By Heather Legg
November 5, 2012
Whether a business is an online one or a physical store or business, a big benefit it can have is accepting online payments. Not all businesses start out this way, and it can be a big mistake. All businesses should really employ online payment services. Here are some reasons why:
1. It’s Easier!
Most people are foregoing the checkbook these days and opting for debit or credit card payments. Whether a store is an online business or even a physical one, online payments make it easier. It’s also very easy for a business to set it up whether they do it themselves or hire an eCommerce company to do it.
An online store needs to accept online payments or else they’ll be waiting for checks to come in and being held up their transaction. But a physical store can also benefit from the ease of online transactions. Think about businesses that have monthly payments coming in, whether it’s a pest control business, utility company, or a dance school. It will be much easier for them if they just set up online payment services for their customers. Other businesses that have monthly bills can do the same.
2. It’s Reliable
Everyone is familiar with the term, “The check’s in the mail,” but it seems too often they the check never actually shows up. With online payments, there’s no more waiting around for a check to come in. There is also a clear record of payments. This works in both the business owner’s and the customer’s favor. No more lost payments from either end.
3. Better Recordkeeping and Cost-Cutting
If there is a payment issue, it is a lot easier to resolve with online payments. Not only is it easier for the business owner to keep track of payments, but the customer can also check to make sure payments have gone through. Happier customers make for better business!
It also allows the business to cut costs by omitting sending out paper bills through the mail and physically entering payments into a system, which is a costly, time-consuming part of business. With online payments, this is all cut out, freeing up more time and money for other aspects of the company.
4. Choices and Options Are Still Available
Some businesses heading in this direction are providing options for online payments. Some are doing automatic billing, such as membership places like gyms or businesses that offer lessons or services that are a consistent price each month or annually. Some offer the option of non-automatic payments so the customer still has the control over the payment, but it can be done online all the same. This makes it convenient, again, for the business owner as well as the customer.
5. Provides Payment Options Around the Clock
With online payment options, worries of late payments can be forgotten. Payments, even non-automatic ones, can be made at midnight or any time other of day. Usually these online payments clear much faster than waiting on a check and physically depositing it. Not only can the payments be made at any time, but that also means that the money is in the business owner’s pocket faster.
With so many aspects of business going online, the financial end should be one of them. Most businesses already advertise online and have some sort of online presence, even if they are a primarily physical business. It’s easy enough to add online payments to this, and things will only get easier and more profitable.
Guest author Heather Legg is a blogger who writes about Internet safety, online shopping, and the many advantages of businesses that accept credit cards.