Many people prefer to shop online, and they’ll rack up credit card transactions from the comfort and safety of their homes rather than visiting brick and mortar stores. For small businesses, this is another excellent way to raise revenue.
There are ways to manage and track such online transactions. We’ll focus on a few of those methods today.
Managing E-commerce Payments
As the Christmas holidays get closer, the familiar chime of credit card machines resounds all across the United States. Many people will whip out their credit cards or debit cards to pay for holiday gifts. Credit card transactions will rack up for many small businesses, printing out receipts at the end of every purchase. In some cases, people will utilize payment options such as Apple Pay, Samsung Pay, and Google Pay as other payment methods. However the transaction takes place, many shoppers will spend money in droves to make their loved ones happy.
The great thing about shopping nowadays is that you aren’t just limited to visiting a brick-and-mortar store. As long as your phone, tablet, or computer has an internet connection, you can use many payment methods mentioned above to conduct e-commerce transactions. This virtual terminal allows those same Google Pay, Apple Pay, Samsung Pay, and credit card transactions to take place.
There are many ways that a business can set up an online merchant account and manage e-commerce payments. The first tried-and-accurate method of managing e-commerce payments is through credit card and debit card purchases. Many financial institutions across the United States provide customers with debit cards as a primary way of making payments. Credit card transactions are another payments system that many merchants use to bring contactless payments into their web portals.
Next to that, e-checks are accepted through ACH processing. This transaction is a type of direct debit from a bank account. Think of it as a debit card payment, except it’s an e-check. You’ll enter your bank account information (name, account number, routing number) in addition to other information you’ll need once you reach the digital counter. Through each of these payment systems, a small business is better able to manage a deluge of digital transactions.
Tracking E-commerce Payments
Once you’ve received a debit card, credit card, Apple Pay, Google Pay, or Samsung Pay transactions, it helps to track these payments. Let’s say there’s a customer who purchased an item through Lucidpress. They want to get an assortment of personalized brochures, business cards, and newsletters. The customer has heard about how Lucidpress stands at the crossroads of intuitive design, being a long-time leader in the realm of brand templating.
After this transaction takes place, the graphic design company can locate a transaction through various means. One of the tools you can use to track e-commerce payments is Google Analytics. For instance, Google Analytics can help track PayPal transactions. Once a customer has processed this type of payment through the Lucidpress website PayPal option, this will trigger a Google Analytics e-commerce code. From there, a small business can track the use of e-commerce payments via PayPal. Tracking e-commerce payments is an excellent tool for businesses to stay on top of their growing companies.
Pros of Tracking Payments
When you track e-commerce payments as a small business, this can help you on a few fronts. First, you’re able to see what types of payments are most used by customers. Are credit card payments more popular than debit card payments? Do e-checks get used more regularly at a particular time of year? In addition to this, tracking checkout payments will help you see what product is selling and what’s not. This will help to prevent you from wasting money on stocking items that people don’t want. Tracking debit card transactions, credit card transactions, and any e-commerce transaction can help your business in many ways.