More Filipinos have adapted to cashless transactions since the COVID-19 pandemic struck. The Philippines ranked as the country with the most first-time users of digital payment methods in the Asia-Pacific during this time. Even as pandemic protocols ease and more economic activities ensue, the need for cashless transactions remains.
eCommerce platforms and other businesses need to adapt to the buying behavior of the public. The more reliable your financial services are, the more payment avenues you can use to generate profit.
How do you use the right financial services for your eCommerce business? This guide will teach you how to use financial services and what to look for when finding the best one.
How to Use Financial Services the Right Way
Financial services do more than just digital transfers. They offer a variety of functions for different financial needs like insurance, fund mobilization, asset management, trade, payment systems administration, and so much more. But what do these things have to do with eCommerce?
Since eCommerce operates in the digital realm, financial services must catch up. Thanks to financial technology or fintech, numerous services are now digitally enabled. Through this, your customers can now easily make purchases with payments that go straight to your accounts hassle-free.
How can you use financial services properly? Follow these steps.
- Identify your digitalization strategy
Where is your eCommerce store at in its digitalization maturity? Are you in the Digitization step, where you convert the analog to digital? Are you diving deeper into digital solutions like blockchain and machine learning in the Digitalization stage? Or are you in the Digital transformation where you apply digital tools to the entire organization? - Examine your eCommerce accounting methods
Do you think your accounting methods are still efficient? If not, break down the numbers by separating sales amounts from expenses. This process is called accrual accounting. You may also try using cloud storage to experience secure and easy data access. - Revamp your website
Ensure that your website is mobile-friendly and informative. Most users purchase through their mobile phones, and you want to catch up on these important sales. Moreover, your website must provide all the necessary information about your products, customer orders, delivery status, and other related information. - Have an international bank account number for banking purposes
eCommerce opens possibilities for global transactions. If you’re looking at expanding your serviceability globally, you can acquire an International Bank Account Number (IBAN) to help you save on costs, as it waives fees when paying various currencies. European markets typically have high fees, and IBANs help you save costs with smoother transactions. - For credit cards, use virtual cards and retain physical ones
Credit cards ease your transactions perfectly while maintaining good credit. You may choose from virtual cards to add a layer of security without divulging your credit card information or the classic physical cards to make complex transactions more straightforward and faster. - Use a well-rounded eCommerce banking platform
Your platform must integrate with other financial services in the same way Google Ads automates invoice sending. A more centralized system lets you see all your transactions in one good look. - Boost your marketing campaign
Your eCommerce business will fail if you don’t drive people to the site. Explore marketing strategies such as social media, affiliation, and email marketing. You can always reach out to competent eCommerce solution providers if these areas aren’t your specialty.
The Best Financial Services for eCommerce Businesses
How do you know if the financial service you’re eyeing is the best bank for your eCommerce business? Well, here are some green flags to look out for:
- Easy to use
You must test the waters to know if a financial service is good enough. Can you easily navigate the interface? Is it easy to use? Are fund transfers real-time? If your answers to these questions are all “yes,” consider that a good sign. - Low maintenance fees
Everybody wants to save as much money as possible—this is true for personal and business finance.
Some fintech providers charge monthly, and they won’t be cheap. Try comparing prices with your other options to see the difference.
- Multi-currency accounts
Multi-currency accounts are best for businesses catering to local and international customers. It’s no surprise that the bigger your market base, the higher your business’s potential for tremendous success. - Customer-centric but heterogenous
Fintech customers vary, which increases the need for heterogeneity. An industrial customer may need leasing services, while another customer from a different industry may need a merchant banker to issue equity shares. Despite the differences, a financial service must be customer-centric for all customers. - Information-based
A financial service will involve lots of data, and information use, creation, and dissemination. This feature should be non-negotiable. - Positive reputation
Financial institutions are built on customer trust because they handle money matters. Find a financial service provider with a positive brand image. Sometimes, listening to other people helps. If all else fails, trust your instinct, and listen to the crowd’s wisdom.
Your Business’s Success is in the Finances
The digitalization of goods and service purchases will only get bigger from here. Investing in reliable financial service providers leads to your business’s success because it helps your customers transact smoothly. There will be tell-tale signs when a financial service is right for you and when it isn’t.
Once you settle on a fitting one, you must keep your business in check and use this tool properly to reach your eCommerce business’s fullest potential.
Need some intelligent eCommerce solutions? Book a demo with Rush today!
