How Businesses Can Save More On Payment Processes

How Businesses Can Save More On Payment Processes

Written by Taofik

Businesses can save more by using cost-effective payment options…

Cost management plays a pivotal role in the success and sustainability of any business. Whether a startup or an established enterprise, managing costs is essential for maintaining profitability, gaining a competitive edge, and ensuring long-term growth.

While many business owners focus on cost-saving measures such as energy consumption, supplier negotiations, marketing and advertising, and travel expenses, they often overlook the costs incurred in their payment collection process.

Debit card payments on Point of Sale (PoS) terminals, bank transfers, and traditional bank account maintenance can attract significant costs for businesses as they collect customer payments. It is, therefore, essential for businesses to understand these costs and explore strategies to manage them effectively.

Effective strategies with which businesses can save more:

Some strategic measures that can help your business effectively manage costs in your payment collection process include:

Analysing payment collection options: It is crucial to evaluate the different payment collection options available to your business, such as credit cards, direct debit, electronic funds transfer (EFT), or third-party payment processors. Compare the fees associated with each option, including setup, transaction, and monthly fees.

Optimising payment processing infrastructure: Review your payment processing infrastructure to ensure efficiency and cost-effectiveness. Consider adopting modern payment technologies, such as mobile payment solutions, which may offer lower fees than traditional methods.

Automating payment collection processes: Automating payment collection processes can help reduce costs associated with manual handling and errors. Explore options for integrating payment systems with your existing business software, or consider using dedicated payment collection platforms with automation features.

Monitoring and optimising payment processing fees: Regularly review your payment processing fees and statements to identify discrepancies or unnecessary charges. Stay vigilant for rate increases or hidden fees, and consider renegotiating terms if necessary. 

Regularly reviewing and updating processes: Continuously monitor and assess your payment collection processes to identify areas for improvement. Stay updated on industry trends and new payment technologies that may offer cost savings or enhanced efficiency.

How Businesses can save more using Bani’s payment collection options

As an alternate payment solutions provider, Bani offers a variety of payment options that attract minimal cost, including virtual accounts, e-wallets, payment links, mobile money, cryptocurrency, and more.

Virtual Accounts: Using Bani’s virtual accounts to collect payments through bank transfer attract lower transaction and maintenance fees than traditional bank accounts. This is particularly beneficial if your business has high transaction volumes, as the savings can add up over time.

E-wallet: Bani’s e-wallets also offer lower transaction fees. They eliminate the need for physical payment terminals or card readers, reducing hardware and maintenance costs associated with traditional payment methods.

Payment Links: Like e-wallets, Bani’s customisable Payment links help you to eliminate the need for physical infrastructure such as payment terminals or card readers. This saves costs associated with equipment purchase, maintenance, and rental.

Mobile Money: With mobile money, businesses can collect customer payments using mobile devices and networks. This means there are no costs associated with hardware purchase or maintenance. Bani offers business owners low-cost mobile money services in Zambia, Tanzania, Ghana, Kenya, Rwanda, Cameroon, Senegal, Benin, and Ivory Coast.

Cryptocurrency: Bani’s cryptocurrency payment options typically offer cost-effective solutions for businesses engaged in international trade or dealing with multiple currencies. By accepting cryptocurrencies, businesses can easily carry out cross-border transactions while avoiding currency conversion fees and associated costs typically incurred in traditional foreign exchange transactions.

Generally, as a payments provider, Bani offers the most competitive market rates that helps you save costs. You can speak with our team to learn more about the cost-effective payment options for your business immediately.

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