Do you still process your payments manually? You should have a rethink.
Many businesses that were processing payments manually now seek better digital automated alternatives. This is one of the innovations fast-tracked by the Covid-19 pandemic. Today, smart businesses that wish to increase payment efficiency, grow their business, achieve profitability and gain a competitive edge are moving to digital payment collection solutions.
A few years ago, many people and businesses were skeptical about inputting their credit card details online. Today, 3 out of 4 people in Nigeria now use digital banking to complete transactions. While payment collection services may seem complex at the surface, it is a simple solution that facilitates ease of transactions and payments for customers, member, donors, etc.
Humans have grown to accept emerging digital payment collection technologies. Digital payments have become an essential part of business dealings. It’s now a norm to offer an online payment option regardless of the type of business you operate. The advantages of offering an online payment system are critical to the survival and success of any business. It allows you to reach prospects and gives you an edge in lead conversion.
Implementing a digital payment collection system for your business may seem tedious, however, Fincra provides you with options that ease the integration of an efficient payment collection system.
Why are Online Payment Services Necessary?
As an MSME, you probably still collect payments from customers through cash or checks. These methods may seem to do the trick, but you’re leaving a lot of money on the table by not adopting digital payment solutions.
You miss out on numerous benefits that adding an online payment collection service will give your business.
Chances are most of your customers are accustomed to making payments online. Given that they are exposed to seamless digital payment processes, they will not expect any less when buying your goods or services. Without a secure digital payment collection system, customers will lose interest and see yours as a business from medieval times.
Speed up the Process
Digital payments are way faster than manual payments. Customers will not have to waste time and money to complete their transactions manually. The digital payment collection process, from submitting payment to updating the customer’s bank account takes a few seconds. This gives your business better cash flow and rapid transaction confirmations.
Also, online payments inform you immediately about the financial ability of the customer to complete the transaction instead of discovering that a customer’s check bounces a week later.
Save you Lots of Trouble
Automated payments save business owners the hassles of depositing checks and managing manual payment records. When you set up a Fincra payment collection solution for your website, the software generates records and processes payments automatically. You won’t be required to manage or store credit card information and updates.
But at a price
Of course, anything valuable comes with a cost. Your payment provider will charge you a fee per transaction, and some providers charge other fees like setup fees or monthly fees. But if online payment helps you grow your membership, your fundraising, or your online business, you’ll only lose a negligible slice out of your much larger pie.
How the Online Payment Process Works
To fully understand how payment collection solutions work, we will go through a breakdown of a transaction from start to finish. Here, you will have an insight into the way your website, customers, and payment collection system interact.
For online payment collection, you need:A merchant account A web page with a CTA button (e.g. Join, Donate, Buy) that initiates the transaction process – you can use code provided by your service provider or specialized shopping cart software.
After setting up your eCommerce web page and connecting it to a digital payment system like Fincra, your platform users will be able to make payments for goods are services purchased.
The online payment process begins when the visitor clicks the button to pay online for membership fees, register for an event, make a donation, or purchase something from your online store.
The online payment form where the user inputs their credit card information in order to submit a transaction request pops up. This form may appear while on your website or the user may be redirected to the Fincra merchant page to complete the transaction.
Online Payment Collection Process
After the customer inputs their credit card information into the payment form, the transaction request is transmitted over a secure payment gateway operated by Fincra. This process is highly encrypted to prevent security and data leaks that may expose the customer’s personal and financial information.
Fincra then proceeds to verify the customer’s credit card details and ensure the customer has the required funds to complete the transaction.
In the event that the customer’s details are valid with funds enough to conclude the transaction, Fincra will then initiate a transfer of funds from such customer’s bank account to the merchant account linked to your eCommerce website. Your platform will then be notified of the approved transaction.
The platform’s setup will determine how available information will be utilized to update records on your platform.
In a case where the transaction is declined for reasons including lack of funds or incorrect credit card details, there will be no transfer of funds. However, the status of such a transaction will still be delivered to your platform.
Fincra Payments Collection Solution
Fincra’s payment form field facilitates the collection of payments or receipt of donations from either customers or donors through a secure, efficient, and fast online payment processor. It does not matter whether you built an eCommerce form or a booking form, it is possible for you as a user to integrate a payment field into your forms to enable you to receive payments for goods and services.
Fast and Secure
You can add a payment field to your form and connect your favorite processor within a couple of minutes. Once you integrate with a processor, you can start distributing your forms and receiving payment instantly. As any payment made or received through the Fincra payment collection app will be world-standard safe, you will be presenting a safe payment method for your customers.
Let Submitter Set The Amount
As well as the option of setting a fixed price, you can let your submitters write down an amount and pay. This option is primarily suitable for donation forms and some payments that often involve price change.
No Need For Coding
As with other things you can execute on Fincra, no coding skills are required for users to integrate a payment field and proceed to collect payments. With Fincra, you can easily add a payment field, opt for your preferred processor, and proceed to instant payment collection.
As a Financial Technology platform, we facilitate both local and international payment collections, we have other products and services such as virtual accounts, with the brand’s virtual account solution, you can open a virtual account for your local and international transactions and receive international payments. Send Payments To Bank Accounts And Mobile Money Wallets From Your Fincra Merchant Portal Or Via An API Integration. Also, Fincra APIs are designed for developers to launch global financial products and are ideal for businesses that make frequent payments, require flexibility, and require control over how and when funds are moved.
Fincra as a Banking as a Service (Baas) provider
Fincra offers Banking as a Service (BaaS) for businesses helping them to build and launch their embedded payment features. Fincra provides banking services for people on an API level. With Fincra BaaS APIs and robust payment solutions, businesses and fintechs can embed payment services into their software. These platforms can offer various payment services like collecting payments from customers and disbursement.
Fincra provides banking services for platforms on the API level, and our core mission is to build a Financial API infrastructure that connects Africa to the rest of the world.
With Fincra’s APIs, platforms can build quick and seamless financial applications for scalability across Africa and the rest of the world.
Get in touch with our team to learn more about how your platform can use Fincra for its payment solutions.