Would you like to add efficiency and potential extra revenue for your business?
Great! We are excited to show you how virtual terminal software features give you that opportunity.
Remote payment processing has come a long way in recent years and business owners can leverage these advances. We are going to show you how.
Here is a look at what else we will discuss today:
- Insights on the Recurring Billing Economy (aka subscription economy)
- App Economy insights that can add revenue streams to your business
- Ways a retail businesses could utilize mobile app subscriptions to increase sales
- Potential tactics for restaurants that would like to earn more via mobile app subscription sales
- Revenue gas stations may be leaving on the table by not embracing apps
In case we have new business owners reading, here is the definition of remote payments: Financial transactions that occur without the physical presence of the payment card or cash. Remote payments can be made on a web page, over the phone, in an app, through email/SMS links, etc
Let’s investigate.
10 Ways Virtual Terminals Bolster Remote Payment Processing
- Cater to diverse customer payment preferences
- Can process payments from anywhere (need web connection)
- Have most up-to-date security features
- Streamline admin tasks
- Improved cash flow
- Ideal UX via phone, email, and online forms for payments
- Perfect back-up when card readers or POS system fails
- Reach more customers
- Great for adding subscription services or products
- Saves business owners money by eliminating need for physical payment hardware
These ten enhancements to remote payments are good reasons to invest in a reliable virtual terminal. However, the chance to reel in more revenue can’t be overlooked.
Using The App Economy With Remote Payment Processing
Mobile apps have changed the economy. It’s hard to imagine that changing either. So, why not leverage apps alongside your remote payment processing to add additional revenue to your business?
We have three example businesses with ideas for doing this coming up. First though, it may be useful to see just how impressive the App Economy is and how big it may be in the future.
- Average person spends about 2 hours and 51 minutes per day on mobile apps (Net Guru)
- Free apps with in-app purchases, subscriptions, and ads drive majority of mobile app revenue
- Subscription-based apps generated $45.6 billion in revenue (11.4% increase from previous year)
- 96% of app spending (IOS and Google Play) is via subscriptions
Impressive, right? Just remember, any business, large or small, can profit from consumer app usage. Today’s affordable no-code solutions have swung the door wide open for anyone interested in having an app for their business.
Now for specific use cases.
How Retail Businesses Could Use Mobile App Subscriptions To Increase Sales
Since you know the ins and outs of your business better than anyone, you will be able to come up with even more ideas than we did.
Mobile push notifications could be used to alert loyal customers about sales, new products, and bundled deals. Make some deals exclusive to app users to get them excited to download your company’s app.
If you already have a loyalty program, give bonus points to those who download your app and engage with it regularly. Tracking these loyalty program points is easier with a modern remote payment processing platform.
Another way to leverage the App Economy is to lean into content marketing. You could provide free how-to guides and expert advice related to your retail products. The free content is designed to keep your retail business top-of-mind for your audience.
Lastly, you could offer a gaming app. As long as it relates to your business it could be a valuable asset. An outdoor equipment store could use a wilderness adventure game to engage their shoppers and include ads for their products and services.
Games don’t need to be complex. Just look at Tetris and Angry Birds!
By the way, the New York Times has generated major profits through their game subscriptions. Their main business is news, but as bonus revenue, games fit nicely (crossword puzzles have a long history inside physical newspapers).
Let’s move to the next example.
Gas Station Remote Payment Processing Subscriptions
The key is keeping customers engaged. Engagement is difficult in competitive businesses like gas stations and convenience stores.
When your app offers real value, though, you can overcome this challenge. See ideas below for maximizing engagement with online business payments.
- Fuel discount programs for subscribers
- Car wash subscriptions (partner with car wash company if need be)
- Monthly freebies (i.e., coffee) for subscribers who reach higher spending levels
- Automated oil change reminders based on mileage tracking
- Reserved EV charging stations for subscribers
- Exclusive discounts at partner restaurants nearby
- Earn points toward a car rental (partner with local rental company)
- Pay via app for in-store items to skip the line
- Cross-promote partner business offers
The third example is…
Restaurants Using Remote Payment Processing For Engagement
Those possibilities are more likely when you use data and insights inside your remote payment processing platform. The engagement comes by personalizing offers with that data.
You can stay in the minds of customers by offering free meal plans in an app or in an email newsletter, while also offering pre-paid meal packages for takeout.
Another idea is giving app users the ability to reserve a table during busy times. American Express recently bought a “reservation company” so American Express customers have easier access to exclusive reservations.
A big perk these days is food delivery. So it makes sense to include related loyalty benefits for your most frequent takeout customers. Pinpoint those customers with your virtual terminal software. Then, get them to download your app or subscribe to your email list so they never miss out on the benefits they earn!
Want to keep it simple? Use your remote payment processing insights to send birthday cards or gift codes to your diners as their special day approaches. Another way to surprise and delight people is with free appetizers — perfect for VIP diners or large parties.
We want to be clear about the goal here.
Remote Payment Processing Gives You Reach
Additional revenue is the goal of building an app or getting customers to sign up for subscriptions. However, that revenue may not come directly from those efforts.
The subtle goal is simply keeping a closer connection with your customers so they do business with you more often. Sure, if you please your customers, they are likely to stick with you. But you don’t want to risk them “hopping the fence” and spending less money with you, ever, right?
All it takes is a big sale at a competitor’s retail store or a restaurant recommendation from a friend, and next thing you know, one of your loyal customers is coming into your business half as much.
Keeping your customers “corralled” is easier when you stay closely connected and offer them incentives to stick with you. Smartphones are in the hands of nearly 100% of Americans, so mobile apps and subscriptions are the best ways to stay connected with people.
Remote Payment Processing Conclusion
We broke down exactly how virtual terminals enhance remote payment processing. These virtual payment platforms are impressive business tools, not just cost effective options to a POS system.
Also, you now understand how virtual terminal software can be used to rake in additional revenue that is plainly available inside the App Economy. The stats we listed show a tidal wave of opportunities for businesses of all shapes and sizes. User-friendly tools make app building available to everyone.
Finally, you got a peek at three specific businesses and ways each could harness recurring subscriptions and or mobile apps. Hopefully, our ideas will spark more ideas based on your unique business and customer base.
This post would not be complete without a few common concerns we hear. See those below.
FAQ
What are the typical fees with remote payment processing?
Fees can vary but here are guidelines. Transaction fees—Usually 2-3% + $0.10-$0.30 per transaction. Monthly fees: $20-$50 per month. PCI compliance fees: May be annual, around $100-$200. Chargeback fees: Usually $15-$25 per chargeback. Setup fees: Range from $0-$100+.
How long is the wait for funds deposited into a merchant’s account after a remote transaction?
Times can vary, but standard processing takes 2-3 business days. Next-day processing is possible but will come with an extra fee. The same goes for instant or same-day deposits. Wait times can depend on your account history and relationship with the bank too. High-risk businesses can see longer than standard wait periods.
How secure are remote payment methods?
Remote payment processing is considered secure as long as merchants use encryption, tokenization, two-factor authentication, fraud-detecting algorithms, and PCI DSS compliance. Remote payments become less secure when business owners use weak passwords, open Wi-Fi networks, store data locally without encryption, or fail to train staff on payment security protocols.
