6 Reasons Why Your Business Should Collect Payments Online
Every successful business has a thing in common i.e. the online presence to reach maximum clients with the help of internet. It is the advancement of technology which allows us all to access the internet on various devices and this is the reason mobile devices are gaining popularity. The use of smart applications is also trending. Hence there is a specific app for every potential business out there. Definitely, you have spent a lot on a website and app development for your business but when it comes to transactions are you still with the board of CASH ONLY? Don’t say “yes” because if you do then you are sacrificing a lot of customers from this online as well as the offline world.
1. Cash Management Is NOT So Simple as it seems to be:
Those days are gone when Banking System allows you to deposit any amount in an account. These days, Banks are charging a nominal fee every time a person deposits cash over a certain amount in an account. Nobody likes paying extra and to carry a large amount of cash in his or her pocket. Going with a trusted online payment system provides the safety and reliability for both the parties and hence it helps in the positive growth of your business.
2. You are limiting your Productivity:
When you are following traditional payments system i.e. accepting only Cash then you and your firm are wasting a lot of its productivity hours. When you are dealing with Cash, you and your employees are spending a huge portion of office hours in the management of your payment processes and bank tours. You and your team members can save this time by accepting an online system of payment which can handle all of your grievances and is easy to use. You can use the working hours in the development of your core business with new ideas.
3. Because Scalability Matters a lot:
When you begin with a small venture, you simply can’t predict its future. There are many cases where new Companies can easily scale from 100 payments per week to 50,000 payments per month with little or no efforts on their payments system. Hence, when you are prepared for better options and opportunities you can easily achieve more. When you are using an online payments system, it is very easy for you to scale as compared to managing cash which is not a cup of tea for all. Cash Management is a big responsibility hence it involves hiring more desirable people with clean background and there is always a need of installing some hi-tech monitoring system to prevent theft.
4. Account Reconciliation Is Important:
Our banking system is still under development, hence it is not always easy to trace the initiator of a particular transaction. If you are accepting funds using NEFT, Cheque or Cash, then in such cases it is very difficult to know for which purpose the funds are being deposited. Also, the whole process of reconciling and manual confirmation of payments takes a lot of time. This affects the customer’s side as he has to wait for the confirmation and also for the delivery of services which are to be dispatched. If you want to make it simpler and easier for your clients, then you can go for various online payment systems.
5. You are bounded by Time Limits:
You never know when your customer is interested in a product or service which he needs to purchase hence going with NEFT transactions is a big mistake. The problem with such transactions is that they have Time limits and can be initiated only during 9 am to 5 pm on a working day. During this time you are also required to hire a suitable employee to manage cash received by your firm and to initiate the refunds. To enjoy a hassle-free procedure of payments receiving and initiating refunds, you can simply choose an online payments system. It will help you to serve your customers 24*7 without having a headache.
6. The latest trend among new age Customers:
When we shop, we look for the quickest and the easiest mode of payment option available to avail a service fastest and in the most convenient manner. Even for buyers, cash availability is always an issue and they are now trending to pay online. You can also provide the option of Cash but it should not be the compulsion as some time you are saving cash for some very urgent transactions. Hence you are making your customers happy by providing the most convenient modes of payment.