If you have created a website for selling some products or services, then implementing an online payment solution could be a good idea to increase your business prospects. An online payment gateway makes the selling/purchase faster and hassle-free. If you provide your customers with such a facility, they will prefer using your website for purchasing products or services. Many times, the availability of an online payment system also influences the purchasing decisions of customers.
Image Source : KangaPropertyManagement
Here are 10 business advantages that one may get after implementing an online payment gateway to his/her website:
- Instant Payment: One of the great advantages of online payments is that the payment is quick and hassle-free. One can easily make a payment sitting comfortably at home or office. The system gives the instant notification of the transaction and the customer will remain assured that the purchased items will be sent to him/her.
- Quick & Easy Setup: Setting up a debit card or credit card based payment system is easy and quick, and you can simply start selling minutes after implementing it. Moreover, there are so many service providers available today offering you affordable plans with zero setup fee and very low transaction rates.
- Credibility for Merchants: An online payment method is more secure and credible for merchants than receiving payments through cheques. A merchant instantly receives the money in its account and there is no risk of bounced cheques and the fees associated with it.
- Merchant Reliability: Customers today often consider merchants more reliable that have online payment methods available on their site. It encourages them to do business with the merchant. At the same time, the debit cards or credit cards offer consumer with the fraud protection that secures their money if they don’t receive the product purchased online through a website.
- Recurring Payments: If you are offering some subscription based services where your users/customers need to make payments after a certain period of time, an online payment method could be more suitable for you. Instead of sending them reminders every time and requesting to send cheques for the payment, you can automatically collect payments after the end of the subscription term.
- Credit Card Payments: Customers can use their credit cards to make payments, even though they don’t have money in their bank account. More importantly, you can break down the payment into several installments, if you are selling expensive items. And one can use credit cards to pay you in installments.
- Affiliate Marketing: If you have an online payment system in place, you can create an affiliate program where your affiliates can earn referral commissions by sending buyers to you. This will boost your sales and can find an affiliate network, working to increase your revenue.
- Getting a competitive edge: For a merchant, accepting online payments can improve reputation, allowing it to gain the trust of the customers. Moreover, when others have online payment systems, you cannot afford to ask for payments via cheques.
- Influences buyers: An online payment method may influence customers to purchase items listed on the website. Since the transaction is quick and easy, and one can pay via credit cards, buyers are more likely to grab the deal, if there is an online payment system in place.
- Last minute deals: Many times, merchants throw cost saving deals to lure customers. If you have an online payment gateway on your site, a customer can grab a deal even at the last minute. This will increase sales.
In general, the online world is all about providing convenience and usefulness to consumers. There could be several advantages of online payments, but the more important part is that it creates a sense of trust among customers. The entire process is smooth and transparent and each party involved in the transaction gets its share instantly and in a more visible manner.