A recent study conducted by pymnts.com states 59% of over 400 CFOs believe digital payments are essential for a healthy business bank account. Reading this, you know your business should be accepting digital payments, but how do you make the switch? We’re here to help! In this blog post, we’ll cover why it’s essential for your business and what steps you can take to get started. Read on for more information about making the switch today.

Reasons to Accept Digital Payments

Convenience

Consumers today expect businesses to offer a variety of payment options. This includes credit and debit cards, ACH payments, and even instant bank transfers services, such as Zelle. By accepting digital payments, you make it easy for customers to pay you. This leads to increased sales and a healthier bottom line.

Speed

Digital payments process quickly, often in real-time. This means that you get paid faster than traditional methods such as paper checks. This can be especially beneficial for any business, including high-risk merchants, looking at ways to speed up their payment processing.

Cost Savings

Enabling digital payments saves money on administrative and office supplies. For example, receipts are usually sent by email or text. This saves businesses money on materials, postage, printing, and storage costs. Labor costs may also be reduced as fewer employees are required to process payments.

Security

Digital payments are more secure than traditional payment options. Payment data transfers securely via encrypted and tokenized technology. Anyone attempting to intercept the data would need specialized technology to successfully do so – not something your typical fraudster has on hand!

Start Processing Digital Payments

If your business is  ready to start processing digital payments, there are a few steps you can take:

Choose a Payment Processor

Digital payment providers process credit card payments on behalf of your business. They offer a variety of plans and pricing structures to meet the needs of companies at all stages. Using a reputable payment processor, such as Payment Savvy, can help you set up an account quickly, and some offer online tools that help you manage your merchant services account.

Offer Payment Options Clients Want

Shop around for a payment partner that meets your needs. Payment processors typically offer a range of different plans with different rates depending on the volume and type of transactions you conduct using their service. For example, if you accept only certain cards, such as Visa or MasterCard, there may be lower-priced plans available to your business. You may also reduce costs by offering customers the ability to sign up for recurring billing.

Market Available Payment Options

Although digital payments are becoming more common, some people may not be aware of all the ways to pay your business. Be sure to make your website consumer-friendly and clearly mark all forms of payment you accept. From the credit card brand logos to specific digital wallets, letting consumers quickly know how they can pay you increases the odds of checkout.

In short, digital payments are essential for a healthy bottom line, and it’s time you get on board! We hope this blog post has helped you understand why digital payments are the future of commerce. Getting started with your own online payment processing can seem daunting at first—but don’t worry! Our team is here to help simplify the process, so you’re able to start accepting credit card payments in no time flat. Reach out to Payment Savvy today to learn more!