Almost all of us would agree that the ultimate goal of the supply and demand rule is profit. It is very essential to keep the business afloat and competitive in the market. But to gain profit, you have to get paid first; and here is where things get rather knotty. For small businesses, payments collection is almost close to a nightmare. This is because everyone wants to buy with credit, but paying when that credit expires paying up seems to be hard to do. Read through this post to explore the benefits of partnering with payment processing companies to your business.
Why Partner with Payment Processing Companies?
You, as a business owner, know the drill. Send out the invoice, with your payment terms, to your customer (whether printed or email) and wait for them to advise you of their payment. But what if your long-awaited notification of payment never comes and, even worse, you end up chasing your customers around to pay you. This course can cost your business a quite amount of money. Expenses on telephone bills, expense on gas, expense in the sense of wasted time and efforts. Then, you will realize how all of these can hamper your daily operations, disrupt your cash flow, and waste your valuable time that could be better spent on your actual business. This is where the internet can be a powerful tool. It can help streamline your processes and improve your cash flow to serve you.
Furthermore, the internet can help you accept payments online securely, fast, and easy! The advantages of online payments for your business are unparalleled. The benefits it offers to your customers are great too. So, in the end, it’s a win-win situation for you and your valued customers!
Benefits of Online Payments
1. Effortless configuration
Nowadays, online payment systems can easily be integrated into your business software and workflow. And believe it, the integration procedure is more or less the same for every online payment provider. The registration process is quick. You just have to register your company for an account online, less a ton of required paperwork. Afterward, you can start accepting payments online within a few minutes!
2. Competitive pricing for business
Most online payment processing companies offer zero setup fees and lower transaction fees than e-banking systems. Some online payment gateways even have a minimum amount per year with a free transaction fee. Several online payment providers also provide discounts when you reach over a certain amount of payments. Hence, your cost remains low even when business is going well.
3. Superb customer experience
As noted earlier, the gains of processing online payments for your business extend to your customers as well. Your customers will certainly appreciate you having an online payment option to process their purchases online. This can be especially beneficial if you are a freelancer catering service to companies or even individuals. In both cases, offering your customers the ability to pay you with credit or debit cards online is a guaranteed lead. Imagine saving them from facing all the hassles of doing all the work themselves via the banking system, or worse, in person with cash. In using online payment systems, you give your clients a completely secure and easy to navigate an environment where they can pay off their outstanding invoices easy and convenient.
4. Secured payments
Perhaps for some reason, you will find this statement a bit nonsensical because of all the bad publicities we have heard about online payments. But many experts will attest and assure you that one of the most crucial benefits of online payments for your business is that your and your clients’ money is safe. Stringent regulatory boards obliged online payment gateways to implement multiple security layers for transactions so that the clients’ card details are not stolen. Thus, your money is transferred to your account securely. You even get notified for payments automatically via email, so you can do your cross-checking.
5. Speedy transactions clearing
Security is clearly a big deal, but getting your money on time is as crucial to your cash flow. Online payment processing companies understand that needs. Hence, online payments are usually cleared in one or two working days, depending on the traffic. Τhis way, owners can have a better assessment of their liquidity and accurately plan their next business moves.
6. Easy subscriptions management
Forget the hassles of payment reminders and let the online payments system do the work for you! Online payment systems offer a recurring billing option that automates the entire procedure for collecting subscription payments on time. This feature doesn’t even require any repeated action on your customers’ end.
7. Take advantage of impulse buyers
Among the many advantages of the online payment system for e-commerce is that shoppers are fascinated to purchase if they can pay in an instant. Accepting credit cards then can give you a huge benefit. It boosts your revenues without having to deal with the actual billing process yourself.
8. Acceptance of mobile payments
As long as there is an active internet connection, online payments can be processed even via your mobile devices easily and from anywhere. Also, you have to take note that shoppers increasingly use their phones to buying items online; hence, you have to keep your process as simple as possible. Online payment providers offer simple and easy-to-navigate interfaces for exceptional customer experience. Possibly, the rise of modern, user-friendly payment gateways is one of the major rewards of online payment.
9. Customers are now comfortable with online shopping
It has been a lengthy and challenging process before customers got a full grasp of how the internet, especially processing credit card payments online, is safe. Essentially, your credibility as a merchant can be questioned if you lack this payment option, particularly if you run your business online. Hence, be smart and integrate an online payment system for your business’s integrity and authority.
10. Customization of the payment to your workflow
Online payment processing companies offer customizable APIs and plug-ins with popular third-party applications. This enables you to tailor the billing process to your needs and develop an online payment system that restructures operations to your advantage.
There are numerous advantages of accepting payments online for your business, regardless of its size and industry. Likewise, the significance of online payment systems is evident since several businesses will not stay afloat without accepting payments online. In fact, you just cannot consider your business modern and competitive if you don’t include online payments as an option for your customers. Hence, improve your customer shopping experience and boost your sales by having the ability to accept both cash and cashless payments. Let CloudBanking’s innovative solutions for your industry power your store e’s payment processing ability. Experience smarter, revolutionary payment solutions for your unique business needs. Contact us now.