5 Tips to Save Your Business During CORONA EFFECT

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Coronavirus is a heavy blow to both individuals and businesses. No one was ready. Yet, everyone got hit. Does it mean that offline merchants should put paid to any plans? Not at all. Check out how to save your business from financial losses during coronavirus. Start acting today.

About Author:

Anastasiia-Berner-bADboyZAnastasiia Brener:

Head of Business Development & Sales @Ikajo International | Loves to play table football, table tennis, skate, swim, read | Follow Anastasiia on LinkedIn

Here are the steps you need to follow:

1. Go online & Start accepting digital payments

There is no choice but to increase your digital presence. You can opt for an e-store or a website. No matter what platform you choose, accepting digital payments is essential. Once again, creating a website and investing in marketing isn’t enough. Payment processing defines your overall online success. Not only it is because people avoid paying in cash, but it is also due to a growing tendency for nipping offline shopping in the bud.

2. Analyze your GEO

Consumers like to pay the way they used to. Thus, define your target audience GEO and research its most popular payment options. For example, Americans prefer PayPal, while Indians mostly use PayTM.

Once you choose a provider, you will have to provide the latter with the list of payment methods you want to offer. If you fill overwhelmed with tasks, we can help you to choose the best payment methods for your target audience. Reach us out for a consultation.

Useful articles to analyze your business GEO quickly:

3. Open a merchant account

To enable credit/debit card payments on your website/e-store, you need to open a merchant account. That’s the type of bank account that allows businesses to accept and process payments online. PSPs (payment system providers) are the companies that help businesses to open merchant accounts.

Choosing the right PSP is quite a challenge. The market is replete with a plethora of offers. Due to a pandemic, you are short in time. At Ikajo, we can provide you with a merchant account within two business days. We support 177 countries and a wide range of business verticals. Fill down the short application, and we will reach you out ASAP.

List of documents to open a merchant account:

  1. Certificate of Incorporation;
  2. Certificate of incumbency;
  3. Local documents as per company jurisdiction which displays company directors and owners;
  4. Utility bill/Bank statement/Rental agreement under corporate names proving company location;
  5. Valid ID copies for all company directors and owners.

Top guides on opening a merchant account:

4. Offer delivery & Adjust your website

Offering delivery is a life jacket for offline businesses. From restaurants to clothing stores, shipping your products might decrease financial losses. Besides promoting delivery on social media, you also need to adjust your website/e-store. Adding Terms & Conditions, Privacy Policy, and Shipping Policy pages is a must.

Not only it eliminates chargebacks, but it also is crucial so to comply with Visa and Mastercard requirements. If your website doesn’t meet the above demands, you won’t be able to open a merchant account and accept credit cards.

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IMPORTANT INFORMATION ON COVID19

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5. Optimize your checkout page

API and HPP are the two types of payment pages available. API is when a customer pays inside your website/e-store, while HPP requires redirection so to accomplish the payments. We do recommend to go for API. Redirection might raise a concern and decrease the possibility of repeated purchases. While creating a payment form, keep it as simple as possible. Avoid unnecessary fields, useless questions, and

We can onboard you withing two business days

As a payment provider, we want to help merchants keep their businesses up and running. That’s the very least we can do so to support people during epidemy. From opening a merchant account to choosing payment methods to safeguarding your transactions, we are here to help. Drop a line to get in touch today. 

What is the prognosis for high-risk niches?

While offline businesses face losses, high-risk companies tend to thrive. Due to a growing tendency of staying home and working remotely, people have more free time for surfing the web. As a result, such niches as gambling, casino, and gaming are rising to prominence. NUTRA, CBD oil, and pharmaceuticals are expected to increase conversion as well. At Ikajo, we can help high-risk merchants to add new payment methods and simplify the payment process.

Send this article to those friends of yours who run businesses!

Find more information on the original posted on LinkedIn


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