We are living in an information technology age. Major businesses are getting online. How about you? One of the ways in creating a more convenient, faster, and an increased revenue business environment is to have an online payment. There are many advantages of having Online Payments for your business. Know these advantages and you’ll get ahead with your competitors using traditional payment methods.
Here are 9 ways how online payments affect business functions:
- Get notified immediately with fast payment
Online payments are available 24/7 and is a technology that improved a business functionality and productivity. Both the company and customer get notification for every transaction. Customers do not have to worry whether their payments have received or not and when they will receive their items. Company can get notified for various transactions such as pending payments, dispute, chargebacks, reversals and refunds. Instant payments mean so much to a company- means they don’t have to float the cash for shipped goods.
- Fewer manual processes
Cash flow will be consistent when recurring payments are implemented. Recurring payment provides the same monthly collection conveniences plus more such as real-time authorizations, faster funding and global sales reach drastically reducing the manual processes within your business. This saves considerable time, ensures maximum revenue on recurring payment items like subscriptions, and reduces the risk of human error. Billing a client will not be a hassle anymore. One of the examples for recurring payment is provided by MOLPay.
- Lessen setup, training, and fees
Companies do not have to waste their money and time on training both employees and customers once they set up An online payment. Once an account is created and setup, you can literally be selling your product or service within minutes. Any company will be happy if they can reduce cost at the same time be more efficient.
- Opportunities to increase revenues
When customers get multiple options to do payment, they will feel like the company is very flexible, reliable and understanding. At the same time, online payment gives opportunities to a company to make more revenue. When a company makes the payment process more seamless than ever, customer will spend more often. When customers spend more, it means prosperous to the company – more inflow of cash. This extra cash flow can be a real game changer for growth.
- Can get used of new trends like consumerization
While adjusting your business to utilize online payments, your company becomes more used to other types of trends and new trends coming in the market that will keep your business relevant among your target audience. Consumerization is the reorientation of product and service designs to focus on (and market to) the end user as an individual consumer, in contrast with an earlier era of only organization-oriented offerings (designed solely for business-to-business or business-to-government sales). Consumerization is changing the way B2B customers pay for products they want
- Less time spent on establishing credibility
By now, customers from all over the world are used to pay via online. Paying with credit cards online has become a norm for most consumers. Credit cards revolved around with security issue since then and up until now. However, as years passed by, the security has been tighten up and neatly secured. Almost all credit cards now are PCI DSS compliant. This means that a company can spend lesser time on trying to establish customer’s credibility. Which will align your marketing effort and save your time and money.
- New marketing program development like affiliate marketing
Having an online affiliate marketing create new opportunities for sales. This program can have your affiliates to earn a commission by promoting your products and services. It is similar to the traditional sales like direct selling. For affiliates, the beauty of affiliate marketing is that you do not have to invest time and effort to create a product to sell. You can begin selling something as an affiliate as soon as you have a platform to sell it on. For instance, MoneySavingExpert.com helps ordinary people make better financial decisions. Think of it as financial education for the masses that helps people get more bank for their buck in life.
- Flexibility to offer vouchers, promotions and seasonal offers
Popups voucher gives customer the perk to start shopping. It can be the first thing that triggers customers to shop like “Get RM25 voucher when subscribing to newsletter.” Only online payment allows companies to have last minute deals or special discounts. It’s another way that your business can function dynamically in a way that draws in more sales.
- Grow into new demographics
If your company has not attracted the Millenials because of your old and traditional payment system, you should start attempt mobile banking and cloud-based platforms Millenials prefer online payments and your decision to use online payment will never be a mistake. You will surely attract Millenials. Now your business has the ability to grow into new demographic areas to further boost your financials.
Article by Nabihah Jasri