The world is becoming increasingly digital and online payments are now an important part of a customer’s experience. In fact, if you don’t take online payments, people are less likely to buy from you.

If you don’t currently take payments online, but are looking to provide this convenient service, what do you need to consider?

Security

Security of payments is essential. You can’t have hackers stealing financial information from your website about your customers. If this happens, you could be sued by your customers, lose your good reputation and struggle financially for a long time.

Don’t just think an SSL certificate is enough to keep your website secure. Use the latest web applications to help secure your online payments.

Insurance

Even with the best security, you could still experience a security breach. If you don’t protect yourself financially, then your business could have to settle claims out of its own cash reserves. This could be expensive.

At the same time, you might need to invest heavily in PR communications to retain your reputation.

All of this can be provided by the right insurance. Consider talking to your insurance broker about what insurance you need to cover your business for online payments.

Customer Confidence

Having online payments isn’t immediately going to convince customers that you are safe to buy from online. They will want to see proof that you have the right security in place. An SSL certificate is one piece of evidence. However other accolades, such as from Trust Pilot or other review sites, can help boost customer confidence in your brand.

Also, you should regularly communicate with your customers. Inform customers by email when you’ve received their order, when it has been packed and sent out with the courier, and when it will arrive.

You can even send a post-sales email to request feedback and confirm they received the order. Good communication and trust go together.

Conclusion

Online payments are important and nearly every business is using them these days. However, you must ensure you are protecting your business and customers at the same time. Carefully consider your security and insurance for taking online payments and see how you can implement online payments on your website.

Do you take online payments? What concerns do you have?

Let us know in the comments below.