Still processing your payments manually? You should rethink that.
Many businesses that used to process payments manually are now looking for better automated digital alternatives. This is one of the innovations accelerated by the Covid-19 pandemic. Today, smart businesses looking to increase payment efficiency, grow their business, achieve profitability and gain a competitive edge are turning to digital payment collection solutions.
A few years ago, many people and businesses were skeptical about entering their credit card details online. Today, 3 out of 4 people in Nigeria now use digital banking to complete transactions. Although billing services may seem complex at first glance, it is a simple solution that facilitates the ease of transactions and payments for customers, partners, donors, etc.
Humans have grown to accept emerging digital payment collection technologies Digital payments have become an essential part of business relationships. It is now the norm to offer an online payment option regardless of the type of business you operate. The benefits of offering an online payment system are critical to the survival and success of any business. It allows you to reach potential customers and gives you an advantage in converting leads.
Implementation of a digital billing system for your business it may seem tedious, but Fincra offers you options that make it easy to integrate an efficient collection system.
Why are online payment services necessary?
As an SME, you will probably still collect payments from customers via cash or cheques. 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 by adding one online payment service will give your business.
Meet expectations
Most of your customers are probably used to making payments online. Considering they are exposed seamless digital payment processes, they won’t expect any less when they buy your goods or services. Without a secure digital payment collection system, customers will lose interest and see your business as a medieval business.
It speeds up the process
Digital payments they are much faster than manual payments. Customers will not have to waste time and money completing their transactions manually. The digital payment collection process, from sending the payment to updating the customer’s bank account, takes seconds. This provides your business with better cash flow and quick transaction confirmations.
Plus, online payments tell you right away about the customer’s financial ability to complete the transaction instead of finding out a customer’s check bounces a week later.
Save yourself a lot of trouble
Automated payments save business owners the hassle 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 will not be asked to manage or store credit card information and updates.
But at a price
Of course, anything valuable comes at a cost. Your payment provider you’ll be charged a per-transaction fee, and some providers charge other fees, such as setup or monthly fees. But if paying online helps you grow your membership, your fundraising, or your online businessyou’ll only lose an insignificant slice of your much larger pie.
How the online payment process works
To fully understand how payment collection solutions work, we’ll look at a transaction from start to finish. Here, you’ll get insight into how your website, customers and payment collection the system interacts.
To collect payment online, you need:
A merchant account
A web page with a CTA button (eg, Join, Donate, Buy) that initiates the transaction process; you can use the code provided by your service provider or specialist. shopping cart software
After setting up your Electronic commerce web page and connect it aa digital payment system like Fincra, users of your platform will be able to make payments for purchased goods and services.
The online payment The process begins when the visitor clicks the button to pay membership fees online, register for an event, make a donation or buy something from your online store.
The online payment form appears where the user enters their credit card information to submit a transaction request. This form may appear 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 enters their credit card information into the payment form, the transaction request is transmitted to secure payment gateway operated by Fincra. This process is heavily encrypted to prevent security and data leaks that could expose the customer’s personal and financial information.
Fincra then proceeds to verify the customer’s credit card details and ensures that the customer has the necessary funds to complete the transaction.
In the event that the customer details are valid with sufficient funds to complete the transaction, Fincra will initiate a transfer of funds from that customer’s bank account to the merchant account linked to your account. E-commerce website. Your platform will then receive a notification of the approved transaction.
Your platform settings will determine how the information available to update your platform records will be used.
In the event that the transaction is declined for reasons such as insufficient funds or incorrect credit card details, no funds will be transferred. However, the status of this transaction will still be delivered to your platform.
Fincra payment collection solution
The Fincra payment form field facilitates the collection of payments or receiving donations from customers or donors through a secure, efficient and fast online payment processor. It doesn’t matter if you built one Electronic commerce form or a booking form, you as a user may integrate a payment field into your forms to allow you receive payments for goods and services.
Fast and safe
You can add a payment field to your form and connect your favorite processor in a couple of minutes. Once you integrate with a processor, you can start distributing your forms and get paid instantly. Because any payment made or received through Fincra’s payment collection application will be globally secure, you will present a secure payment method for your customers.
Let the sender set the amount
In addition to the option to set a fixed price, you can let your senders enter an amount and pay. This option is mainly suitable for donation forms and some payments that often involve price changes.
No coding required
As with other things you can run on Fincra, no coding skills are required for users to enter a payment field and proceed to collect payments. With Fincra, you can easily add a payment field, choose your preferred processor, and proceed to instant payment collection.
Like a Financial Technology platform, we facilitate both local and international 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 through an API integration. Additionally, Fincra’s APIs are designed for developers to launch globally financial products and are ideal for businesses that make frequent payments, require flexibility and require control over how and when funds move.
Fincra as a provider of Banking as a Service (Baas).
Fincra offers Banking as a Service (BaaS) for businesses helping them build and launch their embedded payment features. Fincra offers banking services for people at the API level. With Fincra BaaS APIs and robust payment solutions, businesses and Fintechs can incorporate payment services in your software. These platforms may offer various payment services such as collecting payments from customers and disbursement.
Fincra offers banking services for platforms at the API level, and our primary mission is to create one Financial API infrastructure connecting Africa to the rest of the world.
With Fincra APIs, platforms can build fast and seamless financial applications for scalability in 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.