E payments and e wallets are the new trend in this day and age. Companies are picking up this cashless alternative in their businesses, allowing smoother daily operations and cash flow and saves valuable time. There are many benefits of online payments for both the merchant and customer, so it’s a win win situation for everybody! For the merchant, you don’t have to wait for a notification or constantly chase a payment from a customer after sending out your invoice. For customers, not only is it free, it’s fast and convenient to make payments as well!
Easy to set up
By using an e payment option, you are giving your customers a convenient way of making their payments to you. Setting up is incredibly easy as well, everything is just within reach and anyone can settle payments at anytime at their fingertips.
Affordable
E payments not only offer lower transaction costs for merchants, it’s also free with no additional charges when your customer makes payments to you. Furthermore, some online payment gateways also have a minimum amount per year that is free from transaction fees!
Good customer experience
From a customer’s point of view, they will come to appreciate that you have an online payment option which they can use instead of paying via a banking system, or even in person and in cash. Allowing your customers and giving them the ability to use online payment gateways is definitely a huge advantage.
Secured payments
By paying through online payment gateways, you can be sure that your money stays safe. Online payment gateways are obliged to go through multiple security tests before operating to ensure customer’s card details are not stolen from scammers. On top of that, after the money is transferred into your account, you will receive notifications so you can track and trace back fairly easily.
Quick transactions
Having a smooth cash flow is equally important when it comes to running your business. Usually, online payments are cleared within 1 or 2 days, depending on external environments such as your when your customer makes a payment to you.
Subscription management
Payment reminders are often overlooked and sometimes it may just slip your mind, so why not have the system do it for you? Recurring bills is a feature that helps you automate the process of collecting recurring payments on time, whether weekly, monthly, or even yearly.
Lucky for you, Biztory also allows this feature so you don’t have to worry the next time you forget to collect a payment! Click here to find out more!
Attract impulse buyers
Online payment systems are so convenient. In fact, sometimes it’s so easy, fast, and instant, it makes your customers more likely to make a purchase! Hassle free payments are key to making a sale as it doesn’t require much work from the customer’s point of view.
Mobile payments
Mobile phones are such a necessity in this era that almost everyone has one. The convenience of having a mobile phone has now increased the amount of payments done through mobile. No more having to lug around a laptop or go to a bank on purpose just to make payments, because a mobile phone with an active and stable internet connection will do just the same!
Accustomed to paying online
It has taken a while for people to fully trust in putting their bank details out there, especially online where hacking and scamming is easily done. Now that they feel safe doing so, take this opportunity to integrate and online payment gateway system and increase your credibility!