Those who sell goods or services over the network have an edge over their competitors in accepting online payments from their customers. This is because consumers who patronize the network to make purchases find it very easy to pay for the ordered goods immediately and execute their orders immediately.
Why your company should have a system for receiving online payments
This is why an increasing number of companies are expanding this offer to their clients. Consumers shouldn’t be afraid to make online payments due to in-place encryption and the integration of additional security features. Most consumers consider making online payments safer than paying for checks by regular mail.
Consumers who have an email can pay online instantly. When you pay online, the payment is approved and deposited into the seller’s accounts immediately. This eliminates the company’s financial risk because it does not have to worry about returned checks.
Consumers who decide to pay by money orders or checks must ensure that they have sufficient funds in their accounts to make immediate payment to sellers. The advantage of paying by credit cards is that you can pay large bills through several installments. Therefore, accepting online payment can greatly boost your profits when the goods or services you provide are somewhat expensive.
SaferConsumers are generally more concerned with security when making online payments. Analysts say consumers care more when they need to hand over their credit cards to sales staff. This may be more serious, compared to entering your credit card number on any website that uses encryption technology that provides more confidence to buyers because they feel reassured that their financial information remains confidential. This also gives the seller a guarantee that the data has not changed.
Traditional invoices cost about 9.5 percent of the purchase value. Making online payments works economically for both buyers and companies. It saves on paper, postage, late fees, and direct costs. It also helps companies reduce their indirect expenses such as customer services and administrative expenses in addition to accounting expenses.
Of course, it costs online payment. The cost of receiving online payments from PayPal is about 2.9% or slightly less plus small transaction fees. Credit card companies charge about 2 percent of the amount paid. However, this fee is very low, compared to traditional billing expenses. The inclusion of online invoices brings more savings to companies.
These days we have exceeded the limit when most online payments are completed through mobile devices. Considering this type of significant growth, every logical company must include a system of receiving online payments to make room for mobile device users.
If you’ve been running an internet business yet without accepting online payments, it’s time for you to think about this business. Your best option would be to choose a solution that not only provides online payment but also online invoices to boost your efficiency. The use of an electronic billing system adds to the convenience, and speeds up the payment process, especially for the payment of bills to be paid immediately.
Are you ready to collect your rent online? Sure, tenants will be very happy to be able to pay rent online – so why lose more precious time?