The Top Advantages Of Accepting Payments Online

Unlike creating a bank account or waiting to get a checkbook, setting up a digital payment method is easy and swift. You can deploy tens of payment gateways and security protocols within minutes. Perhaps that’s why more and more businesses are adopting these methods. According to recent data, the year-on-year expectation of growth for e-payments is 15%. 

With the world set to embrace digital wallets and virtual payment gateways, do you know what actually makes it reliable, safe, quick, and easy?  Read on to uncover the key advantages of e-payment systems below. 

1. Speed 

Traditional payment methods are slow. On the other hand, online payments are quick and accordingly termed real-time payments. 

Find out why below. 

Quick Payment Reconciliation 

When your customer pays via the traditional model, they might face problems like leaving the office to go to the bank. Moreover, they might have to wait for you to receive the money in order to receive the product after mailing the check. Conversely, there is negligible waiting time between purchase and disbursal of payment with online payments in addition to the fact that these payments can be completed from anywhere.

Instant Gratification 

Electronic payment is hassle-free apart from the fact that it offers instant gratification to customers. This means that they can complete a purchase instantaneously after deciding what to purchase while you get paid faster. 

Encourages Impulse Buyers 

Online payments can further fuel impulse buyers. For example, a customer who feels cash payment is inconvenient and unsafe might hit the buy button right away if they see you accept e-payments. 

2. Ease 

With over 35% of millennials completing online payments via phone, ease-of-use can impress and influence multiple demographics while making their purchasing decisions. Take a look at how electronic payments can promise enhanced ease-of-use. 

Manage Recurring Invoices 

By adopting online payments for repeating invoices such as subscriptions, you can save time and eliminate mundane tasks. Electronic payments via billing software consists of features that can automatically process bills without having to send the same invoice or payment reminders repeatedly. 

Integrations To Reduce Hassles 

You can streamline tasks by investing in a good software solution with popular integrations. One such example is FreshBooks, which features over 96 integrations for tools like analytics, tax assistance, client management, CRM, ecommerce, event management, expenses, invoice factoring, marketing, and much more. For instance, handle tax calculations in a click with FreshBooks instead of doing it on your own.

3. Safety

As an enterprise owner, it is important to secure your funds and that of clients to ensure a reputable and reliable business customers can count on. By investing in online payment options, you are prioritizing their safety and security.  

While traditional payment forms are unguarded, e-payment employs several security tools like payment gateways, which come with firewalls and encryption to process client payments securely. For example, no one can access or obtain the banking information of your customers when they pay with PayPal. 

You can use an all-inclusive software such as Invoice Ninja given it offers 40+ payment gateways to secure transactions for different clients.

4. The Use Of Credit Cards 

The best thing about e-payments is that you can collect payments even from customers with zero bank balance. When a client does not have the money to complete the purchase, you can still accept payments via credit card on the e-payment system and even accept payments in installments. Moreover, payment by credit or debit card is an excellent way to promote impulse purchases. 

You can also collect incremental payments for bulk invoices to process more sales. For example, consider a client who has to pay $25,500, but is short of $10,000. By offering credit card payments, you can create custom installments such as $2,000 per month.  

5. Credibility 

Electronic payments are more reliable than checks because you can expect the payment to go through without hassles. Moreover, e-payment methods automatically secure the payment process while traditional payment comes with a degree of uncertainty. Forget about bounced checks after adopting online payments. 

The following explains why electronic payments are more reliable. 

Fraud Protection for Accounts Payable 

Customers will feel confident to purchase from you with the fraud protection feature that comes with e-payments. It can be used to obtain refunds quickly when the item isn’t received by the customer. 

Fraud Protection for Accounts Receivable

Invoicing software such as QuickBooks uses three-way-matching to detect fake invoices easily. Such a mechanism matches information from the purchase order, invoice, and shipping receipts to avoid fraudulent bills from being processed. 

Conclusion 

The merits of electronic payments are countless, especially for SMEs. Effortlessly complete and speed up payments while protecting customers from scammers and the business from fraudulent invoices. 

With all these embedded features, business owners should invest in a credible invoicing software that can help manage tax calculations, reports, accounts payable, accounts receivable, and more.