Without wanting to jump back on the COVID bandwagon and how awful it has been for businesses, we do have to make mention of it in the context of online payment solutions.

In March 2020 we published an article discussing the role of cash in the 21st century and how payment services are shifting. Shortly thereafter COVID came thundering along and turned our world upside-down, taking hold of the economic reins and leaving a trail of broken businesses in its wake. 

Businesses large and small were in a hurry to get – and trade – online as lockdown wreaked havoc on brick and mortar businesses. 

But it’s not all doom and gloom. There are some exciting innovations filtering down to business owners which we’d do well to explore.

Is Cash Still King?

In a radio interview, Founder and CEO of World Wide Worx, Arthur Goldstuck made some interesting points on the effect of the Big C and what comes next.

When discussing the shift to online shopping during lockdown he said, “The most significant number that we’ve seen is the one reported by Pick n Pay, where they saw an increase in March and April of around 200% in online grocery sales.”

Commenting on businesses moving to online trading he further adds, “They don’t have a choice in the matter. The government regulation prohibiting a total opening up of online retail was quite irrational, and based on a kind of technophobia that has always existed in government.

“But retailers cannot afford that kind of technophobia. You’ve seen into an organisation like Checkers, which was notorious for avoiding going digital, or at least online sales, becoming one of the front runners in how quickly they can deliver an order that’s placed through their partners – and that’s the kind of model that the big players are now embracing, partly with small agile players who can deliver very quickly.”

If lockdown has taught us anything, it’s that we always need a Plan B. In this case, digital trading is it, and while it may be a challenge for some to get off the ground and into cyberspace, the rewards are great for those that do.

In his interview, Goldstuck also mentioned omnichannel trading. 

Shopify defines omnichannel as follows, “Conceptually, omnichannel is rather simple—the whole is greater than the sum of its parts. Omnichannel involves integrating each touchpoint to offer the customer exactly what they need, the moment they need it, anywhere they are and on any device.”

So, customers need to see you where they are, interact with you, make a purchase on whichever device they prefer – all in a seamless, native manner. 

This brings us full circle to the matter close to the heart of all business owners, that of payment.

Online Payment Solutions

The list of online payment solutions available to companies who have chosen to go digital is growing. 

And the single golden thread tying it all together is, you guessed it, connectivity.

Once you’ve taken your business online, you may have to adjust to processing orders and payments a little differently. 

Your brick and mortar shop will have had a reliable, fast connection which would facilitate the link to your bank for accepting and processing secure payments. Your POS devices will need Wi-Fi to operate away from the desk to accept card transactions. (And if you’re using GSM then even power failure wouldn’t stand in the way of your customer’s purchase.)  At the same time, you would probably be connected to your cloud accounting package to ensure that all data is safely stored away. 

Now that you’re online, you will certainly want to know that your store is always up and accessible, which means your internet connection needs to be top-notch.

You’re going to be accepting various payment methods and perhaps storing customer information online, so security needs to be considered. Of course, the connectivity requirements for businesses who are transacting online need to adhere to stringent regulations to keep you and your customers safe.

Once you have the foundation in place, your online store will have the ability to accept card payments, process EFTs, make use of loyalty cards, pay on account, accept various cryptocurrencies such as Bitcoin as well as international online payment portals such as PayPal. 

Making these payment options available to your online shoppers gives them more flexibility and gives you more inroads into your bank account!

Follow Facebook

Social giant Facebook, is rolling out online purchases through their platform. This exciting move will certainly assist small businesses who may be a little technophobic or may not have the funds to invest in an eCommerce store right away.

Setting up your shop is very easy and tailored towards the non-technical among us. 

They say, “Right now many small businesses are struggling, and with stores closing, more are looking to bring their business online. Our goal is to make shopping seamless and empower anyone from a small business owner to a global brand to use our apps to connect with customers. That’s why we’re launching Facebook Shops and investing in features across our apps that inspire people to shop and make buying and selling online easier.”

Being able to see, like, shop and track within the same platform is a brilliant idea!

The Bottom Line

If you need to make the move to an online outlet and you want to ensure that your connectivity foundation is solid, please feel free to contact the Huge Connect team. We have packages designed for small businesses as well as solutions to satisfy the larger corporate clients that we care for.

Let’s connect.

Sourced from: Huge Connect Blog. View the original article here.

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