Starting a small business and building a customer base have always been challenging. Even though every business in this world shares the same goal of profit-making, collecting payments from clients remains particularly difficult for small business owners. This issue can be resolved effectively if the business owner starts accepting online payments for the business.
Everyone wants to buy in credit. However, when the credit expires, getting the payments from those people seems like next to impossible. If you run a small business, you may have gone through the process of sending out the invoices along with the payment terms to your customers for numerous times. However, you still need to literally chase the customers around for the money.
If you set up an online payment receiving system, you can avoid such hassles and save a lot of time. However, if you are still not convinced, here are nine reasons why you should set up an online payment accepting system for your business.
- Instant payment:
Online payment makes it easier for your business to receive instant payments from clients. Since geographical restrictions become insignificant in case of online payments, the customers can buy your products and/or services from anywhere in the world. In fact, one can transact from the comfort of their home or office. The gateway to accept payment online gives instant notification of the transaction, confirming the purchase of the customer.
- Easy to set up:
Another reason for adopting the online payment system is its easy setup procedure. You don’t even require the knowledge of financial accounting to incorporate such a system into your business software. The integration process remains more or less the same for almost every payment service provider. The business needs to register for an account, which is quick and requires minimal paperwork. Your business can start accepting payments online within a few minutes of registration.
- Secure option:
Contrary to popular belief, online payments are safer than most other means of transactions. All the online payment gateways are obliged to apply multiple layers of security for each payment, making your and your clients’ money safe. The system also notifies you for all the transactions in and out of your account, allowing you to cross-check all the payments. The banking details of the clients also remain encrypted, keeping them safe from the scammers.
- Adds convenience to recurring payments:
If your business offer subscription-based services, which require the customers or users to make a payment on a regular interval, the online payment system is more suitable for you. It can be quite hectic to remind them about the payment every time it is due and request cheques for the payment. Instead of doing that, you can simply collect your payments after the end of the subscription term automatically. It is pretty common in today’s date.
- Makes you more trustworthy:
In today’s date, customers are more likely to consider those merchants reliable who accept online payments through their site. When you accept online payment from the clients, it encourages them to do business with you. Not to forget, the online invoice payment also protects the clients from fraud, securing their money if they don’t receive the product or service after making a purchase online. Needless to say, an online payment system boosts your brand image too.
- No need for a banking account:
You will be surprised to know that your business does not need a bank account to accept payments online. Moreover, receiving payments outside the conventional banking system does have plenty of advantages. Firstly, you don’t need to fill out the unnecessary paperwork. In countries where capital controls are effective, businesses gain a competitive advantage while their sales operations remain intact, irrespective of the capital restrictions.
- Allowing payments on the go:
When you integrate an online payment system within your business software, you make things more convenient for your clients. Thanks to the advent of smartphone technology, they can make online payments via mobile devices from anywhere, as long as they have an active internet connection. The buyers today increasingly prefer their smartphones to buy things online. Now that most online payment providers offer intuitive interfaces, you will be able to offer enhanced customer experience by adopting an online payment system for your business.
- Customise the payment to your workflow:
A majority of the online payment providers offer customisable APIs (Application Programming Interfaces) as well as plug-ins with popular third-party applications (such as WooCommerce). This allows you to personalise the billing process according to your needs and develop an online payment system that streamlines operations to your advantage.
- Reach more customers:
With the COVID-19 outbreak, more and more consumers are choosing to order things online and avoid brick and mortar stores. In fact, in 2019 alone, 209.6 million consumers in the US browsed and shopped online. The numbers are only going to move upwards in the post-COVID era. If you have an online payment system, you are more likely to get sales than the ones who don’t have an online payment system.
A majority of the businesses in your industry have already adopted online payment systems to boost their operations with these advantages. And with the pandemic going on, you have no other option but to set up online payment receiving system to keep your business afloat.