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Top 10 tips for surviving peak trading season

November 26, 2019 at 8:00 AM

The Black Friday sales are here. Then there are the pre- and post-Christmas sales. Peak trading season is upon us. Retailers and e-tailers are looking to finish 2019 strongly and maximise revenue. This means improving conversion, average transaction values (ATV) as well as the customer experience.


Everyone wants shorter check-out times, better targeted promotions and a competitive difference - peak trading season or not. A smart payments template is absolutely critical for this.

Here are ten things to consider:



1. Many payment methods

Turn browsers into buyers by offering popular payment methods via a single interface (e.g. international card brands, local schemes, bank-funded transfers and alternative payments). Remember that payments are strongly local, so what’s popular in one country may not be elsewhere.

 

2. Many currencies

Make customers feel at home wherever and however they shop with you by offering payment in their local currency. Your partner should be able to support around 25 currencies at a minimum, plus dynamic currency conversion, as required.

 

3. Many countries

Ensure your payments partner is able to offer you seamless payment behind the scenes with the requisite licenses, memberships and acquirer connections. This will give you true global coverage in practice as well as on paper.

 

4. Many channels

Omni-channel is a must-have for any successful, modern retailer. A partner with modular, configurable systems helps you launch quickly and turn on additional sales channels post-launch, if you need to.

 

5. Many value-added services

One end-to-end solution provider with a ‘mix and match’ approach to value-added services is ideal. You can choose the fraud and risk management, data or loyalty services that are right for you, safe in the knowledge that everything can be mixed to match with everything else.

 

6. One statement

Get full visibility of all transactions processed — domestic debit, Amex, Mastercard, Visa, bank account transfers etc. — on a single statement. Know where you stand at any point in time. Control your numbers to increase sales, profits and cash optimisation.

 

7. One settlement date

Forget coordinating different income streams from different payment methods on different days of the week. A single settlement date means less time spent dealing with payment-related admin and reconciliation. And better access to working capital.

 

8. One set of rates

Your payments partner should be able to offer you access to best rates through economies of scale. This is a whole lot easier than separate providers with varying rates, the competitiveness of which needs to be benchmarked separately for each country in which you trade.

 

9. One reporting suite

A simple, secure, web-based tool should allow you to view all transactions and refund them, if necessary. All the data in one place, as well as single statements and settlement dates helps make your reconciliation process as efficient as possible.

 

10. One contract

A single contract to access a diverse network of acquirers and processors across all the countries in which you trade is the goal. If you are trading internationally and across multiple channels, consolidating partner relationships saves time, resource and complexity.

 

How PXP can help

PXP Financial delivers a many-into-one proposition to minimise back-office reconciliation, and reports available in real-time for a holistic view of your business — all on a single contract

To find out more, please contact us via the form below.

 

PXP Financial

The End-to-end payment platform

PXP Financial provides a single unified payments platform to accept payments online, on mobile and at the point of sale. Powered by inhouse global acquiring, 200+ alternative payment methods & financial services, PXP processes over EUR 16 billion annually through our unified gateway.

Whatever your business needs today or tomorrow, PXP Financials’ innovative payment platform will support your business growth with all the payment services you will ever need from one source, wherever your business takes you.

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Tags: Payments, On-Premise Payment

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