Don’t put all your eggs in one payment basket

Well this week one of our payment providers remains down for credit and debit card payments. No word yet on the resumption date for online payments. I am hearing a number of entrepreneurs in the space complaining and telling their clients that they have to come and shop and pay in person. Can you imagine if we were in lockdown and not to mention some people including me are trying to limit interaction. It’s lost money, lost sales, lost potential clients.
Last month Payoneer which is one of the payment options I recommend for Caribbean entrepreneurs in particular and discussed in my Move your Biz Online recorded workshop was facing issues because of a third party provider. This has been rectified now thankfully. However, you see why I am saying don’t put all your eggs in one basket.
You need to have multiple payment providers. I provide some other options in that recording as well. As more businesses go online and payment processors face greater regulatory scrutiny and greater processing demand which their systems may not be able to handle. We also need more than one basket because sometimes our clients have differing payment preferences or their card issuers may block one method for their own internal reasons. I have had all these scenarios happen in my business.
Moral of the story is nuh put all your eggs in one basket (Caribbean dialect).
I have a few more coaching sessions available this month. You can complete the inquiry form to help me determine if I can assist you. Covid coaching rates begin at $150 XCD.
What’s next. A series of interviews with clients. I want to hear how they’ve been coping and share their best practices as a gateway to begin conversations about business growth and sustainability. Oh yes and my Membership Plans.
Do share.Dr. Tamu

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