For how long have you been hearing experts telling you that Digitization is the future? Forever since the internet came into existence experts have been optimistic about it changing the future.
Recently we have experienced businesses changing their outlook towards transactions and breaking boundaries to deal in the global markets. In this scenario, accepting physical cash was slowly becoming obsolete, already.
But, who has acted as a catalyst towards extinguishing the cash from the market? COVID19! With the on-set of pandemic and hundreds of speculations doing the rounds, acceptance of cash will go down to 4.5% between 2019 to 2023 that was earlier predicted to be 7.6% (before the onset of COVID19 pandemic) in the USA.
Ravi Sharma, Banking and Payments Analyst at Global Data, said: “The decline in overall spending will be somewhat offset by a rise in online payments. Wary consumers will stay home and use the online channel to purchase goods in order to avoid exposing themselves to the disease.”
What’s the overall realization here? Your customer’s buying behavior is changing. Forecasts predict that while cash will see a steep decline, there will be an overall increase in online payments.
How are you as a business supposed to react to this, earlier steady but now rapidly, changing buying behavior?
Time is Now! Switch to online payments. We have emphasized on the changing business trends in previous posts as well. But, the need is more than ever today.
It will also improvise how you business. Online payments can change the entire outlook of your business. Therefore, it will be a win-win always.
Find out how online payments set the whole new pace for your ongoing activities:
- Instant notification from instant payments-Online payments have significantly automated the entire business processes. As you get notified for your online transactions through Invoicera, your clients also get intimated about the payment completion. This might seem a regular process, but the automation makes the process of cash & goods flow easier.
- Lesser Manual Processes-automation of recurring processes with an online invoice payment system can drastically reduce manual processes in your business. It saves a considerable amount of time ensuring maximum revenue generation from recurring billing. Subsequently reducing the chances of human errors. Do not forget to bill clients anymore. Automate with Invoicera!
- Fewer Infrastructure Cost-While hiring employees you have to set up an entire training session, setup, and infrastructure, whereas an online invoicing and payment system like Invoicera, can easily integrate in your current ERP and CRM for a seamless experience of invoicing and accepting payments from around the globe with more than 30 payment gateways integrated.
- Higher & Faster Revenue Options- When you step forward to accept payments online with more than 30 online payment options to offer, you’re reducing chances of all the barriers a customer might has to face. The entire process of online payments makes the process to receive payments online faster, seamless, and convenient. It ensures global transaction, currency conversion, and tracking. Moreover, the more seamless the process of payments be, more likely are customers to pay before time.
- Ability to Tune to New Consumer Trends-Online payments is the new trend, now an ever-increasing need too. Audiences that were always hesitant of using digital payments have now increased their interests in it. Lock down and home isolation has left people with only this mode of transactions. Thus, wide acceptance.
- Online Payment Options=Higher CredibilityCash transactions are steeping down, people are playing with their digital modes more. Paying with cards and transferring online has become the new consumer trend. It ensures company has to spend less time in setting up reliability and streamline marketing efforts to save both, time and money.
- New Opportunities with Affiliate Marketing-Develop new marketing plans like affiliate marketing to attract new users and retain loyalty from the existing ones. Run an entire commission-based marketing online with online payments transaction. It is so much similar to your traditional marketing, just smarter enough with automation and speed.
- More Flexible Promotional Offers-How often could you do last minute deals when you only had cash as a mode of the transaction? NEVER, Right! But, when you accept payments online offering deals become easier. It adds to working more dynamically and increase any kinds of business sales rapidly.
- Closer Revenue Tracking-An online invoicing and payment system like Invoicera is a business management tool that helps you keep track of all your AR&AP for clarity of the cash flow of the company. Invoicera records all your transactions automatically in reporting sheets so you have a record of every transaction and never miss a penny. Online payments make business remember sales well and increase transparency that businesses have always desired.
- Advanced Technologies-The Game Changer-The new introduction in your business in the form of accepting online payments is introducing you to unexplored sides of business technologies and changing your entire outlook towards it. A software of invoicing and payments when integrated into the business acts as your packaged business management tool automating your workflow such as task management, client management, invoice automation, payments automation, reports management and more.
Now that you know how dynamically online payments can accelerate your business success. You should also find out the most appropriate ways to include this set up in your ongoing business activities to strengthen your presence in the market.
Invoicera is an online invoicing and payments system that makes acceptance of online payments smoother and tracking seamless. It is a wholesome packaged together business management tool that helps you automate business processes such as invoicing, payment reminders, payments, tracking, task management, approvals, and more.
Simply get Invoicera integrated in your current ERP & CRM for a seamless experience. You shouldn’t be surprised to know it is because of this that Invoicera is a choice of 3.5M+ users around the globe and more than 75+ software customizations for biggest business giants in the past 16 years.
To know more about us, contact our invoicing experts today!