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7 Advantages of Online Payment Processing For Business Owners

We may all agree that the ultimate goal of the supply and demand principle is to gain profit. To gain profit, though, you have to maintain good cash flow. Unfortunately, collecting payments can sometimes be a small business owner’s nightmare. Why? It’s because our society is overwhelmed with too many responsibilities; thus everyone wants to pay online—at the comfort of their own house and preferred time. So, if you are a business owner, do not just allow your customers to fall behind their bills and missed their payment deadline. Be proactive in collecting and receiving payments. Likewise, ensure that your business offers an easy and flexible payment system to your customers. In this article, you will know the advantages of online payment processing to improve your cash flow.

The Rise of the Online Payment

Several studies revealed that customers these days are becoming more and more accustomed to paying online. In addition, online shoppers demand to have their purchases paid fast and secure. And since it’s every firms’ top priority to keep a good cash flow, business owners are now being open to adapting various payment methods to remain competitive in the market.

Online Payment Processing: An Overview

Online payment or electronic payment allows your customers to pay for their items and services in a cashless manner. This means that customers can use their credit card, debit card, mobile phone, internet, and other devices to settle their payments. It presents several benefits both to the company and its customers.

Advantages of Online Payment Processing

1. Instant Payment Confirmation

One of the greatest benefits of online payment processing is that the payment is faster and hassle-free. Since checks take a few days to process and may carry the risk of insufficient funds, e-payment becomes a better choice. Not just customers can easily pay anywhere and anytime they want, merchants will have the ability to confirm the transactions in real-time. Hence, common payment methods such as cash or check are becoming a thing of the past and electronic payment processing becomes widely adapted by growing businesses.

2. Meeting of Customers’ Expectations

Consumers’ behavior has drastically changed in recent years—they want everything fast and simple. They demand instant gratification. When you integrate this payment method, your customers can purchase and pay on your website 24/7 with just a few clicks. They need not look for their checkbooks, go to the post office, or spend hours on the telephone to pay their bills anymore.

3. Acceptance of Several Payment Methods

Online payment systems accept diverse payment methods such as credit card, debit card, mobile money, eCheck, and ACH payments. By providing your customers the flexibility to pay for their goods, you increase your chance also of being paid on time.

4. Quick and Simple Setup

Integrating the online payment processing system is easy and quick. You can actually start selling minutes after implementing it. Apart from its simple integration process, it will lessen your manual effort, paper trails, and clutter in your office and devices. This is because it can store all your customers’ accounts and billing information in one place while ensuring that you can access them whenever you need it.

5. Secure Payment Processing

By trusting the only PCI, SSAE-16, and HIPAA certified payment portals, you can ensure that all your online transactions are secure and safe. You need not worry about your customers’ sensitive data being leaked and stolen by hackers.

6. Processing of Recurring Payments

Accepting payments online takes away the difficulty associated with processing recurring payments  via check or money order. If you have a subscription-based service, you can just enter your customers’ payment details and automatically collect their payments each subscription instead of sending notifications that payments are due. This option eliminates human error and provides peace of mind for customers.

7. Influence Customer’s Buying Behavior

By adapting the online payment system, you may influence customers to buy items listed on your website. Since the transaction is quick and easy, and they can pay via credit cards, shoppers are more likely to grab the deal.

Conclusion

Online payment processing helps companies save time and effort. Moreover, it cuts down the extra costs involved in physical transactions. By integrating this system, you can give your clients added options to pay while expanding your market base and boosting your sales.

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Run fast, accurate, and automated accounting processes through Cloud Banking’s white label portal for accountants. Simply ask your customers to log on to your dashboard so you can download all their statements and reports—making it easier for you to do their taxes. Likewise, you can make sure that our platform can help you streamline everything from financial consolidation to compliance reporting and audits.

 

Our innovative payment solutions can easily be integrated into your existing accounting, invoicing, and billing software so you can get paid faster and more secure. Interested? Start by talking to one of our business specialists today.

HIGH RISK

Are you in the high-risk vertical market? Getting tired of looking for a reliable payment solution for high-risk industry? Don’t worry! CloudBanking got you covered.

We understand that banks and low-risk providers may instantly turn down merchant accounts who they deem industries with a history of high chargebacks, irregular high ticket sales, or that are highly regulated. Thus, finding a high-risk payment processing solution that keeps high-risk businesses running efficiently might be a daunting, frustrating process. This is all the more true for the CBD oil industry. However, CloudBanking understands that your business model works for you. We believe in your business’ desire to help the community and we’re committed to providing top-rated services.

Thus, we go the extra mile to ensure your business’ security and efficient cash flow. We provide tailored solutions and features because we understand your unique needs. You can now offer your customers a smooth and seamless journey with our innovative payment solution for high-risk industry.

HEALTH AND WELLNESS

Focus on what matters most to your business—your customers. And allow CloudBanking to take care of your payments. Our payment solution for health and wellness industry will be your trusted partner in improving your customer experience. With our innovative platform engineered to accept all kinds of payments and provide the security you need; we can guarantee you streamlined business operation.

 

In the ever-changing global marketplace, make your business at the forefront of innovation to give your customers the best customer experience. Trust that our payment solution for health and wellness is here to help you meet your customers’ expectations while improving your cash flow. Contact us today to experience the difference.

FIELD SERVICES

Are you one of the small or mid-sized businesses in the field service industry having trouble collecting payments? And are you tired of all the waiting and hassles? Then, it’s time for you to adopt a phone- and cloud-based payment solution for field services that will improve your cash flow and accuracy. Allow your field services staff to accept payment on-site so they can focus on the next job.

 

Level up in the game field by offering a cutting-edge payment solution for field services that will assist you in meeting your needs and improving your bottom line. Contact us to know how we can be your trusted partner in getting paid faster and secure.

RETAIL

The retail environment has evolved rapidly in the past years. To keep with the pace and increase your bottom line, you need to integrate a platform providing a full suite of card payment systems that fully satisfies the needs of you and your customers. CloudBanking’s payment solution for retail industry is here to help you stay in the game and be more competitive.

 

Powered with the latest technology, our credit card processing solutions allow retailers to accept any form of card payments such as credit cards, debit cards, and EMV-compliant cards. Our payment solution for retail industry can help you effortlessly manage your point-of-sale transactions while you boost your retail sales.

PROFESSIONAL

CloudBanking offers a customized payment solution for professional services companies, such as law firms, insurance agencies, and accounting firms. Our platform is designed to provide you a safe, convenient, and secure way to accept your service fees and lessen the administrative cost related to payment processing.

 

We understand that your business’ payment processing needs are unique. So you can’t just rely on any payment processing platform to manage your cash flow. You need a trusted partner to receive payments fast, secure, and easy. Enjoy this hassle-free process when you integrate our payment solution for the professional services industry.