5 Top Business Advantages of Accepting Electronic Payments
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As the world moves towards a cashless economy, there is an increased demand for electronic card and ACH payments. By bringing a technologically advanced and consumer-friendly payment solution onboard your business, you strengthen your place in your industry. Still on the fence about accepting electronic payments – here are five reasons why you should.
1. Convenience and Speed
Compared to traditional payment methods like cash or checks, e-payment is very convenient. It allows customers to pay for services of products quickly and securely. If your business is based online, accepting electronic payments enables your clientele to make purchases at any time, whether day or night, from wherever they are.
Additionally, valuable time is saved using e-payments. No more having customers dig through their wallets or purse to find cash or coins. A simple swipe or tap will do with their credit or debit card. As a merchant, you no longer waste time counting change or worrying about your register being short due to sticky fingers. In short, contactless and electronic payments help businesses receive payments quickly, conveniently, and improve the customer experience.
2. Go Green
Newsflash – you no longer need to issue paper receipts! With a robust and intuitive payment system, you can send customers a digital receipt via text or email with the press of a button. By reducing your carbon footprint, electronic payments help enterprises save money otherwise used on printers, ink, and paper. This also boosts your green credentials and increasing your value in consumers’ eyes.
3. Increased Revenue
Statistics from Bankrate reveal that more than 2/3 of consumers carry less than $50 in a day. This means that electronic payments have become the preferred payment option. Several studies have also proven that consumers spend more when using electronic payment than when they’re paying in cash.
Additionally, by accepting electronic payments, you can accept payments via a variety of means – IVR and pay by text are two relatively new modes that are secure and convenient. Introducing new payment solutions to your current offering only serves to enhance the reach of your business. This attracts more clients and. in turn; you make more sales.
4. Payment Security
After an electronic payment transaction is approved, funds are deposited directly into your business bank account. With cash or paper checks, you have to carve time daily to deposit monies in the bank.
Additionally, the security of electronic payments is unsurpassed. Encryption and tokenization are standard on payment gateways. These features protect both your financial details as well as your clientele. Also, dealing with less cash means you need not worry about a robbery or human error risks.
5. Easy to Administer
Accepting electronic payments means businesses will have an easier time accounting for their income. All reporting reflects in real-time, so you know exactly what your business is bringing in at any time of day.
Furthermore, if you are a brick-and-mortar establishment, you’ll process payments faster with e-payments. This helps keeps lines shorter and can ultimately assist in reducing your person-hours spent on a register. You can redeploy workers to other aspects of your business, boosting your business in areas previously left lacking.
In conclusion, accepting electronic payments have numerous benefits for businesses, as well as customers. If you have questions about what platform is best for your business – please give Payment Savvy a call. Since 2010, our knowledgeable team has thrived on providing custom and innovative payment solutions to businesses of all sizes. We look forward to becoming Your Payment Partner™.