With an increase in online transactions, businesses are now opting to use online payment solutions to conduct their transactions. Due to an ever-changing payment landscape, B2B business owners are now turning to payment providers like Payment Asia to navigate their cash flows. If you are looking to increase your business sales, then these are the 7 ways in which an online payment solution could be a productive tool for you!
- Increase in Cash Flow: The volume of the transaction between merchants is higher than between consumers. Hence, automating these payments can decrease your cash flow problems. Online payment gateways help in making payments faster and enforce stricter deadlines for late payments. Continuous cash flow can help grow and expand your business quickly by making payments more flexible and reducing high interest rates and fees.
- Provides Security: Although online payment solutions are not protected from potential hackers, most payment providers are much more secure and leave digital traces of payments made. Many ecommerce payment platforms also assess the creditworthiness of buyer to seller. This permits merchants to conduct business with unknown sellers without fear of fraud.
- Saves Time and Resources: In this fast-moving world, time is a precious commodity. Using something as simple as an online mobile payment app negates the need for reconciliation of checks which can be time consuming and use up valuable resources. Payment authorization and confirmations occurs in real time. Automation of this process helps you track and maintain a digital record for every transaction. Some payment tools have been integrated with online accounting tolls, further simplifying the reconciliation process.
- Convenience: The use of mobile phones to make payments has become a new online payment gateway. Mobile payment apps are seeing a rise in popularity due to its flexibility and easy to use interface. E-commerce platforms provide these payment gateways to help in real-time processing of payments. Additionally, you also have the option to access e-platform through applications on your tablet or smart phones. An e-commerce payment solution is proving to be a more convenient method over traditional methods that use cash or checks.
- Reduces Cost: Merchants usually have recurring transactions. Due to an increase in the frequency of payments, moving your business online can reduce payment processing costs. Transaction fees are usually minimal and can save your business additional costs. Some payment providers also waive off their minimal fee for a trial period. Compare this to credit card charges or processing of checks, you are automatically reducing your costs.
- Helps Reach a Global Market: B2B e-commerce is growing every day. Online payment gateways help merchants in different markets and time zones to do business with you. This can lead to brand awareness which increases online visibility of your products. This invariably helps in the growth and scalability of your business. In a competitive market, this is very important as it can open your business to potential new clients.
- Better Sales and Profitability: With the increase in reach to possible new global clients, online payment solutions allow merchants to sell online through affiliates which can drive up sales. Choosing the right payment provider is essential so that transactions can be done across borders. This can help your business gain a competitive edge over others who chose not to use an online payment provider.
With easy accessibility to mobile payment apps and other payment gateway technologies, merchants can access these payment portals 24/7. By providing multiple payment options, your business will see an increase in sales and profitability. Most of these portals also provide an easy-to-use interface that allows you to keep track of future payments and set up recurring payment options. By opting for an e-commerce payment solution, you are setting up your business for success.
Paula Knowles is an experienced finance consultant who has worked with numerous B2B and B2C clients across different sectors from retail to pharma. She specializes in advising global clients on how to integrate online mobile payment solutions to take advantage of mobile payments, crypto currencies, multi-currency payments, and the latest innovations in e-commerce and digitization. Her experience and expertise in this niche have been instrumental in helping businesses succeed both on offline and online platforms.