How to Integrate Cashless Payment Into Your Business
Is your business looking to go cashless? Find out how to properly integrate cashless payment with these five steps.
Cashless payment options are becoming increasingly popular among customers. Across Southeast Asia, there has been a 93% adoption rate of cashless payments. In Malaysia, in 2022 alone, the total transaction value of digital payments amounted to approximately US$19.34 billion and is projected to grow to US$43.79 billion by 2027.
Thus, it is essential for your business to capture this growing segment by integrating cashless payment. With the rise of mobile payment e-wallets and contactless payment technologies, businesses that do not offer cashless payment options risk losing customers to competitors who do. Integrating cashless payment into your business is a smart move that can increase customer convenience, improve transaction efficiency, and reduce the risk of theft or fraud.
In this article, we'll explore how your business can integrate cashless payment options in five steps.
1. Choose the right payment provider
The first step in integrating cashless payment options into a business is to choose the right payment provider. There are many payment providers available in Malaysia, each with their own set of features and fees. You’ll want to look for:
- Ease of integration into your existing operations, including no-code options.
- Affordable pricing according to your needs and budget.
- Security and fraud prevention features.
- Good customer service and support in case of any issues.
2. Determine which payment options to offer
Popular cashless payment options include credit and debit cards, mobile e-wallets like GrabPay and Touch ‘n Go, and even buy-now-pay-later options like Atome.
It's important to offer a variety of payment options to meet the needs of different customers, but also important to note that different payment options have different fees and different advantages.
For example, American Express credit cards have the highest fees, but they tend to be used by affluent customers with higher purchasing power. On the other hand, e-wallet transfers have little to no fees but are not as convenient, as customers will need to constantly keep it topped up with funds.
3. Test the payment system
Before launching the cashless payment system, it's important to test it thoroughly. This includes testing the payment gateway, the invoicing system, and the integration with the business' existing practices. It's also a good idea to run a few test transactions to ensure that everything is working properly.
4. Communicate the change to employees
Since your employees will be the backbone of your store’s operations, they need to be notified and trained in the new cashless payment system. They will need to learn how the system works, how to handle cashless transactions, and how the payment flow works. They should also be trained on how to troubleshoot any issues that may arise during the payment process.
5. Monitor cashless payment usage
Once the cashless payment system is up and running, it's important to monitor its usage. Keep track of which payment options are most popular among customers and which ones are being used the least. This information can be used to make adjustments to the payment options offered and to improve the overall cashless payment experience for customers.
Integrate your online payments with Tekkis
Going cashless for the first time can be daunting. But with the right payments partner, each step is made as easy as possible. You can set up your preferred method of payment collection in less than a minute. Watch the videos here.
With Tekkis’ t-Pay solution, you can integrate cashless payments easily as:
- It is simple to set up with no coding or programming experience required.
- FPX bank transfers, credit cards, e-wallets, and even buy-now-pay-later (through Atome) are supported.
- Security and reliability are paramount, with customer support available.
- Tekkis is free to use with no subscription or hidden fees. You only pay when you make a sale.
Integrate your online payments with Tekkis today by getting in touch with us. Our friendly Customer Experience team is always ready to assist.
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