An essential aspect of having an online store is providing online payments. Here are six reasons why accepting payments online could benefit your business and increase your sales:
1. Security of instant payment
When accepting online payments, you are getting paid instantly. Payment at pickup or delivery increases the time between receiving an order and getting paid. Delaying payment until pick up/delivery allows for last minute cancellations, leading to a possible lost sale. Be smart and get paid immediately!
2. Increases impulse spending
Online payment increases the chance of impulse purchases. With online payments, when a customer is browsing your store and sees something they want, they order and purchase it immediately. The more time a customer has to think between making an order and paying for the product, the higher the chance that they will cancel or lessen the order.
3. Have a competitive edge
Stand out from the crowd and be a leader in your industry. Make your business as attractive as possible to customers and be unique! If online payments are common with other suppliers, don’t fall behind!
4. Increase customers’ choices
Consumers love the ability to choose. Give them that. Increased options will increase the likelihood of making the sale. Just remember, too much choice may be more work for you, so don’t go overboard!
5. Customer confidence
Accepting online payments of debit or credit cards, increases the legitimacy of your business. Customers have more confidence in a business that is well established and accepts many forms of payment. Debit and credit companies also provide good fraud protection services, so customers see you in a more professional light.
6. Make your administration a breeze
Online payments make admin easy. All incoming payments are easy to track and can be logged on online accounting platforms, such asQuickBooks, without having to manually input them. Make admin a much lighter task by putting payment on auto-pilot.