Internet users are increasing at therate of more than 11 users per second , making it hard to deny that having an online presence has become a crucial component for every business that exists and want to keep existing for the years to come.
But merely having an online presence is not the only way to win the game.
Although e-commerce is growing rather rapidly, there are still a few factors that cause hurdles and steer the customers away from making a purchase. On the list of these factors, payment processing solutions dominate.
Online payment processing, in simple words, refers to the automated transactions between a merchant and a consumer.
Have you ever been excited to buy from an online business only to find out that they are cash-only?
It is vitally important to understand that times have changed. About 50% of consumers nowadays prefer online credit/debit card processing services over cash.
Keeping your e-business cash-only is like shooting yourself in the foot.
Cater to your audience according to their needs and go with the online payment processing system. If the statistics weren’t enough to convince you, here are 8 reasons why your online business needs to switch to Online Payment Processing:
You have to walk with the world, or you will be left behind.
Accepting payments online is hassle-free and saves a lot of time, unlike the traditional time-consuming payment methods.
Online payment processing solutions provide a foolproof way not only to accept payments efficiently but save you from the trouble that comes along cash and check payments.
It saves you the trip to and from the bank, again and again, to deposit the money each time you get paid.
Moreover, an automated transaction system means no more manual work for your accountant, which is time-saving and drastically reduces the chances of human error.
As a business owner, it is your job to provide ease and convenience for your consumers.
When you enable the consumers to pay through online debit or credit card processing, there is a high chance of impulsive buying, which is only beneficial for the business.
Additionally, as proven by research,consumers prefer cards over cash. Plastic money has taken over the world by a storm.
People carry cash only when they know they will surely need it.
Therefore, it is only sensible to give your audience exactly what it wants.
By having a cash-only business, you make it difficult for those who want to pay online, consequently increasing the risk of losing consumers.
Online payment processing solutions also lets you offer payment via installments for your consumers, which is an added advantage as it gives your consumers incentive to make a purchase.
Payment data can help you grow your business using real-time research
A lot of companies collect consumer data, especially payment data, as it helps them to understand their audience a lot better.
Using online payment processing, you can gather data that will help you understand how your consumers behave online and identify how you can improve the overall customer experience.
You can analyze your business’ performance and see how many new or returning customers you are attracting. Moreover, you can also find outthe level of returns or refunds to expect in the future.
You can also pull up information of your customers and see who owes you and how much they owe you, quickly. You can also monitor their past paying behavior.
With payment processing solutions, you can gather data that you may not be able to get with cash payments and miss out on an opportunity to grow your business.
Online payment processing solutions allow convenience in selling goods and services online as compared to traditional payment methods.
Online payment allows you to receive payment at any time of day or night, from anywhere without any trouble.
Moreover, if your business offers subscription-based services like Netflix, where consumers have to pay over a period of time, online payment processing is far more convenient for both parties involved.
Instead of having to send reminders and requesting checks each time a payment is due, you can not only send automated updates to remind your customers to pay but automatically collect payments as well.
Getting paid in time is crucial to your cash flow,
and online payments are usually cleared in one or three business days!
Online payment processing thus enables you to estimate your liquidity more accurately and plan accordingly.
It is also quick and hassle-free for consumers. They can make payments from anywhere, and the gateway to accept payments online provides instant notification of the transaction to customers, which satisfies and assures them that the payment has been made.
Online payment processing solutions generally go straight into the bank account of the owner, reducing the risk of theft or fraud.
Online payment eliminates the risks concerning security that come with handling cash. Since there is no real money present, you cannot become victim of a robbery or misplace it.
Online payment processing solutions are more secure and reliable for merchants than receiving payments through checks.
Through online payments, merchants receive the amount conveniently without the risk of receiving a bounced check.
Moreover, customers are more encouraged to purchase from businesses that use online payment processing solutions as they find those merchants more reliable.
And similar to reducing the risk of fraud for a business owner, online payments offer the consumers with fraud protection as well.
This creates a sense of security and assurance that they will receive the product or services they paid for.
Ecommerce is getting highly competitive and it is getting difficult day by day to survive in this market.
Providing service that eases the life of a consumer is what attracts them towards a site. Using online payment processing methods improve the reputation of an online business and gain the trust of the target audience.
Moreover, for a business that exists online, it only makes sense that the payment methods include online payment processing solutions as well.
This will give the e-businesses a competitive edge over those who still use traditional payment methods.
Don’t be one of those business’that makes their lives more difficult by not changing themselves according to the modern needs and wants. Use online payment processing and make life easy for yourself and your consumers.