5 Benefits of Accepting Payments Online
Many businesses start out with physical locations. But eventually, in today’s world, it soon becomes a necessity to take things digital. Fortunately, as more and more enterprises board the information superhighway, the transition becomes much simpler. You can begin by building a website with eCommerce components, and then open a merchant account with a payment processor. But before doing that, you might want to consider why you should accept online payments in the first place.
- To serve online customers
Consumers are spending more and more time shopping online. They book tickets, check into venues, and shop for goods and services. Since they’re already connected and willing to purchase items, it behooves you as a business to go where your customers are.
- To trade with customers who are far away
Your physical store limits the number of customers you can serve. They have to be physically proximate to your business premises. But there may be clients from other towns, states, or even continents that want to buy from you. By placing your goods and services online, you give these customers access.
- To increase sales volumes
Customers who shop online only have one payment option – credit cards. And studies have shown that when customers pay by credit card instead of cash, they spend significantly more on average. So simply by accepting online payments, you can potentially raise your income levels. It’s also a faster transaction, enabling you to potentially capture more impulse buys.
- To know your customers better
All payments done online have to go through a website or online store. That gives you the opportunity to look at deep analytics. These metrics can offer lots of information on your buyers, such as their location and shopping preferences. You can use this data to tailor your products, services, and prices to better suit your customers.
- To speed up your payment process
When customers pay cash, you have to deal with exact change. With checks, there are delays (even if it’s not perpetually ‘in the mail’) and little recourse for bounced checks. Online payments are practically instant, which gives you both money and also peace of mind.
For more information on the benefits of receiving payments online, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.