Those in any business selling goods or services over the net have an advantage over their competitors by accepting online payments from their customers. This is because consumers who frequent the web for shopping find it very easy to pay for ordered products instantly and fulfill their orders immediately.

For this reason, more and more companies are extending this offer to their customers. Consumers should not be afraid to make payments online due to the encryption and the addition of additional security features. In fact, most consumers find it safer to make payments online than to pay by check through the time-consuming regular mail.

Minimize the risk

Consumers who have an email can immediately pay online. When you pay online, the payment is approved and deposited into the seller’s account instantly. This eliminates financial risk for the business, as they don’t need to worry about bounced checks.

Improve profit

Consumers who choose to pay by money order or check should ensure they have sufficient funds in their account to make immediate payments to vendors. The benefit of paying with credit cards is that you can pay large bills in several installments. Therefore, accepting online payment can greatly improve your profits when the goods or services you offer are quite expensive.

safer

Consumers are generally more concerned with security when making payments online. Analysts say consumers are most concerned when they need to hand over their credit card to sales staff. This could be riskier compared to entering your credit card number on any website that employs encryption technology which gives shoppers more confidence as they feel confident that their financial information remains confidential. This also reassures the vendor that the data has remained unchanged.

Reduce costs

The cost of conventional billing comes to around 9.5 percent of the purchase value. Making payments online is affordable for both shoppers and businesses. Save on paper, postage, late fees, and direct costs. It also helps companies reduce their indirect expenses, such as customer service and administrative and accounting expenses.

Of course, it costs to pay online. The charge for receiving payments online from PayPal is about 2.9% or slightly lower, plus a small transaction fee. Credit card companies charge about two percent of the amount paid. Still, such fees are quite low, compared to traditional billing fees. The inclusion of online billing generates more savings for companies.

Mobile

These days, we are well past the point where most payments made online are completed via mobile devices. Given this kind of substantial growth, every business should logically include an online payment receiving system to accommodate mobile device users.

last word

If you’ve been running an online business so far without accepting online payments, it’s about time you considered one. Your best bet would be to select a solution that provides not only online payments but also online billing to increase your efficiency. The use of electronic invoicing increases the convenience and speeds up the payment process, especially for the payment of invoices that must be paid on the spot.