There are numerous ways to boost the prosperity of your growing small business, and accepting electronic payments through your Online Store or a Business Website firmly holds the spot on the top of that list. Indeed, there are multiple benefits to accepting online payments, to name a few: increasing your sales by providing your clients with a convenient way to spend their hard earned money on your products and services; reducing a possibility of a fraudulent activity within your company and expanding your client outreach. In addition to that, by accepting online payments you make your company look presentable and professional, while making your accounting easier and decreasing the possibility of losing your clients to a competitor who provides a better shopping experience by accepting online payments.
Below are the Top 5 Reasons to start accepting electronic payments today:
1. Greatly Expand Your Customer Outreach
Customers are no longer interested in mailing checks and money orders, and handing in cash requires a physical presence and therefore greatly limits your company’s outreach. These boundaries are easily removed by allowing clients process electronic payments through your website.
2. Cater to #1 Customers’ Preferred Payment Method
The times when customers shied away from online transactions, fearing potential security issues are long behind us, replaced by the world where, according to statistics, over 80% of all online purchases are done through direct credit cards payment on companies’ websites. Today, customers fully expect the convenience of online payment options as a part of their overall shopping experience, or they are likely to take their business elsewhere.
3. Make Your Company Look Professional
Show your customers that you are a serious and reputable player in your field. Keep in mind that nowadays customers have a plethora of choices when it comes to where to spend their money and by having a professional looking website
, with a secure onsite payment processing module is an essential move in demonstrating your credibility.
4. Simplify Your Accounting
As your business grows and picks up speed, it becomes more and more difficult to account for cash payments, produce invoices and deal with cleared checks and money orders. Electronic payments not only simplify your revenue tracking, but also eliminates the need to vet your customers and get otherwise buried in paperwork.
5. Prevent Cash Mishandling and Other Fraud
Online credit card payment processes take the funds from your customers’ credit card accounts and deposit it directly to yours, therefore eliminating a possibility of a fraudulent activity of an unscrupulous employee. Also, digital receipts and other electronic records provide you, as a business owner, with a total transparency and traceability.
Granted, there are some hassles and cost involved in setting up your in-house payment solution. However it is not as unattainable or pricey as you might think, especially if you opt to open a credit card merchant account with a major credit card company. Nevertheless, the benefits of adding the electronic payment processing facilities to your website unquestionably worth the trouble.