Having a good online payment solution for your e-commerce has become a top priority for most modern small businesses. Every business considers various electronic payment services, as this is an investment that will pay off in the time to come.
While electronic payments are mostly reserved for bigger organizations, small companies are largely adopting these useful services since online retail sales are going up.
A good, safe, reliable, and convenient online payment solution that allows your customers to pay for your services and products has become as important as lead generation, increasing revenue, or conversion rates.
Small or large, all online businesses can benefit from electronic payment services.
The fact that 64% of small businesses in the US don’t even have a website gives you a competitive advantage, as implementing electronic payment services can help you get ahead of the competition. Here’s how electronic payments can help your business.
What is an electronic payment?
Any digital payment made online via ACH or debit or credit card is referred to as an electronic payment.
Any payment made online is an electronic payment. Since almost every consumer today is online, there are many great reasons why electronic payments can be extremely beneficial for small businesses.
Modern consumers are used to the level of convenience that online purchasing has given them. They can get anything they want without having to leave the comfort of their homes. Online buying is now a way of life, and businesses have to find a way to cope with this huge change.
If we consider the fact that almost every serious business of today is fully aware of that change, implementing an efficient online payment solution to provide their customers with more personalized customer service and experience makes perfect sense.
Businesses that do so can count on the following benefits.
Reach more consumers
By choosing the right online approach, modern businesses get an opportunity to reach far more customers than before. While brick and mortar businesses are still in, physical purchasing has given way to online purchasing.
That’s where electronic payments come into play. 2019 is the year of online shopping. There are more and more online consumers every day, and their numbers will continue to grow.
More than 209 million consumers made a purchase online this year, and this is in the US alone. By 2021, this number will increase to more than 230 million.
By reaching more consumers, your chances to sell more look much better all of a sudden. The main factor that drives sales is online consumer traffic.
It’s also essential to keep in mind that offering a range of different online payment solutions to your customers increases your chances of attracting more consumers and increasing sales.
Provide a consistent customer experience
The demand for consistent customer service and experience continues to grow. Modern consumers demand online businesses to provide them with such service and experience across all available sales channels.
The majority of modern consumers like to combine all available channels with online shopping. It’s what is known as an omnicommerce approach. It encompasses direct mail, instore, and online experiences, all in one.
Aim to provide a reliable and consistent experience for every omnicommerce consumer, and your business will thrive.
An online payment solution has to be:
- Simple – it’s paramount that you accept all forms of payment with same-day deposits.
- Secure – your online payment solution should utilize tokenization and end-to-end encryption to ensure secure transactions.
- Built to suit your business needs – your business needs are the needs of your consumers too. Therefore, we aim to get a reliable online payment solution that was built according to the needs of your business and customers.
This solution should be easy to customize to adjust your experience with recurring billing, electronic invoicing, and accounting software integration.
Security has become a top priority in the modern world. You can’t expect your consumers to leave their personal data and information such as credit card data and so on, without guaranteeing security.
That’s why advanced e-commerce solutions incorporate the latest payment security measures to ensure effective protection against fraud and data breach.
Saving effort, resources, and time is paramount for e-commerce. Easy online payments allow you to automate certain processes and reduce some of the manual tasks such as managing customer disputes, processing paper invoices, data entry, and so on.
These are the main ways in which electronic payments can help your business, so it really pays to give them a shot. No modern business should handicap itself by not offering this option.