With people spending more and more time online during the Covid-19 lockdown, e-commerce transactions are at an all-time high. There is an increasing demand for essential as well as non-essential items from online retailers that have the added benefit of contactless payments. However, this is a double-edged sword for companies since there’s all the more finance to handle digitally and e-commerce has twice the work to do since their payment transactions have almost completely become virtual.
Here are 5 tips on how e-commerce companies can manage and process payments during the covid-19 pandemic:
1. Offer As Many Modes of Payments as Possible on Check-out
Different modes of cashless payments will ensure more people can make transactions from a portal for instance digital wallets, online card transactions, etc. Therefore, companies that are able to accept online payments will see higher volumes of sales even during the pandemic and government restrictions.
2. Closely Monitor Relief Measures Announced by the Government
Stay updated on all relied and assistance schemes and policies released by government departments and institutions. The Government on 22nd May signed off on €6.8 billion funding for the Department of Employment Affairs and Social Protection which helped support many supply chain elements. There have been various government as well as non-government initiatives to assist online retailers.
3. Keep Your Financials Up-to-date
Keeping in mind the government measures, you must keep an updated report about your finances which is as close to real-time as possible. When government programs are released, the first documents companies will need are financial documents for eligibility. A large part of online shoppers will also want to pay through a card swipe machine in Ireland. This will also help businesses easily switch from physical to digital logs post-pandemic.
4. Identify alternate revenue streams
Find and invest in assets and suppliers that produce or retail goods that are directly essential or complementary to essential goods. Goods such as personal protective equipment (PPE), fresh and raw produce, medical supplies, etc. are in high demand and are vital to support the community. An example of such diversification is a local restaurant that started selling fruits and vegetables online through its mobile application during the lockdown.
5. Make Sure Delivery Partners are Equipped
Although almost all delivery and logistics companies in the Republic are equipped to accept any on-the-spot payments, there are still those vendors who started only under the current circumstances. With that in mind, make sure your delivery executives have card terminals,cash, QR codes, etc. If need be, invest in safety measures now and go for the cheapest credit card terminal that Ireland has to offer, and start accepting card payments on delivery.
The shape and future of online retail remain uncertain yet hopeful as new technologies, methods, and practices to ensure safety will soon become industry standards. Businesses can start using this recovery time to properly equip, reallocate, and reorganize their operations to adjust to the post-Covid-19 pandemic market.