By Charles Pittaway, MD of Netcash

To remain profitable, a business needs to keep attracting new customers and retain existing ones. Retaining customers once you win them is essential to build customer lifetime value and long-term profitability. That’s because attracting and onboarding a new customer usually involves costs such as sales, marketing, advertising, and administration.

But once they’re on board, costs of cross-selling and upselling to customers are lower than winning new prospects over. One celebrated study found that increasing customer retention rates by 5% increases profits by 25% to 95%. There are many elements that go into customer retention, but one that many small and medium businesses overlook is the billing and payments experience.

This is a part of the customer relationship that should be smooth and effortless, but frustrations often creep in. Here are a few ways a better billing and payments experience can help you to increase customer satisfaction and retention:

1. Personalised invoices that customers can pay instantly

Paying monthly accounts is a pain point for most consumers. They get a range of invoices by email or text or on web portals. They usually need to log into online banking or a separate payments gateway to pay each bill. But with a modern payment solution, your customers will be able to pay directly from a secure link sent by SMS or email. This saves them time and effort, and it makes it less likely they’ll forget to pay. It also facilitates a smoother customer relationship.

 

2. Fewer failed payments

Research from LexisNexis found that 60% of organisations reported losing customers as a result of failed payments, and that failed payments cost the global economy an estimated $118.5 billion in fees, labour and lost business. A robust, modern payments gateway will help to minimise failed payments, reducing the risk that the customer will give up in annoyance and shop somewhere else.

 

3. Supporting the customers payment medium of choice

The selection of payments options is dauting for an SMB. They include cash, EFT, debit orders, payments at retailers, debit, and credit card payments, QR codes, digital wallets, and instant EFT. But many customers have a strong preference about which payment instrument they use. Some feel strongly enough about it that they might go elsewhere if they can’t, for example, pay by card or instant EFT.

 

Or, they can pay with another instrument if their first choice fails. It used to be complex to support all these options. However, today’s fintech payments solutions support anytime, anyhow payments from multiple channels and instruments in a single platform. They also integrate with leading software vendors to enable you to automate payments, acceptance, and reconciliations from end to end.

 

4. No effort subscriptions and debit orders

One of the most mundane reasons for customers allowing their relationship with a company to lapse is that they simply forget to make a monthly payment. Enabling them to sign a debit order mandate or a card subscription is a powerful way to retain customers. They won’t need to remember to make a manual payment and you’ll receive the money on time each month.

 

5. Analytics and data to get customer insight

Once you’ve invested in a payments solution that integrates smoothly with your accounting solution and ecommerce platform, you’ll have access to rich data about your customer journey. You’ll be able to analyse transactional data to understand customer likes, preferences, and behaviour. These insights can help you improve your customer experience to build loyalty and satisfaction.

Established in 2003, Netcash is a payment solutions provider delivering debit order, salary and creditor payment services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

www.netcash.co.za

Netcash communications contact

Liana Clarke: Liana.Clarke@Netcash.co.za

An Electronic Mandate is a fully customisable debit order authorisation that is required to allow you to process a particular transaction. They can be electronically signed by your customers on any web-enabled device.

Electronic authorities to debit accounts have fast become the most popular method replacing physical mandates and voice recorded consents. The Netcash process is designed to assist in providing a secure and compliant environment in which clients can enter their account details.

Validation
Bank account numbers are validated when entered by the account holder, this means that the debit order will be accepted when processed to the bank account.

Cross-platform facility
Your Netcash Electronic Mandates work on any web-enabled device meaning your customers can authorise from any device that is convenient for them be it a PC, tablet or smartphone. Both the bank account holder and the Netcash account holder receive copies of the signed mandate.

Easily customisable
Electronic Mandates can be customised according to your business needs while ensuring they are remain an acceptable authority to debit.

Legally compliant
Our Electronic Mandates comply with the requirements set out by the Payments Association of South Africa ( PASA). Credit card debit orders are tokenised in a secure PCI-compliant environment.

Using Electronic Mandates is an easy way for companies to effectively manage authority to debit accounts for recurring payments including monthly premiums and subscriptions.

About Netcash

Established in 2003, Netcash is a payment solutions provider delivering debit orders, salary and creditor payments, Pay Now, eCommerce, and Risk Report services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

netcash.co.za

Payment Request is a service which facilitates online payment via the Netcash eCommerce Gateway. A URL is sent to the customer by email or SMS. This URL directs the customer to the gateway where they can choose between several options to make payment. Alternatively, the customer can scan a QR code on the Netcash Mobile App.

A Payment Request link can be created quickly and easily, this allows you to send one to a customer immediately upon completion of a job or receipt of goods.

With Netcash’s Payment Request solution, you can use the platform to request payment from your customer. This can be used for invoicing purposes or for debit orders that have been returned unpaid, providing your clients with an alternative payment method.

This SMS or email will contain a link that allows the customer to pay you via our payment gateway.

About Netcash

Established in 2003, Netcash is a payment solutions provider delivering debit orders, salary and creditor payments, Pay Now, eCommerce, and risk report services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

netcash.co.za

Netcash eCommerce Payment Gateway

When researching how to start your online store, you will come across payment gateways. This is an extremely important feature that allows customers to make payments on your website. Without a payment gateway, your online store will not allow purchases and is merely a catalogue to showcase products-not useful to your business or customers.

What is a payment gateway?

A payment gateway is a technology that allows merchants to accept online payments from customers, and for customers to easily make payments on a website. The technology sends the payment data to the merchant’s bank. You can think of a payment gateway as a secure payment link between your online store and your customer’s credit/debit card.

Included are POS terminals such as card machines and QR codes  that can be scanned via smartphone apps like Zapper and Scan to Pay, as well as payment processing portals that receive and process payments made online, like eCommerce marketplaces and online stores.

Many payment service providers act as payment gateways for their merchants such as Netcash which offers multiple payment options on your eCommerce website.

Features of Netcash Payment Gateway

About Netcash

Established in 2003, Netcash is a payment solutions provider delivering debit orders, salary and creditor payments, Pay Now, eCommerce, and risk report services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost-efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

netcash.co.za

Scan to Pay – A contactless payment solution

Over the last two years, contactless payments have become an essential payment method for businesses. Our changing environment has created the need to have less physical contact with payment devices when making or receiving payments. QR payments are one of the more popular options that have emerged because of the consumers changing needs.

What is a Quick Response (QR) code and how is it used to make payments?

The QR Code is an image that can be read by devices such as smartphones and tablet cameras. QR scanners on devices or within apps will either redirect purchasers to a payment gateway or use the associated wallet in the app to make payment.

 

What is the difference between a QR code and a barcode?

QR codes serve many purposes, but one of the more convenient uses is to accept payments from customers. The transaction is encrypted, making it a secure way for customers to pay. Whilst QR codes make it easy for customers to scan and make payment, barcodes mostly track inventory, the cost of an item, and can only be read in-store by the retailer.

How does QR Payments work?

Netcash’s Scan to Pay solution allows customers to make payments with their smartphones by simply scanning a unique QR code using a wallet or banking app. Payments are made from a mobile phone, directly into your Netcash account and confirmation of payment is sent to you via email or SMS.

This solution makes it safe and easy to make payments and receive payments in-store, online and on the go.

Customers can choose from multiple wallets and banking apps to scan the unique QR code with ease. All the purchaser is required to do is open the wallet or banking app and scan the QR code. This will invoke the payment process.

Regardless of whether you’re a small or large business, online or in-store, at markets or on business premises, Scan to Pay is the perfect solution to allow hassle-free contactless payments.

Offer your customers a safe, secure, and contactless payment method today!

About Netcash

Established in 2003, Netcash is a payment solutions provider delivering debit orders, salary and creditor payments, Pay Now, eCommerce, and risk report services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

netcash.co.za

Leading payment solutions provider, Netcash, and all-in-one fitness studio management platform, Octiv Fitness, have announced the integration of Octiv’s software with Netcash Debit Orders and Pay Now solutions.

This partnership enables independent fitness clubs, studios and trainers that use Octiv to automate their businesses to streamline the collection of recurring monthly membership payments and once-off payments.

Octiv enables fitness companies to professionalise their operations with a specialised customer relationship management (CRM) solution. Their members can use the Octiv app to monitor and track their training, book classes and more. Members are also able to pay their monthly memberships, buy training top-ups, and purchase full packages through the app by using Netcash Pay Now and Debit Orders.

Studio owners and trainers use Octiv to automate and personalise engagement with members and sales leads, manage classes and session bookings, and simplify invoicing and accounts. With full Netcash integration, they can automate billing and simplify month-end processes. The integrated solution helps them balance the books and catch up on missed payments.

A partnership between Discovery Vitality and Octiv enables studios to link to the Vitality network to secure more customers by offering them Vitality points.

 

 

 

Mark Fawzy, founder of Octiv Fitness (formerly BoxChamp), says: “Studio owners want to focus on what they do best – building communities and helping people stay fit and healthy. By integrating Netcash and Octiv platforms, we can now help them improve cash flow by making it far easier for customers to pay while saving them much of the time traditionally spent chasing overdue payments.

“The Netcash Pay Now feature makes it easier to accept ad hoc bookings from non-members. What’s more, studio owners can also manage their inventory and allocate retail products to upcoming Netcash Debit Orders or request payments via Pay Now for non-members while offering a wide range of payment options when doing so. This is another way we help studios get the admin out of the way so their customers can enjoy the best fitness experience.”

 

About Netcash

Established in 2003, Netcash is a payment solutions provider delivering debit orders, salary and creditor payments, Pay Now, eCommerce, and risk report services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

www.netcash.co.za

Leading payment solutions provider, Netcash, and Vanilla Payroll, a provider of one-stop solutions for payroll administration, have announced the integration of the Netcash salary payments functionality with Vanilla Payroll software. This will enable Vanilla Payroll’s customers to streamline salary payments, increase payroll accuracy, and save time and money.

The seamless integration of Netcash and Vanilla Payroll will enable Vanilla customers to pay employees directly from the Netcash interface. They will be able to reduce time spent and increase accuracy by transferring salary batches directly from Vanilla Payroll to their Netcash account. Payments are sent to Netcash via a secure link, with no sensitive information exposed outside of the payroll software.

Netcash automatically validates all bank account details entered into the software or imported in bulk to ensure all payments will be accepted and processed on payday, with no last-minute rejections. Once a salary batch has been sent to Netcash, Vanilla Payroll displays the Netcash load report detailing transactions sent and any that may have been rejected on load.

About Netcash

Established in 2003, Netcash is a payment solutions provider delivering debit orders, salary and creditor payments, Pay Now, eCommerce, and risk report services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

www.netcash.co.za