How Integrated Payments Stabilizes Revenue and Simplifies Transactions
March 28, 2024
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Finding a payment system that effectively manages online and in-person transactions can help you bring in revenue and minimize customer frustration. Here are three reasons why an integrated payment solution can transform your business:
Meet your clients where they're shopping—online
Online shopping has grown exponentially in recent years, spurring businesses everywhere to ensure they have a seamless online payment system. With a Mindbody merchant account, you can give your customers the convenience of shopping for your products and services anywhere, anytime through the Mindbody app or your online store. Keep these payment statistics in mind:
- In 2020, a total of 80% of consumers across the globe shopped online. (Statista)
- According to the 2023 McKinsey Global World Payment Report, cash usage declined by nearly four percentage points globally in 2022. Over the past five years, the growth rate for electronic transactions has been nearly triple the overall growth in payments revenue.
- The number of mobile wallets in use is on track to reach 5.2 billion by 2026)—nearly 60% of the world’s population. (Juniper Research)
- Total UK e-commerce turnover, including via mobile and desktop, is forecast to grow to approximately $370 billion (in US dollars) by 2024. (Statista)
- Southeast Asia sees the fastest digital sales growth in the world, according to eMarketer. By the end of 2022, the region’s digital sales will have increased by 20.6% over 2021.
Automation for you and your clients
Automated payment processing helps grow your client base, increase client visits, and stabilize your cash flow without manually taking payments for each transaction. Setting up autopay for new members means you can maintain revenue while spending more time in the studio, salon, or spa with clients.
You can also set up automatic email reminders to keep payment information up to date, so you never have to worry about missing a payment—and your clients never have to worry about missing out on services.
On top of that, payment reports track credit card and ACH/Direct Debit/SEPA transactions, so you can stay organized and make bookkeeping a breeze.
Elevate the front desk experience
According to Baymard Institute, the average shopping cart abandonment rate is 70.19%. Out of all carts abandoned, over 18% are due check out process friction during online or in-store transactions. Accepting payments online ahead of time means a faster, more efficient experience that reduces frustration for your customers and your staff. Clients that have already paid online are also less likely to be late or absent for their appointments. The best part? Our payment tools are PCI compliant, so your customers never have to worry about data security.
Offering online and automatic payments keeps your revenue flowing, simplifies purchasing, and keeps checking in and out a painless process. And with Mindbody’s integrated payment solution, you can manage, track, and secure every payment on one powerful system.
Are you ready to boost your business with an integrated merchant account? See where we offer Payments and start your application. You can also talk to us directly by contacting our Payments sales team at [email protected].
If you would like to learn more about an integrated merchant account and its functionality, tools, and capabilities, please contact our merchant support team at (877) 755-4279 (US) or 001 805 546 2000 (International).
