Whether you’re a brick and mortar or ecommerce business, if you have a company website, you should also have an option for online payments. When selling products and services through a website, you can quickly lose a lot of customers if you don’t have a convenient way for them to pay.
Everyone has grown accustomed to fast-paced technology allowing them to shop and pay for products and services quickly. Failure to make doing business with your company fast and easy causes you to miss out on the money train. Below, are seven reasons you need an online payment option for your business.
1. Customer Convenience
There is no greater advantage to a business than its ability to provide convenient services to their customers. A happy customer is almost certainly a repeat customer. One of the advantages to having an online payment system is convenience. For example, a UPS customer wants to pay for their 3D printing project. Yet, instead of standing in the long line and waiting to pay, the customer can log onto UPS website and make an online payment, print the receipt, and pick up their project faster.
Another convenience comes in the form of tools that make payments easier. Let’s take ATMs, for example. It’s always a hassle for customers when credit card transactions aren’t always available. Adding atm payment solutions to your business premises offers convenience – a ‘hidden’ yet effective marketing campaign for your brand image.
2. Secure Transactions
Online payments are not only secure transactions for the online consumer but for the business as well. Rather than accepting checks which can bounce or cash which is inconvenient at times, online transactions are secure and the funds are received instantly by the merchant. This prevents the risk of bounced checks and other associated fees with check payments.
3. Increase Sales
Did you know that customers will spend more money with businesses that provide an option for them to pay with a credit card as opposed to having to pay with cash? In fact, Community Merchants USA points out that approximately 83% of small businesses saw an increase in sales after accepting credit card payments online.
4. Improved Reliability
Customers are willing to rely on businesses who offer a secure online payment option on their site. Not only does the convenience of using a credit or debit card online encourage them to do business with a particular company, but it also provides peace of mind to the consumer. Online payments are typically backed by fraud protection which guarantees their transactions are safe.
5. Easier Money Management
Financial management in small business is of the utmost importance. Failure to maintain financial files and reports could result in some serious trouble for your company. However, by accepting credit card payments online streamlines accounting processes making it easier for you to keep track of your finances. Rather than counting cash or heading to the bank to cash checks, you can view your electronic payments and organize them which allows for better forecasting and cash flow management.
6. Faster Processing Times
Run a beauty salon or barber shop that tends to get really busy? Having your customers book appointments and pay for services online is a great way to cut down on the amount of time they spend in the shop. The same goes for any brick and mortar location that allows online payments. Customers can now place their orders, and come in to pick them up without having to count cash or pull out credit cards to complete the transaction.
7. 24/7 Operation
Without online payment options, your customers are only able to conduct business with you during your business hours. Since this may not be convenient for them, having an online payment option allows them to make the purchase when it is most convenient. It’s great for businesses too. Now, you can make money while you sleep.
Online payment methods are the way to go in this technologically charged world. If you don’t want to miss out on potential business, it is ideal to consider a credit card processor for your website or some other form of online payment account. It’s convenient, fast, and in most cases, will generate a decent return on investment.