Online payments like E-Complish for example offer several advantages over traditional means of payment, such as bank transfers or cash. Here is an overview of the benefits businesses can enjoy by switching to online payments:
Faster Payments And Improved Cash Flow
The most visible advantage of online payments is the time it takes for your money to flow into your account. On average, 49% of Invoices users who offer online payment say their invoices are paid within 24 hours. Today, businesses and consumers have grown accustomed to entering credit card information to pay for purchases and find paying online easier than making a transfer from their bank account. Added to this is the ability to save their card details securely on their browser, making payment much easier.
With online payments, businesses can receive their money faster and improve their overall cash flow. Learn about Why SMS-Based Payments Make Sense here.
Consumers like convenience – that’s why online shopping has exploded over the past decade. All they need is an Internet connection to pay a bill at any time of the day or night from anywhere. This aspect is particularly interesting for companies whose customers order from different time zones.
The equation is simple: the more you facilitate the payment transaction to your customers, the faster you will be paid, and the more you will encourage customers to come back to buy on your site.
Automatic Payment Reconciliation
One essential step in accounting is reconciling your payments with the corresponding invoices or receipts. This operation is called payment reconciliation or bank reconciliation. It can be time-consuming and expensive if done manually or by your accountant. Most invoicing software offers automatic online payment reconciliation functionality. So, once your customer has paid their invoice online, their status automatically changes to Paid, and the reconciliation is triggered without you having to lift a finger.
Offering several payment methods gives your customers the freedom to choose the one they prefer. Some online payment service providers offer customers more payment options, such as credit or debit cards, Apple Pay, and even PayPal. This flexibility makes it easier and faster for customers to pay their bills by choosing their preferred payment method.
Boost Your Sales
The easier the payment transaction will be for your customers, the more you will increase your chances that they will buy from you rather than from a competitor. Additionally, offering online payment options can allow you to expand your business to a wider audience. You might even consider expanding internationally. Since your customers can pay from anywhere, this progression can boost your turnover and profits.