The success of a company depends on many nuances. Among the other factors, one of the important aspects, that shouldn’t be underestimated, is the payment solution that is offered to the customers. Customers are expecting payments to be as seamless as possible. Businesses spend vast amounts of money to acquire customers and every customer is important. The way how customers can pay you has a major role in customers’ onboarding and conversion process as well as in longer customer journey defining whether the service or product will be purchased again in the future. Additionally, smart and smooth payment options are essential when expanding globally to global markets or while establishing up-to-date and automated business processes.
Automated payment processes are one of the ways to make your business to follow modern principles, thus keeping pace with the competitors. In the era of the IoT (the Internet of Things), automation of various processes, including payment management, and billing, but also the analysis of the payment data are the important inputs allowing to make sound strategic decisions.
User-friendly payment solutions
Providing smooth and seamless payment options should be a part of every business. A smart way to do this is to use card payments by automating the payments and even more, by integrating the payments into the service. The use of banklinks is gradually coming to an end, at the same time when online card payments are showing increasing trend and have become more popular than ever, especially considering mobile phones and other mobile devices. Card payments are the most universal and simple payment solution in the world. Payments for periodic services (such as Netflix) or invisible payments integrated to apps (such as Taxify and Uber) are mainly based on card payment automation.
The volume of e-commerce transactions has grown steadily year by year in Estonia: more and more of our consumers are choosing an online environment to place a purchase and studies say that this trend will be continuing in the coming years (the statistics of Central Bank of Estonia). The statistics of the Central Bank of Estonia shows that the growth of e-commerce card transactions is remarkable when looking at the growth of card payments by turnover and transactions volume. The merchants are facing interesting times: they must build a truly well-functioning e-environment, which would add extra benefit to the overall growth of e-commerce.
Source: Central Bank of Estonia
Statistics show that people prefer using mobile phones everywhere – not just for communication, but also for shopping whether it’s being a purchase via e-shop, performing a monthly insurance payment or using a mobile device in a brick and mortar store purchase as a mobile wallet (e.g. mTasku). For many such use-cases it is enough just to save card details once and in the future goods and services can be purchased quickly, with just a few clicks.
Smart payment link – LinkPay
EveryPay LinkPay is a smart tool for all types of businesses allowing them to accept online card payments without any need for IT development or even a website. LinkPay allows a company to create a payment link within EveryPay system with custom fields and pre-defined details and simply post the link to its customers without any IT effort nor even a need for a website or its own customer portal. LinkPay supports different payment types like one-off payments and subscription payments.
Braintree or EveryPay?
There are many payment solution providers. Let’s take a look at one of the most well-known payment system providers Braintree and an Estonian solution – EveryPay.
Looking at this table, both Braintree and EveryPay have useful advantages: the possibility to cancel and refund payments; pre-authorization; card data saving functionality in order to enable faster and automated payments, guaranteed settlement of accounts; automatic retry of payment in case of technical refusals through alternative connections.
Next day settlement
One of the biggest advantages of EveryPay is next day settlement – in cooperation with LHV Bank the money will be paid to the merchant bank account by lunch of the next day, precondition here being a merchant having an account in LHV bank. The standard process for Braintree and many other payment gateways is that money will be transferred to the merchant account on average within a few days to a few weeks.
EveryPay personal customer support is also noteworthy, personal support team handles questions instantly during one business day. Most other service providers take longer to respond and the answer is mainly given by a robot, not actual people.
EveryPay’s card payment solution can also be used as a convenient billing platform. It means that billing between you and your client can be done by card payments and the funds will be taken from the customer’s account that is associated with their bank card. (EveryPay card payment platform can also be successfully used as a settlement billing solution. This means that payments between the company and the client are done as a card payment: the money is withdrawn from the account associated with the client’s bank card. The company can control their cash-flow and the client doesn’t have to do anything to pay the bill.)
EveryPay solution is suitable for businesses that:
- sell products/services at foreign markets;
- need to collect payments both from private customers and businesses;
- do invoice periodically (e.g. once a month);
- settle the bill immediately after the service is provided;
- want to have better control over your billing processes;
- want to automate the billing processes.
EveryPay’s platform supports Visa and Mastercard debit and credit card payments. Integration capabilities include custom solutions as well as iOS and Android SDKs.
Furthermore, it is compatible with the following free modules: WooCommerce, PrestaShop, Magento.
User-friendly payment solutions are very important for both new and returning customers. Instead of setting up monthly invoices for regular customers, it would be wise to automate such billing – EveryPay is perfect for it, offering high-quality and modern payment system service that is extremely important in today’s fast and growing information technology society.