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What is TCommerce assist you to increase sales?

May 1, 2024

At a place like i-Learning We are proud of our educators who are creators and educators not only because they earn us money however, we recognize the difficulties that arise from running an online business, especially when offering digital products. If your business grows you will need to deal with student payments across countries, and coordinating the recurring subscriptions to your unique material, upselling courses related to it as well as keeping track of taxes so that you don't get hit with fees.

Believe me, we get it.

This is why we returned on the drawing board in order to find a solution to aid our customers in navigating these administrative headaches so they can get back to the things they love: teaching or growing their online businesses.

Sure enough, we have developed a new feature that we call TCommerce. This feature lets you get access to a comprehensive set of business management and selling tools designed to reduce transactions over the internet.

TCommerce via Payments streamlines the process of accepting payment from students across all over the world. If your students are located in the United States, Europe, or Asia, TCommerce ensures that the payments process effectively, removing the hassle caused by dealing with multiple payment gateways and different currencies. However, it does much beyond just handling payments and transactions, which will be discussed in the coming days.

This is what Veronica Wasek, the founder of 5 MB Academy is going to have to say about TCommerce.

"I don't know what a difference in bookkeeping has made since I've joined TCommerce. Our installment-based payment systems that we had previously utilized were a lengthy process to process with Stripe because it's easy to do it on !"

Do you want to learn more about how TCommerce will transform your company's processes? Read on.

Skip ahead:

Advanced Sales Tools

Are you sure I said that, aside from helping make payment processing all over the world easy TCommerce also helps you make more money? Cool, right? What separates TCommerce against other payment services available is the fact the fact that it provides access to a suite of effective, fully-integrated selling tools designed to aid entrepreneurs like you to increase the number of conversions you make and increase your average order value.

Enhance Sales and Increase the impact of your gifts with gifts

The most efficient method of increasing your visibility as an online company owner is by putting up ads that you pay for the search engines as along with social media platforms. If you target your audience properly and have sufficient funds, it's likely to produce the results that you desire with paid ads. If your targeting is poor and you're spending money on be wasted.

This isn't trying to discourage people from investing in advertisements. They're an incredible opportunity to connect with a target audience which isn't yet there and we recommend it if you can afford it. However, if you do not (or are looking to test something new at first), TCommerce can help in this.

How, you ask? Through the Gifting feature.

The Gifting option lets you make the selling of your education items in the form of items that people from your audience present to their relatives, friends, and other loved ones. It exposes you to new audiences who will be capable of benefiting from your knowledge and possibly give it back to their networks to come later on.

After analyzing the data, we realized that shoppers that use Gifting as a buying choice at checkout could generate an average of 6.2 percent more than the than the typical size of transactions. 6.2 percent! You don't need to make any changes other than using TCommerce.

The gifting feature is enabled automatically on your site's checkout page after you've enabled TCommerce by adopting Payments as your primary payment processor. So, customers can choose to purchase the item as a gift for someone when they check out. Additionally, you can add a custom message to assist the person receiving your product efficiently.

If someone buys your item to present as a gift to someone else, you'll receive the mail of the purchase that will identify the recipient that received the invitation email. If the person who received the gift purchases the product, you'll receive another confirmation email of redemption. Note the purchase and redemption of the gift item in separate orders on your order table.

There are a few limitations for the use of this option However. First, users can purchase the same item once at a. Additionally, you are allowed to utilize the Gifting functionality for all one-time payments products which do not offer the possibility of bumping the order.

increase the average order value by Order Bumps

The idea that lies at the heart of Order Bumps.

This is what an order bump appears like on the check out page.

The way that TCommerce is normally used the checkout procedure is seamless. Customers are able to make purchases through bumps to orders by simply checking an option to add the item, and paying for the entire order in one payment. Simple as that. Once someone purchases or orders bumps in price they'll immediately gain access to both the primary product, as well as the purchase bump. The same applies to the welcome email or any other procedures you've created to both products.

Another time, we looked over the information and discovered that educators using creators that use Order Bumps see a 20 percent greater average size of transactions. It's nearly twice the size of a purchase you'll get when using Gifting. Do you doubt us? Ask Matthew Chapman, martial sports coach, and the creator of Mittmaster.

After delivering in-person classes for a long time, Matthew decided to take his company online, offering online classes that teach various forms of martial arts for people of all levels of skill. At first, Matthew's business, Mittmaster, didn't perform well. The main issue was the difficulty of having to take an extended time to identify leads and convert them into customers in addition to the fact that many of them were first-time buyers.

"The most challenging aspect of selling and marketing was bringing people to my website," Matthew recounts. "The difficulty is that a lot of my clients bought only one course, and did not look at my different courses."

It was prior to when Matthew introduced Order Bumps on his website. It was only after the launch of Order Bumps allowed Matthew to suggest complementary courses for purchase on the check out page. If, for instance, you purchase Mittmaster Kickboxing Instructional (Volumes 1-5) Mittmaster Kickboxing Instructional (Volumes 1-5) Matthew could suggest they include the Mittmaster Kickboxing Instructional (Volumes 6-10).

The first month after the activation of Order Bumps on his website the average value of each order increased and Matthew's revenue grew on average 20-50%.

"After having installed TCommerce I checked my dashboard and set up my first Order Bump that same day. Within a couple of hours, I made my initial Order Bump transaction. It's amazing how easy the process can be!"

Concerning the effectiveness of Order Bumps, Matthew says, "50% of people who encounter my Order Bumps purchase the product. The product has been extremely successful. Some days 75% of people opt for"Mail Bump" Order Bump!"

Make More Sales through Group Orders

The Gifting option allows customers can only purchase an item that they can gift to others. Sometimes, they might need to purchase multiple "copies" from your item. That's why the Group Orders feature is for It gives your clients the ability to buy many seats of the same item, thereby improving the earnings of your business and boosting the expansion of your company.

If you opt for this method it will take care of everything in a seamless manner using the integrated checkout. There is no reason to add any integrations, use obscure methods or spend time dealing with and managing. Simply enable this feature on your admin account, then sit back and focus on creating amazing content for your audience.

Additionally, your tax is determined automatically and then will be added to the amount you have set for your product before the transaction is processed. Therefore, your business won't have to pay the taxes that vary across areas.

Group purchases are available for all types of items (one-time price only) that includes online courses as well as digital bundles, community-based services. You are able to accept the payment method of your choice, including credit card or the BNPL (we'll be covering the subject in the near future) and bank transfers as well as many other methods.

The recovery of sales opportunities that were missed by ignoring Purchase Reminders that were not complete.

Have you ever shopped at an online store and put certain items in your cart, only to you forget to pay and then receive an email with your cart's abandoned two time later? The subject line of emails typically reads along the phrases of "First name Cart will shortly expire" or "Hey, first name, it seems like you have lost the item!"

It's likely that you've received. The emails are designed to remind customers to return and finish the purchase (or try again).

Your business loses money in the event that prospective customers don't follow through with their transactions because they have payment problems such as the expiration of cards or lack of funds. There's a good thing: it is possible to utilize the Incomplete Reminders function to help you get your purchase done. Reminders function lets users send reminders via email to customers who have been affected, and encourage users to return to the checkout site and try again.

Emails like the ones below can help remind people of the benefits you enjoy when you buy your product and encourage them to try again. The message is only sent in the event that potential customers haven't finished the purchase within 2 hours of the first unsuccessful effort. So, there's no need to fret about getting people's attention via a spam email.

Increase the conversion rate of checkouts using Intelligent Retries

To fix this problem, Stripe created Smart Retries that TCommerce customers are able to use as a result of our relationship with Stripe. By utilizing machine learning, Smart Retries can find the most effective time to retry unsuccessful attempts at making a payment in order for a better chance of a payment getting through.

We looked over the statistics, we saw that customers who enabled Smart Retries on their websites made another 30% of revenues!

This shouldn't be surprising given the amount of work with the design of this content.

Stripe utilized more than 500 attributes to create the Smart Retries machine learning model which included:

  • Customers' characteristics (their place of residence, their payment habits general success rate of their transactions)
  • The business characteristics (industry geography, industry)
  • Paying characteristics (the story of unsuccessful or successful transactions made with one specific card)
  • The properties of seasonality (time of day, the days of the week, week of the month and the month in the calendar)
  • The attributes of bill payments (business mix of product the way customers who have made successful payments use the product mix)

is the full form of What we came up with it: smart Retries

Optimized Payment Solutions

Purchase Now and Later

Aren't you awestruck whenever you come across an online shop that lets the purchase of the item in a time frame? This is exactly what is available with TCommerce's Buy Now, Pay Later (BNPL) option allows you offer to your students.

This flexible and non-interest-paying method of paying for your goods makes them cheaper and lowers the hurdles for students to purchase these items. If you allow students to pay by installments, it's probable that you'll see more purchases from those who aren't likely to purchase your products elsewhere. The average person doesn't have the funds to shell out $279 for the beginning of an online course. However, if you permit people to make monthly payments of $95 for 3 months, they might be able to buy the class.

The results showed that transactions with BNPL are averaging worth 3 times the amount of transactions by credit card -- and those who use BNPL when they checkout make 7.5 percent more in revenue per an typical.

What's not to love?

Mina Irfan of The Universe Guru is amazed by the science behind The BNPL feature. "Something I did not expect was that when I present Buy Now, Pay Later options for payment to my readers, my students feel more heard and seen. I believe that my students are thankful that I'm contributing to their interests this way which makes it much easier for my students to be supportive of me."

Payments process BNPL solutions from payment service providers including Affirm, Afterpay, and Klarna. In the moment of payment buyers will be offered the option of finishing their purchase via BNPL services that are offered in the country they live in. If they select this option to do so, they'll be redirected to the website of the service provider to register an account. They will proceed to complete their purchase.

If the student completes the purchase through a BNPL provider, you'll be credited with the entire amount credited to your bank account. This is comparable as credit card transactions. Additionally, you'll be able to see which provider that the student used to purchase your item by using an order table or transaction table. Table for Orders Table as well as Transaction Table.

Digital Wallets

Digital wallets can be described as digital variants of traditional wallets. They are popular due to the fact that they enable users to save and control their debit and credit card details securely in digital form.

With TCommerce With TCommerce, you can to offer your learners the option to purchase your product using electronic wallets, such as Apple Pay, Google Pay and Cash App and Link by Stripe. Actually, we found that using Link by Stripe as a payment option could boost the rate of conversion by as much as 7 percent.

The flexible and simple payment option allows customers to complete transactions quickly without having to enter personal details or rely on a third-party payment gateway provided they already use the digital wallet you choose at the checkout.

Integrated Bookkeeping Tools

The process of bookkeeping is essential to managing a profitable business. But, we know that it can be difficult to be a fan of all the math and formulating items like earnings, expenses, and profit in spreadsheets. This can be a daunting task especially if your business grows rapidly.

This is why TCommerce has tools that make sure that your financial statements are accurate (no duplicates, lost or incorrectly classified transactions) as well as that your business is in compliance with the sales tax laws and regulations.

TCommerce Reports

TCommerce reports are available in two kinds, including the Payouts Report and the Order Transactions Report. Its Payout Report shows you each and every dollar of money that's been transferred into your account. On the other hand you can find the Order Transactions Report comprises detailed details on every purchase made by the customer.

In reconciling your accounts when reconciling them, review the reports for confirmation the quantity of purchases you made in your account are the exact amount of money that you have deposited to your accounts. As an example, if it is the case that you're selling online classes for $70 per person and receive 35 sales in April (according to your Report on Orders Transactions Report) You should be able to see at least $2,450 on the Payouts Report. If your total is below this amount, it means that certain transactions were not taken into account.

Furthermore, you may utilize financial reports to determine the extent to which your company is growing and if it's doing well financially. The four most important metrics to keep track of include:

  • Expenses. Spending money on the business (e.g. budgets for marketing, cameras Graphic design experts' salaries for example. );
  • Profit. Profit is the amount that you get after deducting all your expenses;
  • Income Taxes. It is the sum that you have to pay to the government every year.
  • Cash Flow. The money is in your account to cover the cost of future expenditures.

The two first metrics, such as Profit and Expenses will help you decide if your company is profitable, or will soon become. Be sure that your expenses are higher than you make every month. Other two indicators make sure that you're paying the correct amount of tax at the right time, and also have enough money in the savings account in case of concerns that might arise at some point later on.

  • The quantity of Order Bumps sold
  • How many courses you've delivered compared with other offerings
  • What are the products that aren't being sold?

The data you collect could help pinpoint any issues that could arise in your company and develop ways to address them.

If you're making use of the QuickBooks software for managing your books and accounting, you'll be able to automatically sync the data from your payments into you QuickBooks account. We have partnered with Acodei, a third-party app development company, which helps our clients seamlessly transfer their QuickBooks transactions at an accelerated pace, such as the sales, refunds, payments tax, fees and other information.

This minimizes mistakes and allows you to get current financial data directly in the QuickBooks dashboard, streamlining the reconciliation and accounting process.

Subscribers Dashboard

The dashboard, which is a part of Analytics which is a part of Analytics that provides both bird's eye and granular views of your payments and subscriptions that allows you to assess what they're up to and take informed decision based upon data in order to enhance their efficiency. In addition, you don't have to maintain multiple dashboards to track all of your data; it's able to provide information and track it originates from several payment companies on one screen.

In this case you could develop a strategy to get rid of learners who have been turned away, and then convert them back or you could find your most popular learners and target your efforts in marketing on those who are achieving the best outcomes.

Automated Tax Solution

Tax preparation can be among the more frustrating complicated, time-consuming, and tedious elements of running an online enterprise. However, you must do this because filing taxes on time will keep you out of the prison.

But, what's essential when you expand your business and so do your tax obligations. Trying to comprehend the mechanics of tax obligation can hinder your ability to concentrate on what is most important expanding your business.

Why?

Since in America and Canada both in America and Canada, in United States and Canada, taxes differ across states and provinces and they fluctuate frequently. To pay the right taxes it is important to understand the laws governing taxation and rules in your jurisdiction in relation to your business and also in the areas of jurisdiction for all cities and countries that your clients are located in.

Not getting all the right information isn't easy. However, if you don't complete all the information correctly and your business could be in the position of paying too little (or paying excessive) taxes. When you underpay taxes then the government may punish those who underpay with fines in the event that you exceed the tax obligation and you'll are liable to pay the tax. Engaging an accountant for sorting out tax liabilities also cost an amount you may not be able to afford for a smaller firm. Whichever way you look at the circumstances, you're likely to be in the position of losing.

But, it doesn't need to be.

Certain countries have laws that make it mandatory for online sales platforms like Thinkfic to collect taxes on behalf of sellers. That means if you use payment methods, TCommerce will automatically collect and pay tax on all purchases made by students within the US as well as Canada. This lets you focus on the exciting aspects of running your company and not spend time doing tax-related calculation.

"We provide classes to students from all over the US and it's difficult to comprehend the rules which apply to tax law for sales across the US," adds Christopher Wolfe, O.D., FAAO, Dipl. ABO, exclusively eyecare. " has made the process of processing sales tax payments and collecting it a breeze that I'm not even aware the process is taking place in the background."

Have you heard that TCommerce calculates the tax you owe and adds it on to the amount you pay for Group Orders before the sale is completed? Well, it is exactly the same for every purchase, not just Group Orders. If, for instance, you're selling an online course at $167, and a student from Maryland buys the course, they'll need to be able to pay $177.02 (with $10.02 being the tax rate applicable). Therefore, you'll get all $167 instead of having the tax absorbed from the earnings.

Because TCommerce handles sales tax it's virtually impossible to risk underpaying (or exceeding) tax rates or being in violation of any tax law. It means your company is protected from tax the unnecessary audits and any penalties that are associated with violations.

James Procter of ExamPrep has his thoughts on the implementation of TCommerce's tax solutions:

"The implementation of 's sale tax software was seamless and seamless in tandem with my existing process of making the payment. It calculates for me automatically the correct amount of sales tax, based upon our product offerings as well as the location of purchasing. This solution eliminates the necessity of tax calculations using a manual method, which has made the sales process more efficient and precise."

     Learn more about how the Sales Tax Solution works here.

Payments: An Integrated Payment Processor

What differentiates Payments from other payment processors in the market is it's integration. It allows you to manage all of your payments, refunds, as well as subscriptions in one location without the need for third-party processors.

Imagine that: First, you will get the most efficient, secure and fast checkout process ever. Performance Checkout Performance Checkout which we refer to it as, is an out-of-the-box option which provides a seamless shopping experience for your customers. It includes just the required fields, which validates your information continuously and populates fields for repeat customers and allows them to buy the items they want with just one touch.

You also get amazing selling tools, such as gifts, Order Bumps, Group Orders along with Complete Purchase Reminders as well as Smart Retries, all of which are designed specifically to increase sales, boost your conversion rates, and expand your business rapidly.

There's more to it. There is also the Buy Now, Pay Later option, which is a great solution for those who have different budgets and also the option of having customers pay with the digital wallets are already in use.

One-click payment control features from TCommerce enable customers to effortlessly make refunds on one click, which can save a significant amount of time, and allows you to concentrate on interesting tasks. It is possible to effortlessly make refunds, retry or cancel, stop, or resume the process of making payments, glance at your account balances, and handle your business's administration from one place -and without any trouble! In addition, there are TCommerce reports, as well as QuickBooks integration that simplifies your bookkeeping process for you. Also, you don't have to be concerned about tax-related issues no more because TCommerce manages that automatically, also.

It's no wonder that Customers who utilize Payments have an average of 22% bigger the size of the transactions they make.

Katja Swift, co-founder of Commonwealth Herbs loves the automated nature of the payments.

" takes care of all my tasks for me, and that's an easy task to consider. This was always on my agenda of tasks to be dealt with but it's gone off my list and I don't need to be concerned about anything. It's completed!"

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