Those in any business selling goods or services over the net have an advantage over their competitors by accepting online payments from their customers. This is because consumers who frequent the web to make purchases find it very easy to pay for ordered products instantly and execute their orders immediately.
For this reason, more and more companies are extending this offer to their clients. Consumers should not be afraid to make payments online due to encryption and added security features. In fact, most consumers find it safer to make payments online than paying with checks through the time-consuming mail.
Minimize risk
Consumers who have an email can pay immediately online. When you pay online, the payment is approved and deposited into the seller’s account instantly. This eliminates financial risk for the business, as they don’t need to worry about bounced checks.
Improve profit
Consumers who choose to pay by money order or check should make sure they have enough funds in their account to make immediate payments to sellers. The benefit of paying with credit cards is that you can pay large bills in multiple installments. Therefore, accepting payment online can greatly improve your earnings when the goods or services you offer are quite expensive.
safer
Consumers are generally more concerned about security when making payments online. Analysts say consumers are most concerned when they need to hand over their credit card to sales staff. This could be more risky compared to entering your credit card number on any website that employs encryption technology which gives shoppers more confidence as they feel confident that their financial information remains confidential. This also reassures the seller that the data has remained unchanged.
Reduce costs
The cost of conventional billing comes to about 9.5 percent of the value of the purchase. Making payments online is affordable for both buyers and businesses. Save paper costs, postage, late fees, and out-of-pocket costs. It also helps companies reduce their indirect expenses, such as customer service and administrative and accounting expenses.
Of course, it costs to pay online. The charge for receiving payments online from PayPal is approximately 2.9% or slightly lower, plus a small transaction fee. Credit card companies charge about two percent of the amount paid. Still, such fees are quite low, compared to traditional billing charges. The inclusion of online invoicing generates more savings for companies.
Mobile
These days, we’re well past the point where most payments made online are completed through mobile devices. Considering this kind of substantial growth, every company should logically include an online payment receiving system to accommodate mobile device users.
last word
If you’ve been running an online business up until now without accepting online payments, it’s about time you considered one. Your best option would be to select a solution that provides not only online payments but also online billing to increase your efficiency. The use of electronic invoicing increases convenience and speeds up the payment process, especially for the payment of bills that must be paid on the spot.