What does a Modern Online Payment System Offer in 2022?

Online business is on a constant rise. In 2021, the USA saw revenue of close to $470,000 million. And this year, it is expected to cross the $500,000 million mark.

If you are a small business owner or an entrepreneur, you realize how important it is to modernize your business. Having a seamless payment experience is one major part of modernizing process.

As a small business owner, you might be wondering if these payment systems are really for you. After all, it is just another way of getting money through a bank.

Not necessarily. Modern payment systems encompass a lot of features, which are specially designed keeping in mind the needs of small businesses.

Take OnlineCheckWriter for instance. It's is the most popular payment platform for small and medium businesses in the US. It has all the features that a business needs, such as unlimited check printing, ACH payments, Accounts receivable management, Invoicing, Payroll Processing, automatic bill payment, and a lot more. Additionally, you can integrate it with almost all the existing accounting software.

What Exactly is a Modern Online/Digital Payment System is?

Consumers today have several payment options to choose from, be it a wire transfer, ACH, credit/debit cards, or digital wallets.

What a modern payment system does, is that it allows you to integrate all these payment options in one place. This is, mostly the Point of Sale (PoS) of your business.

For instance: at the ‘place order’ or ‘pay now’ button of your website.

Thus, a modern payment system is something that allows your customer to have an easy and seamless payment experience.

And for you as a business owner, it provides an all-in-one solution to all your payment processing needs.

Benefits of a Modern Payment System

Due to the pandemic, people everywhere are selecting contactless payment options.

Therefore, your business must provide all the popular payment options to your customers.

Luckily, a modern payment system ensures that your business can accept all types of payment major credit cards, debit cards, EMV chips, ACH, digital wallets, online checks, and other contactless payment options.

Let's take a deep look into the benefits of a modern payment system:

1. Greater Customer Satisfaction

In the present fast-paced retail climate, the need to meet and surpass clients' expectations is the key to long-term success. If your business does not provide the desired payment option, the customer may end the deal at the final step.

Universal payment acceptance will keep your clients happy, repeat purchases, and show that your business is committed to staying on top of customer satisfaction.

2. Offer Competitive Prices

The cost of transactions is mostly determined by the payment processing intermediaries.

Having a single integrated payment platform helps you a lot in this area. Instead of going through all the different platforms’ costs and conditions, you have just one payment platform catering for all others.

Thus, Having an all-in-one payment solution helps in reducing a lot of operating costs for your business. You can transfer this benefit to your customers by offering discounts and better prices than your customers.

3. Faster Payments

Having a strong cash flow sure helps a lot. For that, you need to have a steady cash flow in your business. Waiting for the client to come and pay you in person or enduring the check clearance process, traditional payment methods do not keep up with today’s fast-paced environment.

Modern payment systems come with the latest technology running on very fast internet connections. Thus they are quick as compared to the traditional forms of payment methods.

4. Easy Reporting and Reconciliation

Modern payment systems such as OnlineCheckwriter come integrated with all the major accounting software such as Quickbooks. Thus your book-keeping is a lot easier.

Moreover, utilities such as bank management allow you to keep your accounting synchronized with your bank statements. And all your bank data can be integrated into one place and allows for automatic reconciliation.

5. Enhanced Security

As a small business owner, you want to keep a lot of things private. Your ex-employee or competitors may use vital business information such as lists of vendors, customers, or purchases. If you collect payment information manually, all these can be accessed by anyone.

If you store such information in physical form or simple excel sheets, you’re putting your business in danger. This can result in hefty fees and losses if your system is compromised. In modern payment systems, information is stored in the cloud in encrypted form. And it’s password protected.

6. Lower Operational Costs

A dollar saved is a dollar earned. Modern Payment systems are not just for receiving payments. They offer a wide range of services specifically designed while keeping your business needs in mind. Payroll processing, centralized accounting, bank data, automatic billing, and invoicing are just a few of them.

You save a lot of time and cost by implementing an integrated and well-connected payment management platform.

Conclusion

Cash is gradually losing popularity. All the statistics are pointing out that digital payments will make up for most of the payments. Ensure that you find the right payment system for your business. Enjoy extra business capabilities and greater operational efficiency through a good Modern Payment System.