4 Ways Electronic Payments Can Benefit Your Small Business

Your day probably consists of taking orders, confirming payments, and delivering products. But did you know that accepting online payments can help grow your business? Whether you own a small restaurant or a production facility, you’ll realize many benefits by offering online card payments to your clients.

And if you’re thinking e-payment systems are meant for larger enterprises, you’re wrong. Online retail sales were worth $517 billion in 2018, so small enterprises can benefit just like larger ones. So, why should you start receiving e-payments? This blog post will answer all your questions to help you pick the right merchant for e-payment services. Here’s how e-payments can benefit your small business.

1.   Save You Time

It’s a lot easier to email a link to your clients or post an online payment form on your website than to manually print invoices. Eliminating these tedious tasks increases your productivity as you have time to tackle other revenue-generating responsibilities.

By automating the payment process, e-payments save time. Easy online payments eliminate or reduce manual tasks such as data entry, paper invoices, and make it easier to manage customer disputes.

2.   You Sell More

Online consumer traffic keeps going up every year, driving sales for businesses. Back in 2019, the U.S. Census Bureau reported that total retail sales increased by 2.7%. With e-payments, clients can make payments any time of day, so you receive your money faster and make deliveries sooner. You don’t have to sit and wait for checks to clear in the bank.

Another benefit of offering online payments is you reduce the money you spend on paper, supplies, and postage. You also minimize your green footprint. You spend less money to pay people to perform the manual billing and invoicing.

3.   You Attract More Clients

These days, people shop online. According to a report released in 2019, 209.6 million US consumers shopped online that year. This number is expected to increase every year and may be as high as 250 million by 2025. When clients have a convenient way to pay for products or services, you increase your client base. These days, most people don’t carry cash and some millennials don’t even have a checkbook. However, approximately 80% of consumers have a credit and/or debit card.

4.   Secure Payments

Manually collecting customer payment information puts your business at risk. In case your system is breached, you may have to pay hefty fees and suffer huge losses. When you use online payments, sensitive payment information is stored by a third-party processor, reducing your liability risk.

Many of today’s electronic payment solutions integrate enhanced security measures to stay protected against data breaches and fraud. Your clients can pay you quicker and more efficiently with peace of mind, and you spend less time tracking payments and more time on your business. So, start accepting electronic payments from today.

Interesting Related Article: “What is E-commerce? Definition and examples