As the temperature drops and the festive lights come out, we know that the Christmas countdown has begun. The next few months are usually the most exciting and fruitful for retail. Take advantage of everyone’s spending frenzy as, on average, a family will spend more than £500 on Christmas.
As exciting as this season is for your customers and for your business, this quarter, for most businesses, is the most crucial part of the year. Don’t let the thought of increased sales distract you from looking after your company’s back office. Remember, if Santa can do it, then so can you!
So, we have made a list, and we hope you check it twice, so that you can get your business ready for the final run to Christmas.
1. Set up a quarterly business review
Even during the busiest time of year, it is important to make time for your quarterly business review. They are an essential tool to help you bridge together all the different factors that affect your business, like customers, products, payment provider. Make sure you meet with your account manager to discuss how to optimise payments in your business through the next quarter, any issues you’ve had in the last quarter, and even re-evaluate any prices. Now is the time to make those changes and fuel your success for the busy quarter ahead. You’re in control of your business’ success.
2.Have a backup merchant ID for the busy period
Merchant IDs are like an address for your payment processor so that they know where to send your funds. Imagine trying to send a parcel to a friend and not having the correct address. It can cause quite a nightmare for you and the person trying to receive the package. During the busy period, it can take ages for a transaction to go through a single Merchant ID, even worse if it crashes. You could lose out on a lot of revenue. Creating more Merchant ID’s for your business can make a quicker and smoother payment process, so there isn’t a backlog of transactions going through. This also means that if any fail, you have other ID’s to help with the transactions. Make this season easy for you and your customers.
3.Update account information for VAU and ABU
Give a boost to your bottom-line by keeping all your accounts updated this season. Nothing is more annoying for customers than re-entering their new card details if their card has expired. Most customers may forget to update their new card details, or wait for a convenient time for them, meaning you lose out on their payments, and they receive an interrupted service. VAU (Visa Account Updater) and ABU (Account Billing Updater – Mastercard) make sure your cards-on-file are automatically kept up-to-date. So, you don’t miss out on any payments this Christmas, and your customers can carry on enjoying your service with a hassle-free experience. Click for more information on VAU/ABU.
4.Allow international customers to pay with their local currency
A difficulty many tourists face when travelling aboard is the hassle of converting their currency and managing their budget with the exchange rate in mind. Giving customers the choice to pay in their home currency when paying by card, can provide your customers with an excellent, hassle-free experience. Plus, for every DDC transaction you process, you will receive commission. For more information on implementing DCC in your business visit here.
5.Reduce chargebacks with 3DS
Nothing dampens the festive mood more than fraud, but with an increased number of transactions during the festive period, it can be more challenging to defend against fraud and chargebacks. Don’t let your Christmas revenue slip away through fraud and chargebacks this year. 3DS is an authentication technology that help you fight against fraud and chargebacks. The technology will take customers to a separate page where they can give a unique code sent directly from their bank to their phone. This saves your business from any fraudulent tricksters and keeps everything smooth sailing for you. Learn more here.
We wish you a happy and rewarding festive season, with many successful transactions and no nasty chargeback and fraud surprises. If you would like anymore information about the services listed in this blog, please contact your account manager today or visits here.
