’t work perfectly, they’re quick to grow frustrated and abandon it as junk.

“Our generation is a little bit spoiled,” said Bart van Hoek, head of Innovations with UL Transaction Security — and he said that is all the more true with payments tech.

Imagine going out for breakfast only to find that the point-of-sale (POS) terminal isn’t working. Without it, how will you pay for your meal? Maybe you happen to be carrying cash that day, but even if you’re able to hand over a crisp $20 bill to cover the cost, the experience has certainly created friction.

Online, there’s no cash to fall back on. If the payment doesn’t work the first time, said van Hoek, that sale is as good as lost. Nobody wants to see a box that says the website is experiencing technical difficulties; please try again later. The customer likely won’t even remember to try again later, and if he does, he may not return to the same site. Most shoppers just give up on the faulty site and head to a competitor to complete the purchase instead.

Perfection, however, is not easy to achieve in any singular product. In payments, there are hundreds of players involved in making every single transaction work smoothly, from acquirers and banks to regulators setting standards that must be met to, of course, the payments processor.

The point-of-sale terminal at Walgreens or Kroger must work with a credit card from Chase, a mobile payment, a foreign debit card and more. How can the company that produces the terminal ever be sure it can do all that?

Trial and error, said van Hoek. But not with real consumers or real transactions. That is where payments testing comes in. In a recent interview, van Hoek told PYMNTS how this quality assurance process works for payment technology companies, how that’s changed over the years and why this stage of product development is so important.

 

An Investment in Reputation

User experience is more than a buzzword, van Hoek said. Every tap on a mobile device, every imaginable payment method — all of it is about creating the most seamless and smooth user experience possible, devoid of any bugs or errors.

Testing lets the developer see how the product will perform for every customer in every situation and shows whether the software is logical and intuitive or needs to be smoothed over.

When developers invest in payments testing, they aren’t just ensuring that their product does what it’s supposed to do, said van Hoek. They’re investing in their reputation. Building a good reputation is hard. Destroying it is easy — all it takes is one bad product. Earning back consumers’ trust is more difficult the second time around.

With the speed of innovation today, it may feel like a race to get products to market, but the last thing any developer wants is to go to market only to watch the product fall apart in the real world. Between the expense of fixing it and the business lost due to damaged reputation, “Those are costs you don’t want to bear,” said van Hoek.

 

Automate

To achieve the highest level of product quality, the product must be subjected to a high level of testing, and that requires a lot of repetitive actions and test cases. The number of repetitive actions will only increase as new payment methods and infrastructure are introduced and must also be tested.

That’s why payments testing is often seen as a chore. But, said van Hoek, it doesn’t have to be. Today, there are tools on the market to help manage some of those repetitive tasks, freeing up human testers from pressing buttons all day to make better use of their time.

Van Hoek said that manual testing can be extremely labor-intensive and time-consuming in some cases. But that doesn’t necessarily mean artificial intelligence (AI) has to be a part of the answer, he said. It simply means that any pieces of the process that can be automated should be.

Which pieces? That’s a decision that only the company can make. Van Hoek said that, due to the complexity of some test cases, automation is not always cost-efficient, either. Individual organizations must decide what is the best combination of manual and automated testing to optimize their processes.

At UL Transaction Security, customers can submit their hardware to undergo a barrage of different uses and scenarios in UL’s test labs, and van Hoek said the company is always looking to automate even more of the process as new technologies become available. The key client problem that UL helps to address is reducing time to market by eliminating the complexity that companies are facing with new technologies and regulations flooding the market.

 

Divide and Conquer

In the old days, said van Hoek, testing used to be done on final products at the end of the development cycle. But today, payments testers, like UL, subject the product to smaller tests along the way. By breaking the project into manageable chunks, UL is able to be more thorough in its testing and can identify problems before the rest of the product gets built around them.

Van Hoek said that can save a lot of time and money throughout the development process, as it enables development teams to address issues as they go along rather than having to tear down and rebuild a final product that doesn’t work right.

The thinking around testing must change, he argued. It’s more about quality assurance, though testing is just one piece of a larger quality assurance process that includes identifying, anticipating, managing and resolving issues across the product, while testing focuses specifically on finding and eliminating bugs.

As development processes have become more agile, van Hoek said that testing processes throughout the lifecycle must also increase their agility.

 

Growth Ahead

Again, the number of payment methods out there — and the infrastructure that goes with each one — is only going to increase. There are many players trying to disrupt the industry, but people aren’t abandoning cash and credit cards to pay with their smartphones; it’s not “either/or” but “both/and.”

Cryptocurrencies are another growing method in the payments industry, and the price of bitcoin (currently around $11,000) reveals just how popular it is among its fans. Eventually, at least some consumers are going to want to spend that digital currency in real-world brick-and-mortar stores.

Money is money, and merchants want to be ready to accept whatever form of it customers want to hand them. Doing that will require new technology and new components, or new use cases for old components, van Hoek explained — all of which will need to be tested and validated before rolling out to merchants and the public — for their own good and for the good of the brand.

Source: (Pymnts, 2017)

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APPLE PAY P2P Payments Coming To Apple Watch In The Autumn

 

apple-watch

 

 

Peer-to-peer payments are coming to the Apple Watch this fall with the release of iOS 11 and watchOS 4.

On its website, Apple said that Apple Pay users will be able to send and receive money quickly, easily and securely via its peer-to-peer payment platform. The feature will be available right in Messenger, or users can tell Siri to pay someone using a virtual debit card or credit card already loaded into the digital wallet. When users get paid, they will receive the money instantly in the new Apple Pay Cash card that will reside in the Apple Wallet.

The move on the part of Apple to include P2P payments with the new iOS 11 and watchOS 4 comes at a time when the company is trying to get Apple Pay in the hands of more users. Earlier this month, Didi, the Uber of China (and, in fact, the local service that gobbled up Uber China last August) announced it has added Apple Pay support to its Didi Premier, Didi Express and Didi Luxe personal mobility services, in addition to its partner station-less bike rental service ofo, according to a TechCrunch news report.

Apple Pay is standard fare on any iOS device, allowing users to authenticate payments biometrically – today, with their fingerprints, and soon using Face ID on the forthcoming iPhone X. That’s on top of other iOS features Didi already supported, including Siri-powered ride hailing from within the Maps app or via the Apple Watch. With the addition of support by Didi, Apple Pay joins the likes of WeChat, Alipay, QQ Wallet, international credit cards and CMB all-in-one net payment, all of which power Didi’s core services. It also comes at a time of increased competition from Fitbit, which recently launched the Ionic smartwatch.

 

Source (Pymnts, 2017)

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Sole Trader? There’s no need to go it alone – and employing these three people could help!

Many small business owners run their entire enterprise alone, which is perfectly understandable when it comes to keeping costs down.
However, going it alone as an SME is difficult to say the least – and employing these three people can help you take your business to the next level.

1) Accountant
As a small business owner, your goal is to make money–so it only makes sense to consult a professional to help you manage this crucial aspect of your business. Becoming a business owner naturally adds complexity to your tax scenario, so at tax time, an accountant can be crucial for making sure you’re in full compliance and are filing correctly.

2) Assistant
Being a solo business is difficult. Tasks and communications that don’t have to do directly with the day-to-day of customer relations, creating or offering your products and services, and other immediate tasks might become backed up, or even fall by the wayside.
This is where an assistant can come in handy. By employing a loyal employee, you can leave the simple store transactions while having more time to deal with the important things!

3) PR and Marketing Assistant
Getting your name out there is a key factor in achieving a successful business; and a PR and marketing executive can help achieve just that.
Having someone directly available to create social media content, produce flyers and leaflets, manage marketing and deal with outside queries can hugely improve your business reputation as you progress up the success ladder!

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Our Simple & Uncomplicated Sign Up Process

GET A QUOTE
Call us and speak with one of our accredited advisers for a free quote.

REGISTER OVER THE PHONE
We are a ‘Green Company’, CheaperPay reduces cost and waste by arranging everything over the phone. No paperwork required.

TERMINAL ARRIVES
We aim to have your terminal delivered as early as 5 working days.

INSTALL IN SECONDS
It is a quick and easy process of installation. If you are unsure or not ‘Tech Savvy’ don’t worry. CheaperPay has a help desk who are more than happy to assist installation.

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Contactless Rings & Selfies: Revolutionary Ways To Pay

A selfie is just another photograph to post on your social media accounts, right? Wrong. Selfies could very well be the new way to pay for your goods and services! Not only that, but wearable technology has revolutionised the way we can communicate and track daily activity. It’s no wonder that they’re now a viable option to pay for your goods with.

Contactless Rings
Not just a fashion accessory anymore, a ring can be used to pay for all of your essentials when you’re out shopping. The convenience for the wearer means that in the event that they lose their card or cash, or forget to bring it out with them there’s no reason they still can’t walk away with the goods they want. Not only does this mean they get to purchase what they need, but your business doesn’t lose out on a sale that day.
One of the most convenient facts about the contactless ring, is that it doesn’t require a smartphone to use, nor does the ring need charging at all. As long as the customer is wearing one, they’ll be able to pay for whatever they want.

Selfie Pay
The phenomenon of the selfie has taken off significantly in the past several years – even earning itself a definition in the Oxford dictionary. It was only a matter of time before selfies would become a daily habit – and perhaps even a daily necessity. A new app called ‘Selfie Pay’ aims to help customers make secure transactions without the need for a pin number or password. By using biometrics instead of passwords, the app aims to make it the securest form of payment possible; after all, you can’t replicate someone’s face or hack it as passwords often are.

The future of payments
Whether you’re a fan of these payment methods or not, their value to businesses is undeniable – and it’s hard to imagine a future in which these types of payments weren’t helping businesses to boom and make more and more profit every year.

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How Wearable Technology Can Transform Your Business

First it was the smartphone – now it appears, to be glasses. We have come a long way from the days when the dial-up tone was a norm when connecting to the Internet. Now it appears that wearable technology is going to push us into a new era of communication on the go. Since Google released Google Glass, many engineers have proceeded to push the boundaries of wearable technology and its functions for both consumers and businesses alike. Imagine the scenario – a repairman is fixing a boiler, but needs some quick instructions or to look something up; instead of whipping out his smartphone, the glasses he is wearing will tell him everything he needs to know, saving both time and money in the process.

But realistically, how can wearable technology help your business to grow and stay ahead of your competitors?

The customer is always right
To assess whether your business will be a success, begins with market research. What is the consumer interested in and how do they like to shop? A customer likes to be informed at all times – and your employees will need information on hand at all time. Simply by having, for example, a watch on their wrist that they can bring information up on as they keep the customer engaged will help efficiency and time management.

Creating new business opportunities
Adopting wearable technology can also help to give you valuable consumer habit data. By being able to connect while on the go, you can track how consumers purchase your product and what entices them the most. Not only will it help increase consumer engagement with your brand but your employees will also benefit from the extra productivity and successful use of the data.

Overall, wearable technology is coming to the forefront of businesses, along with contactless payment and payment via smartphones.

We can help your small business or SME to grow by helping you ease into the wearable tech world with ease and efficiency. Contact us now for a FREE quote and sign up to get your first 3 months FREE!

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Fingerprint Tech: A New Age Of Payments

Credit card payments have come a long way; from chip & pin to contactless taps, card payments are being revolutionised everyday. However, another form of payment has come to the forefront of business payment solutions.

Currently, fingerprint technology is worth an estimated $2billion a year in Japan, and is growing rapidly due to it’s convenience for both the consumer and the business.

What is fingerprint technology and how does it work?

Fingerprint tech is revolutionising the way consumers pay for their goods. It begins with the consumer purchasing a credit card that has their fingerprint stored within the details. After that, they simply pay for their goods by placing their finger on a fingerprint scanner at the checkout. And as simple as that, they get to walk away with their goods in hand.

What are the benefits of fingerprint technology?

If contactless cards worried consumers, then fingerprint payment is the ideal solution. For example, if the consumer forgets their card or loses it before paying, they simply need to scan their fingerprint and walk out of the store. Not only will this save them time, but also means your business does not lose profit it otherwise might have. As well as the additional monetary benefit, workplace efficiency is almost doubled due to the quick nature of the payment.

Fingerless payments are looking to replace or become an alternative to Apple Pay; a market that is also growing rapidly due to it’s convenient nature. It also has the added benefit of total security. There may even come a time when the consumer will no longer need to carry card or cash – simply their fingerprint. Although there might be limitations (for example not being able to use multiple fingerprints for different bank accounts) the security of the process simply cannot be denied for both the consumer and the business.

Here are CheaperPay we understand the need for your business to stay ahead of the curve without the added costs – so we’re offering a limited time offer of 3 months FREE when you sign up for our service!

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Card Payments: The Cost Of Staying Static

More and more businesses are realising the potential of adopting card payments as well as cash transactions. With debit and credit cards being used as a consumer’s preferred payment method these days, it’s no wonder that the credit card industry is booming and contactless payments are taking off as much as they are.

However, as a small business, you may be concerned about the cost of having card payments, rather than the additional profit you’ll receive overall. These fears often lead to cash-only payment transactions for many small businesses, until they can accept card payments.

But when taking a look at the overall statistics of card payments, your business is more likely to succeed in the long term than fail.

The Statistics

Roughly, small businesses and SMEs who do not accept card payments are losing out on £8.8bn profit. £52.6 billion is spent by consumers using card payments in the UK with 70% of consumers prefer card to cash. Meanwhile, 32% of UK adults would not purchase from a store that did not accept card payments.

With these alarming statistics from the general UK public, it seems likely that a small business would struggle in it’s first year by not allowing card payments, unless the product was unique enough to suggest otherwise.

The Conclusion

Long term numbers and statistics are more reliable than short-term figures and your fears. Starting a new business comes with all kinds of risks, but being prepared is the most important factor when implementing new systems. Embrace the digital age and now!

Here at CheaperPay we understand the importance of reducing the costs for your new business. This is why we’re offering 3 months FREE when you sign up with us! Contact us for more information.

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Pepare for the next generation of card payments

Paying for your shopping using your smartphone just got even easier as Mastercard expands the reach of its mobile payment app.

The humble credit and debit card may be a step closer to extinction thanks to a new announcement from Mastercard.

The company has revealed a major expansion to its Masterpass digital wallet service that will allow customers for the first time.

Going forward, Masterpass should now work seamlessly on your smartphone, wearable device or tablet, letting you pay online, in-store, or using the NFC-enabled app with just one touch.

Masterpass makes paying for goods even easier

Masterpass makes paying for goods using your smartphone even easier

Mastercard says that the new service, which links to your current account, is perfect for a wide ranges of use cases, from paying for the tube in the morning to splitting the bill at lunch and ordering your weekly shop online.

Banks will also be able to build Masterpass into their own apps, bringing together all your various digital payment methods and apps in one place.

The company says that around 80 million people around the world will be able to benefit automatically from the new service, which launches in the US today before expanding to Europe later next year.

The news comes as competition in the mobile payment market continues to increase, as big players such as Apple and Samsung throw their weight behind the technology.

Since its launch in 2014, Apple Pay has helped popularize the idea of paying for good using a mobile phone in the UK, with thousands of businesses across the country supporting the technology.

 


Moore, M. (2016) Home. Available at: http://www.express.co.uk/life-style/science-technology/689626/mastercard-masterpass-contactless-shopping-payment-app-nfc (Accessed: 15 July 2016).

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London’s contactless Tube payment system is going global

Other cities will soon be able to use TfL technology to develop their own contactless payment systems.

The contactless payment system used on London’s transport network will soon be modified for use in other cities.
A deal between Transport for London (TfL) and transportation firm Cubic will see the latter adapt the contactless ticking system and license it around the world. The deal, worth up to £15 million, will help TfL ensure fares don’t rise for the next four years, the mayor’s office said.

Cubic will be given access to London’s contactless system to allow it to tailor it to other transportation networks. The company first worked with TfL in 2003 to develop the technology behind Oyster and has since helped upgrade the system to support contactless payments from debit cards, Apple Pay and Android Pay.

Outside London, CTS provides similar ticketing technology to Brisbane, Chicago, Sydney and Vancouver. The non-exclusive deal with TfL will allow the company to integrate technology developed for London’s network into other transport systems.
According to TfL, more than 500 million journeys have been made by more than 12 million unique credit and debit cards since the contactless system launched on London’s busses in December 2012. The technology was expanded to cover Tube and rail in September 2014 and has been used by customers from 90 different countries with one in ten contactless transactions in the UK made on TfL’s network.

Cubic continues to run TfL’s ticketing and fare collection services on 8,500 busses, 1,900 Underground and Overground ticket gates and 1,600 ticket machines across the network.

 


Temperton, J. (2016) London’s contactless tube payment system is going global. Available at: http://www.wired.co.uk/article/london-underground-contactless-payments-licensing-deal (Accessed: 15 July 2016).

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Visa: Most People Back Biometric Payments

Majority of people want to use biometrics when making payments, with fingerprints the favoured option.

New research from Visa has revealed that a clear majority of people are in favour of combining biometrics with their payment process.

The Visa Biometric Payments study surveyed over 14,000 consumers across seven European markets. And it comes at a time when the use of biometric technology is being actively debated as a way to improve transaction security.

Safer Transactions

Biometric technology of course has been around for many years now, but thanks to some high-profile launches of late such as Apple’s TouchID system and Windows Hello, the technology is being used by more and more people.

And the Visa survey revealed that two thirds (73 percent) of people believe that two-factor authentication, where a form of biometrics is used in conjunction with a payment device (i.e. a mobile device or card reader), would make for a more secure payment authentication.

Half of people (51 percent) believe that biometrics would make payments faster and easier, and 68 percent want to use biometrics as a method of payment authentication. The survey revealed that biometrics would mostly help online retailers, as nearly a third (31 percent) of people have at some stage abandoned a browser-based purchase because of the payment security process.

And it seems that 33 percent of people appreciate the fact that biometric authentication means their details would be safe even if their device was lost or stolen.

“Biometric identification and verification has created a great deal of excitement in the payments space because it offers an opportunity to streamline and improve the customer experience,” said Jonathan Vaux, Executive Director of Innovation Partnerships. “Our research shows that biometrics is increasingly recognised as a trusted form of authentication as people become more familiar with using these capabilities on their devices.”

“Biometrics work best when linked to other factors, such as the device, geolocation technologies or with an additional authentication method,” said Vaux. “That’s why we believe that it’s important to take a holistic approach that considers a wide range of enabling technologies that contribute to a better end-to-end experience, from provisioning a card to making a purchase to checking your balance.”

What type?

Fingerprint recognition is viewed as the most favourable secure option by 81 percent of respondents. Iris scanning is backed by 76 percent of people.

But most people are comfortable with fingerprints, as 53 percent of people expressed a preference for fingerprint over other forms of biometric authentication when using it for payment. The other biometric choices such as voice or facial recognition as a payment method are much less popular.

The survey also found that 48 percent of respondents want to use biometric authentication for payments when on public transport. 47 percent want to use biometric authentication when paying at a bar or restaurant, and 46 percent want to use it to purchase goods and services on the high street at a coffee shop or fast food outlet for example. 40 percent want to use it when shopping online and 39 percent when downloading content.

Biometric Uptake

Biometric technology is seeing increasing use of late, not just because of its incorporation into mobile and computing devices.

Earlier this year HSBC launched new biometric logins for its customers. Barclays also allows some of its corporate clients and Wealth customers to log in to their accounts using a biometric reader, and also has voice recognition software, enabled for certain users, with RBS and NatWest also offering fingerprint technology to some customers.

Previous research has found that younger British consumers are the most comfortable with using biometric data to verify their accounts.

 

 


Jowitt, T. (2016) Visa: Most people back Biometric payments. Available at: http://www.techweekeurope.co.uk/security/authentification/people-biometric-payments-195063 (Accessed: 15 July 2016).

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Apple Pay is coming to the web – but there’s a catch

Apple Pay will soon be available on in browsers on macOS and iOS, but payments will still have to be authenticated on an iPhone.

Following months of rumours, Apple has confirmed it is launching Apple Pay on the web.

The feature was unveiled at the annual Worldwide Developer Conference and will let you pay for goods through Safari on macOS and iOS. Payments will still need to be authenticated using a fingerprint-enabled iPhone or the Apple Watch.

When customers are browsing on supported websites – such as Crate and Barrel and lululemon – an Apple Pay button will appear. It will work in a similar way to Apple Pay on apps.

Previously, to use Apple Pay iPhone users could store their card details into the contactless system and use NFC to tap and pay for goods in participating stores. Alternatively, they could use Apple Pay to buy items on selected iPhone apps.

Today’s announcement expands this to the web. People shopping on a website on a Mac, or via Safari on their phones, will get a notification on their iPhone to confirm the transaction, which this is done using TouchID.

 

Apple Pay will be limited to £20 until September, when payments up to £30 will be allowed

Apple Pay will be limited to £20 until September, when payments up to £30 will be allowed

This means users won’t have to manually enter credit card information on individual websites or store them online when buying goods because the payment – and security – is routed through the Apple Pay system.

The new features are due to start rolling out to the UK and US countries “soon” and WIRED has contacted Apple to get more information and details of supporting websites.

Apple Pay launched in the UK last year and brought the contactless payment system to stores including Boots, Costa, Lidl, Marks & Spencer and Nando’s.

More than 250,000 shops across the UK now accept Apple Pay, with Transport for London also supporting the payment method on its network. The UK was the second country to get Apple Pay after the service launched in the USA in October 2014.

 


Woollaston, V. (2016) Apple pay is coming to the web – but there’s a catch. Available at: http://www.wired.co.uk/article/apple-pay-web (Accessed: 12 July 2016).