Retail customers spent approximately $26 billion in 2020. You can capture a larger portion of that spending with a payment platform.
Small retailers around the world are learning that payment platforms are a great way to accept debit and credit card payments. The best payment platform for your small retail business comes down to the type of currency that you accept.
You may only accept the Hong Kong Dollar, but doing so could limit your business. You’ll also want to accept currency such as the yuan and other foreign currencies. You’ll need to partner with a payment platform that facilitates cross-border transactions to do so.
Keep reading to learn everything you need to know about the best payment platform for small businesses.
Why You Need Payment Processing
There are several benefits to working with payment platform providers to accept credit cards for your business. You’ll notice a boost in sales. You’ll also see an immediate increase in spending when you start accepting credit cards.
Accepting credit cards legitimises your business. Customers are more likely to make a purchase when they trust you. You create a sense of trust and familiarity when you display major credit card logos.
A payment platform will improve your cash flow. It will help to boost sales. You’ll also find that transactions get deposited into your bank account quickly.
What this means is no more waiting for checks to clear. Payment platform processing also means no more sending out invoices and waiting to get paid if you usually use invoices.
Credit card shoppers are impulse buyers. These buyers tend to have more disposable income.
They aren’t limited to spending only what they have available in cash. Credit card shoppers tend to spend more with each visit. You’ll want to start using a payment platform for your store for these reasons.
Understanding Payment Platforms
The best Hong Kong payment platform makes it simple and easy to manage payment processing. It allows you to accept payments in-store or online.
You might simply use an iPad and a payment platform to process credit card sales if you run a small shop. This setup can serve as a convenient in-store point-of-sale system.
A payment platform is a simple way to charge a credit or debit card. The platform will charge a nominal fee for each transaction. A payment platform is typically the most cost-effective option for processing credit and debit sales if you have a low volume of sales.
You want the best payment platform for your small business. You also want to look for a payment platform that’s easy to set up and use.
You’ll want to choose a payment platform that’s priced competitively. You should also look for a payment platform that makes use of the latest technology.
You’ll want to look for a payment platform that allows you to process multiple currencies if needed. You can expand your clientele by doing so.
People do nearly everything on their smartphones today. You’ll also want to look for a payment processor that offers mobile options for this reason.
Meeting Your Cross-Border Transaction Needs
Hong Kong is a hub for global-minded small to medium-size enterprises. Going global is relatively easy due to the location of Hong Kong. The area is a logistic and financial hub due to its proximity to China.
You’ll need the right payment processing system to access the global supply chain. You’ll also need a seamless payment processing system if you want to operate outside of Hong Kong.
The internet has broken down the boundaries of communication. Those boundaries tend to remain persistent when it comes to payment processing.
Most common payment systems are antiquated. Many outdated payment systems also charge exorbitant foreign-exchange fees.
The cross-border payment platform market has been underserved for years. Now there’s an easier way to facilitate the cross-border payment process.
An internet-based payment platform makes cross-border transactions easy. This kind of payment platform is easy for small businesses to set up. You’re free to do business with customers with a cross-border payment system, no matter where your customers are from.
The Importance of Payment Platform Security
Security is also a vital feature of a payment platform. There are challenges to processing payments in a fully digital environment, such as ensuring privacy and security.
The best payment platform services use a process called tokenisation for this reason. Tokenisation is a method of capturing credit card information. The process ensures that merchants capture information in a secure and compliant way.
Tokenisation offers an extra level of security. It ensures that your customers’ credit card information never gets stored on payment platform servers.
Your customers’ credit card information would remain safe even if a security breach were to occur. Consider a service such as the Reap credit card payment platform. Retailers never see or store raw credit card numbers with Reap.
There are many instances of data breaches at large retail companies. All hackers would see are randomly generated tokens if this were to happen with a company that uses tokenisation.
Payment platform tokens are unique for each card. Payment platform processors store tokens in a secure online vault. You can rest assured that your customer information will remain safe with the right payment platform service provider.
The Best Payment Platform for Small Business
It’s difficult for small businesses to open a bank account. There’s no bank account needed with services such as Reap.
You can register your Reap account in about two minutes. You can immediately start accepting payments after registering.
There’s also no need to establish a merchant account with Reap. You also don’t need to set up a payment platform. You’re all set after signing up.
You want the cheapest way to accept credit card payments as a retailer. Reap is a free service for small businesses. You can even use Reap to take your business online.
Your customers can use their favourite credit cards with Reap. Our online payment platform accepts all major credit card brands. Accepting credit card payments is free and easy for retailers.
What you collect is what you get. Payments will arrive in your bank account within three business days. You’ll access Reap services with a customised web portal for your business.
You’ll have a dedicated dashboard for your account with a Reap payment platform. You’ll also have access to customised payment links.
You can even use Reap to upgrade your invoicing process. Reap allows you to send invoices with your own unique URL and business logo.
The Reap Credit Card Payment Platform
Reap makes it easy to accept payments from your customers. Your buyers can open your unique link and make a payment from anywhere using Reap. They can access your link using any web or mobile browser.
Making a purchase is as easy as entering a preferred credit card with Reap. Your customers can make payments instantly with this information.
Reap also makes it easy to manage and track payments and collections. You can maintain an overview of all your payment collections using Reap’s intuitive dashboard. You can also stay on top of the status of all payments.
You can bulk export or upload information to Reap. You can also get real-time email notifications for completed payments.
Reap offers a simple pricing plan. Your customers will pay a nominal 2.9% payment platform processing fee. The best part is that the service is free of charge for your business.
Reap is your one-stop source for payment collection. There’s no need to install applications with reap. You can accept payments using Reap as long as you have an internet connection.
All you need to get started is basic information about your business. You’re all set and ready to start accepting payments once we verify your company.
Partner With Reap to Boost Your Cash Flow
Now you know everything you need to know about the best payment platform for small businesses. You’re all set to start accepting credit card payments.
Reap is a technology company that’s dedicated to helping small businesses upgrade their capabilities. We provide corporate payment solutions to help you improve how you operate. It’s our mission to prepare your business for the challenges of tomorrow.
We’re revolutionising the way that small businesses manage their cash flow. You can pay expenses and collect revenue using our online platform.
Contact Reap today at +852 9293 1987 or connect with us online to learn more about accessing better financial tools for your small business.