Contactless payments and digital wallets not only appeal to customers because of their efficiency, they also make it easier for SME owners to get paid faster and keep track of their business.

Taking digital payments
    <p><b>Acceptance of card transactions</b></p> <p>Acceptance of card transactions increases the potential risk of accepting fraudulent transactions which you may be liable for. Before you start to accept digital payments its key to ensure you have robust processes and practices in place.</p> <p>To get you started you should start to think about:</p> <p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Educating staff about common payment scams.</p> <p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Implement a risk review process for orders prior to shipping them out. If an order is deemed risky or out of the norm you should look to complete further due diligence on the cardholder or refund the transaction and ask for an alternative method of payment.</p> <p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Always refund a transaction to the original card – never refund cash, or to an overseas bank account.</p> <p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Never accept payments greater than the value of the transaction. A common scam is for fraudsters to ask businesses to pay for third party services such as shipping through a company of their choice.</p> <p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilise your gateway providers inbuilt fraud tools such as country code blocking, IP whitelisting and velocity checks.</p> <p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensure that you are requesting the Card Verification Value (CVV) as part of the payment process. This helps to ensure that the person making the transaction in the genuine cardholder.</p> <p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensure you are using 3D-Secure on all transactions. This is a tool that your gateway provider can set up for you to help authenticate the person making the transaction. It also helps to shift chargeback liability to the cardholder rather than yourself.</p> <p><b>Save time, grow sales, find insights</b></p> <p>Visa’s research in the UK showed that, on average, it takes 758 hours to process $200,000 in payments using non-digital methods, but just 103 hours using digital. And 45% of small businesses saw an overall average increase in sales of 12% after they started accepting digital payments.</p> <p>Digital payments can also help you better understand your business and allow you to spot trends in the transactions. You can get a record of all the payments made into your account, how much they were for and what time and date they were made. Downloading a spreadsheet of your payments at the end of each month or using a tool like <a href="https://businesshub.asb.co.nz/partners/vonto">Vonto</a> can help you spot patterns in your business. For example, are your customers making smaller, more frequent purchases at the weekend and larger, less frequent purchases during the week? This kind of insight can help you make informed decisions about how you run your business and promote your services.</p> <p><b>Adding more ways to pay</b></p> <p>While cards are still king at the checkout, people are increasingly using their mobile phones or compatible wearable devices to pay. When they get to the checkout, they simply open their payment app, or wave their device over the contactless POS terminal, and make a payment.</p> <p>Buy Now Pay Later services are also growing in popularity with customers, both for purchases instore and online. These services allow customers to buy what they want today and pay it back in interest-free instalments, so it’s worth adding these options to your offering to add even more flexibility.</p> <p><b>For mobile businesses</b></p> <p>If you are in a ‘mobile’ business or serve customers in their home, accepting digital payments also means that you can take payment on the spot. This is especially important for large payments. Often customers do not have a large amount of cash on them or have the correct change, so digital payment options make things easier and mean payment delays can be avoided. But you don’t necessarily need a mobile terminal to benefit. Cloud-based accounting software lets you send invoices easily once the job is done and customers have the ability to pay straight away. If they forget, reminders are sent automatically.</p> <p><b>Need some help?</b></p> <p>Whatever business you’re in, ASB has a range of&nbsp;<a href="/content/asb/business-banking/en/business-banking/accepting-payments.html">payment solutions</a>&nbsp;to make payment acceptance quick, easy and convenient.<a href="/content/asb/business-banking/en/business-banking/accepting-payments.html"></a></p> <p>Need help improving your use of digital technology and how you engage with customers online? Try the&nbsp;<a href="/content/asb/businesshub/en/businesshub/services/digitaljourney.html">digital assessment tool</a>, powered by Digital Journey.</p>