Why do we need an option of receiving online payments
Admin Joes September 15, 2020
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Why do we need an option of receiving online payments
Those in any business of selling goods or services through the net have an advantage over their competitors on accepting payments online from their clients
Why do we need an option of receiving online payments
HOW TO DO THIS ?
An increasing number of companies are extending online payment options to their clients. Consumers need not be apprehensive of making online payment due to encryption in place and incorporation of additional security features. In fact, most consumers consider it safer to make payments online than paying through cheques via time-consuming normal mail.

Diminishes risk:

Consumers having an email can pay immediately online. When you pay via the Internet, the payment is approved and deposited in sellers' account instantly. This eliminates the financial risk for the business as they need not worry about the cheques getting bounced.

Enhances profit

Consumers who decide to pay via money orders or cheque need to ensure that they have adequate funds in their account for making immediate payment to sellers. The benefit of paying through credit cards is that you can pay large bills through a number of installments. So, acceptance of online payment can considerably enhance your profit when the goods or services offered by you are rather expensive.

Safer

Consumers are generally more fretful of security on making an online payment. Analysts say that consumers are more concerned when they need to hand over their credit cards to sales personnel. This could be riskier, compared to entering your credit card number into any website that employs encryption technology that provides more confidence to buyers as they feel assured that their financial information remains confidential. This also gives surety to the seller that the data has remained unaltered.

Brings down costs

The cost of conventional billing comes to about 9.5 percent of the worth of purchase. Making online payments works out economical for both, the buyers and the businesses. It saves the expense of paper, postage, late fees, and direct costs. It also helps businesses to bring down their indirect expenses such as customer services and administrative plus accounting expenses.

Of course, it costs to pay online. Charge for receiving payments online from PayPal is about 2.9% or a bit lower plus a little transaction fee. Credit card companies charge about two percent of the paid amount. Still, such fees are quite low, compared to traditional billing expenses. The Inclusion of online invoicing brings more savings to businesses.

Mobile

These days, we're well beyond the point when most of all the payments made online are completed through mobile devices. Keeping in mind this kind of substantial growth, every business should logically include a system of receiving online payment to provide room for users of mobile devices.

Final word

If you have so far been running an online business devoid of accepting online payments, it is high time you considered one. Your best option would be to select a solution providing not only online payment but also online invoicing to boost your efficiency. Making use of electronic invoicing adds to the convenience, and speeds up the process of payment, particularly for paying invoices that need to be paid on the spot
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