No matter your business type or size, you need an efficient payment method to charge customers, so what are your options?
Traditional invoicing has worked for a long time, but now you have access to more advanced payment forms, so why not benefit from these digital advancements? With online sales on the rise, it has become crucial to accept electronic payments, and although the transition from traditional to modern might seem overwhelming, we guarantee the contrary. Online invoice payment can benefit businesses in a number of ways, one of the most significant advantages being by far its convenience. You are no longer forced to wait for a check to appear or the funds to clear – electronic payment is instant payment, so everything happens in seconds. Besides, it is at every customer’s fingerprint; they can choose from a variety of digital payment gateways worldwide based on their shopping needs.
For more advantages of accepting payments online, read on the following lines – you will find everything you were looking for!
What are electronic payments?
For newbies to digitization, learn that online payments refer to charging methods involving a credit or debit card. Digital payment can also be completed via ACH (Automated Clearing House), an electronic fund transfer between credit unions and banks. It is nothing simpler: electronic payments imply the transfer of money from a payer’s account (in this case, your client) to your business account.
In the digital age, a lot of changes regarding payment and charging have taken place, and you have to keep up with them. Fortunately, it is not that challenging. Online payments are the first thing you need to implement to keep pace with this era of digitization. If you are not there yet, find the significant advantages of embracing this payment form here – they will change your mind!
Ways digital payments can benefit your business
Innumerable payment options
Your customers’ convenience should be your first concern, as a satisfied client is a loyal client. Thus, ensure you provide them with several payment options. This includes credit and debit cards, POS, UPI, IVR, IPG, link-based, etc. POS (Point-of-Sale), for example, has gained ground lately, with mobile POS payments estimated to reach $2.88tn in 2022 and $5.14tn by 2026, according to Statista.
Avoid errors
Whether you like it or not, humans are likely to make mistakes. Entering the wrong credit card number is probably the most common one, but there can also be errors that can cost you more than money, like check tampering or overpayments. However, whatever error can negatively affect the reputation of your business and how you would be in the customers’ eyes. In 2022 it is a risky game to manage checks and cash manually, as incorrect cash handling can lead to all sorts of problems, including legal. That is why more and more entrepreneurs turn to online payment solutions. This way, they facilitate the payment process and avoid errors that are so common when it comes to physical payment.
Security
Overpayments or duplicate payments are not the only problems encountered in internal processes; financial data can also be the target for malicious actors looking to steal credit card details and use them to their benefit. Data breaches are a real issue nowadays due to the vast ocean of information on the Internet that is often exposed without proper security in place. Most common cyber-attacks include export data, stolen credentials, spyware, and brute force, often called hacking. Digital payment is based on encryption and tokenization technology, which prevents cybercriminals from stealing your financial data. You can opt, for instance, for myPOS devices equipped with security features that will enhance your point-of-sale experience. Therefore, consider accepting electronic payments for both your and your customers’ safety.
Influence impulse buyers
It might sound unbelievable, but the option of online payment can convince customers to purchase products or services listed on your website, as it is effortless and safe. Since the transaction is simple and fast, and clients can refund via credit cards, buyers tend to accept the deal. Besides, you are likely to have more sales with last-minute deals. More often than not, merchants provide discounts in order to lure consumers, but it is not one hundred percent sure that they will manage to do that, especially if their list of payment options is short. Remember that the Covid-19 pandemic has strongly impacted payments, and now more and more individuals feel safer when paying online, using a credit or debit card or other electronic payment methods.
Instant payment
Electronic payment saves you from a trip to the bank and facilitates your client’s efforts to put in when refunding via a cheque. Always running to a financial institution with a substantial amount of money or cheque is feasible to no one, especially to a business owner who has so much on their plate. With digital payment options, you benefit from instant payments processed in real-time, so you will immediately have the funds available for use.
Nudge customers gently over outstanding payments
You probably know that customers are somehow reluctant to pay, which is one reason for outstanding payments. You may remind them a few times, but this habit can become a bit irritating, so what is to be done to nudge your clients over unpaid payment but do so politely? You can send them payment links on SMS or WhatsApp through which they can charge you. This way, you are favoring them to refund from the comfort of their home, which will most probably happen. Link-based payments are popular at the moment, starting to be implemented by companies and organizations from all around the world, regardless of the type of products or services sold. Thus, you may also want to consider this variant along with payment forms like POS or credit cards.
Electronic payment started to gain ground in the business ground, and we think it will become even more popular in the following years. So, if you have not implemented it yet, it is not too late.
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