Home furnishings retailers constantly adapt to new and innovative ways of transacting with customers. With the pandemic pushing consumers towards online shopping, many retailers have faced challenges when collecting payments from customers who purchase home furnishing products, and navigating the world of virtual payments can be overwhelming. In this blog post, we will take a deep dive into everything you need to know about collecting virtual payments from your home furnishings customers. By harnessing the power of virtual payments, you can streamline processes, enhance customer experience, drive traffic, and ultimately boost your bottom line.
What is a virtual Terminal?
A virtual terminal is an easy-to-accept payment from customers you don’t see in person. If your business interacts with customers over the phone or accepts orders remotely, using a virtual terminal can make it easier to accept payments and decrease the time you take to get paid.
Suppose you are currently keying transactions received by phone into a desktop terminal. In that case, you are missing the potential for a further sale by not capturing all the Cardholder’s information to be stored encrypted in a secure Vault.
Virtual Payments Allows You to Engage Customers
Storing cardholder information allows you to engage that customer first by sending a Thank you note. Next, you can use SMS to target market regularly about upcoming sales or items that may complement the bedroom set they purchased. You can send them discount codes for an upcoming floor sample sale; all are great ways to increase the purchase from an established customer. Target the spenders. Remember the rule: 20% of your customers give you 80% of your business.
Customer Retention: Some virtual terminals offer a survey tool that empowers merchants to respond instantly to negative feedback, stopping bad reviews before they occur.
Largest VIP & Large Spenders: Customers visiting your business frequently should never be lost. Stay in communication with your VIP Customers, and they will never leave.
Digital Receipt Marketing: Merchants can collect customer contact information for use in future marketing efforts by urging customers to “go green” and choose an SMS receipt. They can also include potent marketing messages and clickable links in the digital receipt.
Customer Insights: Understanding when your customers spend money is a valuable statistic. Prepare your business for the busy times and send marketing messages to increase traffic during slow times.
Electronic Invoices: Virtual terminals provide the ability to send out electronic invoices by SMS or email, which allows you to pay faster in a secure environment. Send out that invoice owed before delivery and take that function away from the delivery crew.
Integration: Virtual terminals can generally integrate with your eCommerce site, and today, integrating with larger commerce platforms like Shopify could be beneficial.
Recurring Billing: Virtual terminals typically can do recurring billing, which comes in very handy if you do any Home Furnishing rentals or if you do your own in-house financing.
Card Updaters: keeps your payment card data accurate, minimizing declined transactions and authorization fees by providing timely updates on Visa®, Mastercard®, American Express®, and Discover® cardholders.
What is my out-of-pocket expense for all these features?
Most virtual terminals offered by the better companies that cater to Merchant Service companies charge a minimum amount and bundle all the benefits into a package.
For about $15-$25 a month, a virtual terminal with all the bells & whistles can be yours.
Virtual payments offer endless possibilities for growth and success, from simplifying transactions to providing a seamless customer experience. By taking advantage of a virtual terminal, you can take your business to the next level and ensure its longevity for years. So don’t wait any longer; get a virtual terminal today and see the immediate impact it can have on your business. Your customers will thank you for the convenience and efficiency, and your bottom line will thank you for the increased revenue.
