Accepting payments online for small businesses has turned out to be ideal. Why?
The answer to your question lies in the statistics given.
The following stats will make clear to you how the method of accepting payments online is ruling the world by having more and more users:
- WeChat has over 1 billion active users as per Tencent (Jan 2019).
- Alipay has over 1 billion active users according to Alipay (Jan 2019).
- Paypal has 250 million active users by PayPal (Sep 2018).
- Apple Pay has 383 million users according to Loup Ventures (Feb 2019).
- Amazon Pay has 50 million users as per Evercore ISI (May 2018).
Nowadays, time is money, and nobody wants to waste it by physically visiting a shop or having bargaining with salesmen to buy something.
So, more and more customers are choosing online shopping. As per a study in Parade Magazine, more than 85% of online users have purchased something online.
Having known this, you must start accepting payments online to retain such customers, thus allowing them to transact with your business, which, in turn, will increase your sales.
The benefits of accepting payments online for small businesses don’t end here. Keep going down to fill your mind with more benefits of receiving payments online.
10 big advantages of accepting payments online for small businesses:
1. Receive Payments Instantly
The biggest advantage of accepting payments online for small businesses is that they can get payments conveniently and instantly.
Automated invoicing software accepts online payments in a short while. It eliminates all the barriers that either eat out too much time or prevent the payment receiving process, resulting in receiving payments much faster.
2. Offer your customers last-minute deals
Sometimes, you have tempting offers and discounts to grab your customers’ attention and increase your sales, but offline shopping consumes a great deal of time your customers in shopping, making them unable to buy from you.
On the other hand, the online shopping method can allow your customers to buy the product or service with discounts from you even in the last minutes of the limited offer period. How?
When they come across your product or service online, they just have to use their fingertips to place their order. The order and online payment process will not take more than 10 to 20 minutes in buying an item online.
This way, your tempting offers, and discounts can help you boost your sales.
3. Attract more buyers providing convenience
Online shopping allows your customers to buy from you whether they are having dinner, at work, or travelling on buses or trains, as per their time and convenience.
If you learn how to accept payment online for your website, then your online customers can purchase your product or service without any inconvenience like standing in a long queue or giving up an important task for shopping.
The easier the purchase process, the more chances you will have of converting your website viewers into your customers.
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Also read, Switch to Online Payments- Advice of the Decade
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4. Have a Competitive Edge
The modern era is empowered with the Internet. Everybody, regardless of their financial status, has a smartphone, allowing them to shop online easily.
Due to this, the competition for selling something online is at its peak. But, you can deal with this unbearable competition by facilitating the payment process.
The easier the payment process you provide, the more customers you can reach to offer them enticing offers and discounts to boost your sales.
Doing it will help you crush your business rivalries.
5. Help your customers save a lot
We all are aware of the fact that your customers don’t have to pay any extra charge if they pay by cash, but going to shops or stores devours their time, energy, and sometimes money.
Even paying by cheque also needs postage, which must be irritating for any customer. However, when you receive payments online, usually, there are no fees or very few ones to swipe the card or pay online.
6. Broadening Your Business Reach
Accepting payments online for a small business like yours is the ideal way to broaden its business reach. Even a local business can reach a large number of customers who are ready to pay online, thus having a golden chance to earn without being affected by geographical limits.
7. Easy and Fast Setup
It will not get on your nerves and take you too much time to set up a system to receive an online payment. You just need to feed some necessary data.
Furthermore, there are innumerable service providers today, known for offering affordable plans with zero setup fee, sometimes very low transaction rates. So, the setup of a software system to get payments online is not a headache anymore.
8. Customize the Payment Process
A large number of online payment software systems come with customizable APIs and even plug-ins having famous third-party apps like WooCommerce.
It allows your business to customize the billing process as per its specific needs and advantages.
9. Handle Subscriptions Conveniently
If you run a subscription-based business, then using the advanced payment receiving system can remind your subscribers of payment automatically and on time.
Many subscription billing software solutions come with innumerable payment gateways offering a recurring billing option. It automates the entire process to collect subscriptions on time.
Such features don’t need any action on their clients’ side. It will allow you to make your customers pay you on time, easing your cash flow management.
10. Clear Transactions Quickly
When a transaction is done online, it is cleared within one or two working days, dependent on the traffic. It facilitates your liquidity estimation, thus allowing you to make strategies and take risks as per your business financial condition for its growth.
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Also read, how to avoid late payments issue for healthy cashflow
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Conclusion
The purpose of writing this blog lies in your clear interpretation of the 10 big advantages of accepting payments online for small businesses.
Online acceptance of payments allows small businesses like you to grab the attention of their customers better, build their business reputation firmly, provide their customers with the utmost convenience in shopping, and so on.
One more thing you must keep in mind is that the world is getting more and more advanced, and online shopping is making its way to the world at lightning speed.
Therefore, you must walk along with the requirements of the modern period for the survival of your business in such a competitive atmosphere.
