Money makes the world go round, for businesses especially. Most modern companies – small or large – have aims of going global. However, one of the primary hurdles such businesses face is collecting payments, with many still relying on traditional payment methods and in the process, having trouble keeping track of and collecting payments.
Hence, many businesses are now turning towards accepting payments online (including accepting cryptocurrency payments), For B2B and some consumer transactions, online invoice payments are time-efficient and more convenient for business and clients. Online payments are also typically better compared to physical transactions because of lower associated processing costs.
With online payments, you don’t have to wait for a cheque to arrive and be deposited. Your funds usually come in a matter of hours, if not minutes. If you’re a business owner, it’s definitely worth making the move towards accepting online payments. Still not convinced? Beyond the main advantages, we’re going to discuss some lesser-known benefits of accepting online payments.
One of the most significant advantages of online payments is their speed. Online invoice payment is quick and hassle-free. Simply generate an invoice, send it digitally to the client, and they’ll have to spend no more than 5 minutes in making the payment.
Peace of mind
When your client makes an online payment, the funds are transferred to the business account immediately. The transaction won’t go through if your client does not have the funds necessary to do it.
With traditional checks, there’s always a risk involved as the check may bounce. This makes for unnecessary hassle and overhead, consuming valuable time and resources of your business.
Easy to set up
Online payment systems are easy to set up and incorporate into your financial workflow. There aren’t many differences between the account creation processes of various online payment providers.
You can usually create an account and start accepting online payments the same day. Though for some services, you’ll have to wait a couple of days for your documents to be verified.
Most online payment providers have zero sign up fees and compared to internet banking, lower transaction fees as well. Some providers go as far as to entirely waive off transaction fees until a threshold is reached, suiting smaller businesses even more.
Moreover, it’s not just small businesses that get special treatment. Companies that have a lot of cashflow can get a discount once they cross a certain amount of payments. So your transaction costs go down, as your business does well.
Client convenience and satisfaction
If you’re a freelancer or outsourcing company, the benefits of online payments will most definitely be felt by your clients. In fact, for such businesses accepting online payments is the only option.
Also, this is a good thing, because your clients will appreciate the fact that they can pay off any outstanding invoices with their business credit card or debit card online. They won’t have to fumble around with the internet banking system or worse, wire you the money.
If you have an online invoice software that can accept online payments, your clients will feel much safer and secure as the money transfer is completely transparent. Plus, they won’t have to write you a check which has a bunch of needless physical processes involved.
Online payments are easier, safer and just a lot more convenient for your customers. And every business knows the importance of customer convenience.
Your website visitors are much more likely to make an impulse buy if the payment process is easy and hassle-free. In the modern era, you have to offer credit card payments to increase revenues and minimising physical billing processes.
At least 50% of your website’s traffic is going to come from mobile devices. Also, the great thing about online payments is that they can be done just as quickly from a mobile device.
As a business, you have to take care of mobile visitors which means providing an avenue for mobile payments, or you’ll lose a serious amount of revenue. Online payments are quick and convenient, and that’s what casual mobile users want. Online invoicing software now also come with interfaces that are designed specifically for mobile devices to enhance the whole experience (cryptocurrency is also fast becoming a major area for online payments).
Running a business is no easy feat, and the last thing you want to worry about is making invoices at the end of each month. However, this is easily solved if you have an online invoice software that is set up to receive recurring payments. This automates the whole billing process and requires no action on your or your client’s part. This means you can concentrate on doing essential business tasks and leave the boring invoicing bits to the software.