Leveraging data to drive small business growth
Jan 17, 2023
Paysafe’s new partnership with Markaaz highlights the importance of data – from managing a business’ online presence to finding new ways to engage with customers - to successfully drive long-term small business growth.
Across our interconnected, world of global commerce, everyday business decisions are being driven by data. From expanding a business’ online presence to payments insights that provides a full view of the customer journey, digital resources data can be useful assets to future-proof small businesses and support long-term growth.
Online presence and digital resources for small businesses
Merchants who have recognized the value of expanding beyond their physical footprint to embrace the digital landscape are not only reaching new audience segments, but they’re also reaping the benefits of maintaining a competitive advantage.
This year, Paysafe has partnered with Markaaz, a global platform where small businesses come to verify and improve their essential business data, to enhance the dedicated support provided to respective clientele by making best-in-class payments resources easily available to all to Markaaz and Paysafe customers. Markaaz enables small business merchants to update and correct essential business data, with the aim of enabling access to better enterprise services.
With more than 100 million small businesses supported through Markaaz, the collaborative partnership with Paysafe connects small business clients to enhanced financial offerings and resources through an all-in-one dashboard, where they can track real-time customer insights, receive alerts about their business health, and monitor cash flow and social channels. Building on a shared commitment to driving inclusive access to digital resources that foster growth, Markaaz and Paysafe customers can choose from a comprehensive menu of services specifically tailored to serve a growing community of entrepreneurs and small business owners.
Payments as a differentiator
Merchants today are faced with many challenges, including the task of unifying consumers’ evolving payment preferences, which have never been more diverse. Providing a frictionless checkout experience is one way to maintain a competitive advantage as the demand for broader convenience grows and adoption of new and emerging payment methods drive favorability across demographics. Some examples of how payments can improve the customer experience for small businesses are:
The case for contactless. Since becoming more widely available in the U.S., many consumers find methods such as 'tapping to pay' with a credit or debit card to be faster, ultimately speeding up the checkout line. Paysafe’s 2022 consumer research reveals that two-thirds of consumers (67%) now regularly make contactless payments with their credit or debit card, with one in ten consumers (9%) confirming that all their transactions are now contactless.
All the ways that customers want to pay. The payments industry has created various innovations around the checkout experience, which has empowered merchants to present their customers with several transactional options. Offering a quick and easy checkout that accommodates how customers want to pay is imperative for businesses to win new customers and strengthen relationships.
The POS that suits the business. An experienced payments partner can also advise small businesses on point-of-sales (POS) systems that are well suited for their business model. Mobile-based POS systems that offer the full functionality of a fixed payment terminal can employees to take payments on the go – not just at a fixed register. By adopting the most appropriate solution, store operators can help reduce wait times and ultimately speed up the checkout process.
A payments system that provides valuable customer insight
For many small businesses, working with a reliable payments partner is especially important when it comes to understanding the solutions that best meet customers’ evolving payment preferences. Partners with expertise in supporting independent, small businesses can offer guidance on the latest POS technology, help owners decide which solutions are suited for their business, and how to best leverage customer insights to make informed decisions.
Many of the latest payment systems also offer merchants detailed and custom reporting, which can be leveraged to power loyalty and marketing campaigns. This can range from detecting frequent customers – and potentially rewarding them – to offering coupons and promotions to first-time shoppers who can potentially return and establish a greater engagement in the future.
Benefits of cloud-based technology
Through cloud-based technology, businesses of every size and processing volume can better understand how to maximize sales by accessing real-time data and analytics that provide further insight around consumer payment patterns, as well as patterns in buying behavior. Moving to the cloud enables merchants to consolidate and streamline their operations, effectively eliminating the need for multiple solutions. Merchants can manage everything within a single, integrated system, making it possible to easily navigate several key functions all at once, including inventory management, data collection, transactional reconciliation, and even fraud prevention.
Overall, data has proven to be a critical element that small merchants must get right. Managing business data and a presence online while working with the right payments partner to leverage real-time analytics and customer insights, small merchants can make insight-driven decisions that will enable them to manage, run, and grow their businesses.
If you’re a small or medium-sized business, learn more about Paysafe’s Small Business Program.