Top 10 Business Advantages of Accepting Payments Online

Businesses, regardless of industry or size, tend to accept online payments. Because of the immediate benefits, as well as the overall long-term benefits.

In addition, the acceptance of online payments has increased significantly since the use of smartphones has grown. In one of its reports, Statista predicted that online transactions will reach $4,769,370 million by the end of 2020. After that, it's expected to grow at 15 percent per year.

As businesses break free of borders and seek to conquer global markets, it's important to track consumer behavior. As borders change, so does buying behavior. But a company must be resilient to all situations.

That's why most businesses are opening their doors to accept online payments. Paying bills online saves businesses time, speed and maximum hassle for customers. It also reduces the excessive costs associated with physical transactions. With online invoicing software, businesses can allow their customers to pay from a variety of online payment gateways around the world and make billing a hassle-free process. It also reduces the large amount of paper invoices that are printed and used for mailing invoices. Collecting funds through online bill pay is not as difficult as you think.

Read also: Role of COVID-19 in Accelerating Online Payments Globally

Here are 10 business benefits you can get after implementing online bill pay for your business:

1) Immediate payment:

Online payments make it easy for a business to pay instantly. It breaks the geographical restrictions and allows customers to buy without being physically present. One can make a payment from the comfort of their home or office. The gateway to accept online payments provides instant notification of the transaction, so the customer can be assured of receiving the purchased items.

2) Quick and easy setup to increase sales:

Setting up an option to receive online payments is quick and easy, so sales can begin within minutes of implementation. In addition, there are many service providers today that offer affordable plans with no setup fees and very low transaction rates.

3) Reliable payment plan for international merchants:

An Custom billing software with features to receive payments online is more secure and credible for merchants than receiving payments by check. The merchant receives the money instantly without the risk of NSF checks and associated fees.

4) Build greater trust with customers:

Today, customers often view merchants who accept online payments through their website as more trustworth. At the same time, online bill payment offers consumers fraud protection that secures their money if they do not receive the product purchased from a website.

5) Recurring payment convenience:

If you offer subscription-based services where your users/customers need to make payments after a certain period of time, the option to receive payments online may be more suitable for you. Instead of sending them reminders every time and asking them to send checks for payment, you can collect payments automatically after the subscription period ends.

6) Credit cards to facilitate low balance purchases:

Customers can pay with their credit card even if they don't have money in their bank account. More importantly, you can split the payment into installments if you sell expensive items. And you can use credit cards to pay for purchases in installments.

7) Boost referral marketing with online payment coupons:

If you have an online bill pay system, you can set up an affiliate program where your affiliates can earn referral fees by sending shoppers to you. This will boost your sales and can find a network of affiliates working to increase your revenue.

8) Gain a competitive advantage:

For a merchant, the ability to pay online can improve their reputation, allowing them to gain the trust of customers. Also, when others have electronic payment systems, you don't have the luxury of asking for payments by check, as your strategies will look significantly outdated.

9) It affects impulsive shoppers:

An e-invoice payment method can influence customers to buy items listed on the site. Since the transaction is quick and easy and one can pay with a credit card, buyers are more likely to grab the deal if an electronic payment system is in place.

10) More sales through last minute offers:

Often, merchants offer last minute deals to attract customers. If you can receive electronic payments on your website, a customer can even make a deal at the last minute. This will increase sales.

ACCEPT PAYMENTS DIRECTLY: INVOICERA

Invoicera is an online invoicing software that integrates with your current ERP and CRM and automates the entire invoicing and payment process. It supports more than 30 payment gateway solutions to suit your business.

List of payment gateways integrated with online invoicing software:

Payment gateways from across the world are integrated (Forte, PayGate, SagePay, Eway, Ogone, BluePay, Network, 2checkout, Braintree, Authorize.Net, Stripe, PayPal, Moneybookers, iTransact, Setcom, paymate, VCS, creditcall).

Integration with US and Canadian payment gateways (Alipay, FirstData, Psigate, Beanstream, Moneris).

Integration with Indian payment gateways (Paypal, Payoneer, Razorpay, Paydollar, Citrus, PayU India, EBS, Asiapay).

With artificial intelligence, smart integrations and interconnectivity, know your cash flows in local currency, automatic conversions to track foreign exchange gains to make better business decisions. Fully configured to help you understand your business with useful payment reports.

Find answers to your most frequently asked questions

Q. What are the advantages of online payment?

A. Here are 10 business benefits one can reap after implementing electronic bill payment in their business:

Immediate payment

Quick and easy setup to facilitate sales

Fast and easy payment for international merchants

Easier and quicker payment process - Easy and convenient way to get your business transactions done

More convenience for recurring payments

Credit cards to facilitate low balance purchases

Encourage referral marketing with online payment coupons

Gain competitive advantage

Influence the impulse shopper

More sales with last minute offers

Q. What are the online payment methods?

A. With Invoicera, you can choose from more than 30 online payment gateways to make payments, as well as card payments and bank transfers.

Q. What is the most common payment method?

A. In recent times, all electronic payment methods are widely accepted worldwide.

Q. How many payment methods are there?

A. Choose from 30 online payment gateways with Invoicera.

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