28 Oct 2020, 11:41 — 6 min read
Ecommerce has gained tremendous popularity over the last decade as the number of digital buyers has consistently risen every year. It is estimated that by 2040, 95% of all purchases will be made online.
A vital enabler to for seamless online transactions on your eStore is an integrated payment gateway. Activating online payments on your eCommerce store enables you to easily collect and track payments. It is the only prepaid method of accepting payments on your eStore. Commonly accepted online payment methods are Debit, Credit, Net Banking, Wallet and UPI.
Here are the top 10 benefits of online payments
A major benefit of the online payments system is that customers are more likely to purchase if the payment process is instant. Accepting online payments is important to increase your revenues while not having to deal with the actual billing process yourself.
Often, sellers offer cost-saving deals to lure customers. If you allow online payments, a customer can grab a deal even at the last minute. This will increase sales.
Online payments facilitate instant payments for your business. Depending on traffic, online payments are usually cleared in one or two working days. This is a huge benefit to sellers as getting money on time is crucial to cash flow.
A big advantage of eStores accepting online payments is the ease it provides a customer. Customers receive instant notification of their transaction which assures them of their purchased items. Increasingly, customers are using their phones to purchase items online and therefore the process needs to be as simple as possible. Online payments providers offer intuitive interfaces (across all devices) that improve the customer experience even more.
Customers today often consider sellers that accept online payments more reliable. This encourages them to purchase from the seller. In addition, online invoices offer the consumer fraud protection, securing their money in case they don’t receive the product purchased online.
The primary benefit of online payment systems is that they are easy to incorporate into your business software and workflow. Moreover, there are several service providers that offers affordable plans with no setup fee and low transaction rates. The integration process is similar for every online payment provider and you are required to register for an account. The registration process is quick, with hardly any paperwork required. You can start accepting payments online within a few minutes!
An important benefit of online payments is the assurance that your and your customers’ money is safe. Online payment gateways are obliged to apply multiple security layers for transactions so that the customer card/ bank account/ wallet details are secure. Your money is transferred to your account safely and you get notified for payments so you can cross-check.
One of the biggest attraction to accepting online payments is that a business can open up shop to the whole world. With online payments, your products are available to much more than just your own nationals – you can sell cross border. Therefore, one of the main advantages of digital payments is being able to expand your sales reach to global audiences.
Having an online payment system in place helps businesses serve more customers effectively, especially during peak working hours.
If you offer a subscription-based services where your customers need to make regular payments after a certain period of time, the option to receive online payments is crucial. Instead of sending customers reminders each time to make the payment, you can automatically collect it at the end of the subscription term. This allows for streamlining of payment collections.
With integrated online payments, customers can use their credit cards to make payments even if they don’t have money in their bank account. You can break down the payment into installments if you are selling expensive items, opening your market up to more customers.
Have you initiated online payments on your eCommerce store? If not, you are missing out on some major benefits. Set up your online payment gateway on your eStore now!
Image source: freepik.com
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