It has been said that information is power. Whether or not that statement is true, everyone knows we do seem to be living in the information age. The reasons for that is, of course, technology. The advances technology has made in the past few decades have made many things possible that weren’t even considered previously. One of those things is conducting your business transactions online, and there are several reasons why your business needs to accept online payments.
If you aren’t accepting online payments for your business, why aren’t you? The current demand by the public, aka your customers, is for speed in transactions including purchases and payments. The reasons for this should be fairly obvious. It’s faster and easier than having to get out envelopes, find your checkbook, fish stamps out of the cluttered desk drawer…you get the picture. The bottom line is the vast majority of the public pays at least some of their monthly bills online. If you aren’t, your business could be passed over in favor of another. Your customers could begin shopping around for another way to more easily buy whatever goods or services your business offers.
Setting up an online payment system, such as Paysafe, may take a little time, but that investment could certainly pay off. You can set up a link through your website where customers can easily access their account and make payments quickly and securely. That means less paper statements for your business to print which costs ink, paper, and time to process not to mention postage to mail. The savings in money alone in a year could be very significant to your business.
3 Increase Business
Studies have been done proving that the easier and more helpful a business is, including ease of payment, the more customers will spend. Online payments are fast and easy, allowing your customers to spend more time browsing the other products or services your business offers. This will increase your sales because when customers are allowed to shop and spend more, they usually do.
Another way online payments can help you increase business is by adding to your customer base. Having the ability to make their payments quickly and easily might be the one thing that draws some customers to do business with you rather than your competition. Once your customers see how simple it is to buy from you, they will most likely become repeat customers and let others know how happy they are buying from you.
4 Save Time
Not only will you be saving money by not printing, sorting, stuffing and mailing statement to your customers by utilizing an online payment system, you will save time. In addition, you won’t have to pay someone to sort through that much more mail each day, post payments to your accounts receivable system, make out deposits, and take them to the bank. All of this time can be spent doing other tasks that increase your bottom line, such as advertising and sales.
Information is power. Now that you have the information to know why your business needs to accept online payments, you have the power to set your business up to accept online payments too.
Are there other reasons why your business needs to accept online payments?