Those in any business of selling goods or services through the net have an advantage over their competitors on accepting payments online from their clients. That’s because consumers who patronize the net for making purchases find it very easy to pay for the ordered goods instantly and get their orders executed right away.
That’s why an increasing number of companies are extending this offer to their clients. Consumers need not be apprehensive of making online payment due encryption in place and incorporation of additional security features. In fact, most consumers consider it safer to make payments online than paying through checks via time-consuming normal mail.
Diminishes risk
Consumers having an email can pay immediately online. When you pay via the Internet, the payment is approved and deposited in sellers’ account instantly. This eliminates financial risk for the business as they need not worry of the checks getting bounced..
Enhances profit
Consumers who decide to pay via money orders or checks need to ensure that they have adequate funds in their account for making immediate payment to sellers. The benefit of paying through credit cards is that you can pay large bills through a number of installments. So, acceptance of online payment can considerably enhance your profit when the goods or services offered by you are rather expensive.
Safer
Consumers are generally more fretful of security on making online payment. Analysts say that consumers are more concerned when they need to handover their credit card to sales personnel. This could be riskier, compared to entering your credit card number into any website that employs encryption technology that provides more confident to buyers as they feel assured that their financial information remains confidential. This also gives surety to the seller that the data has remained unaltered.
Brings down costs
The cost of conventional billing comes to about 9.5 percent of the worth of purchase. Making online payments works out economical for both, the buyers and the businesses. It saves expense of paper, postage, late fees and direct costs. It also helps businesses to bring down their indirect expenses such as customer services and administrative plus accounting expenses.
Of course, it costs to pay online. Charge for receiving payments online from PayPal is about 2.9% or a bit lower plus little transaction fee. Credit card companies charge about two percent of the paid amount. Still, such fees are quite low, compared to traditional billing expenses. Inclusion of online invoicing brings more savings to businesses.
Mobile
These days, we’re well beyond the point when most of all the payments made online are completed through mobile devices. Keeping in mind this kind of substantial growth, every business should logically include a system of receiving online payment to provide room for users of mobile devices.
Final word
If you have so far been running an online business devoid of accepting online payments, it is high time you considered one. Your best option would be to select a solution providing not only online payment but also online invoicing to boost your efficiency. Making use of electronic invoicing adds to the convenience, and speeds up the process of payment, particularly for paying invoices that need to be paid on the spot.