Businesses, regardless of the industry or size of business they’re in, are inclining towards accepting payments online. Thanks to the instant, as well as, long term overall advantages.
Moreover, there has been a steep rise in the adoption of online payments since the use of smartphones has increased. Statista, in one of its reports, has predicted online transactions will reach USD 4,769,370m by the end of the year 2020. And, later an increase of 15% YoY is expected to be witnessed.
With businesses becoming boundary-less and aiming to capture the global markets, it is important to abide by consumer behaviour across. With changing boundaries, purchasing behaviours also change. But, a business has to sustain every situation.
For a business, maintaining high cash flow is a topmost priority. Keeping that in mind, most of the companies are opening their doors to accept payment online. Online invoice payment helps companies save time, are faster and save maximum efforts for the clients. It also helps in reducing excessive costs involved in physical transactions. By having an online invoice payment companies can give their clients an option to pay from the variety of online payment gateways around the world and make invoicing a hassle-free process. It also helps in reducing the significant amount of paper invoices that will be printed and used to send invoices. Furthermore, no more hassle of waiting for a check to show up, depositing it, and then waiting for the funds to clear. Collecting funds through online invoice payment is not as difficult as you may think.
Here are 10 business advantages that one may get after implementing online invoice payment to his/her business:
1) Instant Payment:
Online payments facilitate instant payments for an organization. It breaks the geographical restrictions and let customers purchase even without physical presence. One can easily make a payment sitting comfortably at home or office. The gateway to accept payment online provides the instant notification of the transaction that makes the customer remain assured of the purchased items.
2) Quick & Easy Setup to Facilitate More Sales:
Setting up an option to receive online payment is easy and quick to start selling minutes after implementing it. Moreover, there are many service providers available today that offers affordable plans with zero setup fee and very low transaction rates.
3) Reliable Mode of Payments for Global Merchants:
An online invoice software with features to receive online payment is more secure and credible for merchants than receiving payments through cheques. A merchant instantly receives the money with no risk of bounced cheques and the fees associated with it.
4) Induces More Trust in Customers:
Customers today often consider those merchants more reliable that accept payment online through their site. It encourages them to do business with the merchant. At the same time, online invoice payment offers the consumer with the fraud protection that secures their money if they don’t receive the product purchased online through a website.
5) Adds Convenience to Recurring Payments:
If you are offering some subscription-based services where your users/customers need to make payments after a certain period of time, the option to receive online payment 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.
6) Credit Cards to Facilitates Low Balance Purchases:
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 instalments, if you are selling expensive items. And one can use credit cards to pay for the purchases in instalments.
7) Boost Referal Marketing with Online Payment Vouchers:
If you have an online invoice 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.
8) Getting a competitive edge:
For a merchant, an option to receive online payment 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 as your strategies will significantly sound obsolete.
9) Influences impulse buyers:
An online invoice 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.
10) More Sales with Last-minute deals:
Many times, merchants throw cost-saving deals to lure customers. If you can receive online payment on your site, a customer can grab a deal even at the last minute. This will increase sales.
ACCEPT PAYMENTS INSTANTLY: INVOICERA
Invoicera is an online invoicing software that integrates into your current ERP and CRM and automates your entire invoicing and payments process. It supports 30+ payment gateway solutions that are right for your business.
A list of payment gateways that are integrated with online invoice software:
Integration with International Payment Gateways (Forte, PayGate, SagePay, Eway, Ogone, BluePay, Network, 2checkout, Braintree, Authorize.Net, Stripe, PayPal, Moneybookers, iTransact, Setcom, paymate, VCS, creditcall).
Integration with US/Canada Payment Gateways (Alipay, FirstData, Psigate, Beanstream, Moneris).
Integration with Indian Payment Gateways (Paypal, Payoneer, Razorpay, Paydollar, Citrus, PayU India, EBS, Asiapay).
With the artificial intelligence and smart integrations and interface, know your cash flow in the local currency, automatic conversions to track currency gains for better business decisions. Record and amalgamate offline payments with online payments. A complete set up to help you understand your business with useful payment reports.