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The shift in technology this last decade has created opportunities for businesses to grow quicker with Electronic Payment Systems. Electronic payment systems (also known as e-commerce payment systems), allow customers to make and accept payments digitally. If you’ve ever bought anything online, you’ve likely used an electronic payment system. Electronic payments are fast, seamless and make is simple for both you and your customers. With an Electronic payment system in place, you will save time, payments are processed speedily and you will love avoiding the frequent trips to the bank to make deposits. These systems will also allow you to reconcile your financial records with better accuracy virtually eliminating accounting errors. Paper receipts will practically disappear too. In addition to these benefits, here are some reasons your company will love implementing an Electronic payment system.
1. Instant Payment
Electronic payments are much faster than the traditional methods of payments such as cash or cheques. In the case of online payments, you do not have any constraint of time or location. They can easily pay you by using an electronic payment app or thru your website. Monies can often be deposited in your account the next business day.
2. Higher Payment Security
Electronic payment systems offer you multiple ways of securing your payments such as tokenization, encryption, SSL, etc. Now your customers do not have to enter their card details every time as they can save their card details or complete their transactions by using a One Time Password. You never need to worry about encrypting or protecting customer credit card information, which protects you from significant liability.
Electronic payment systems are more secure than traditional methods. For in-person sellers, you have less cash around your business, which lowers the risk of robbery, human error, and fraud. There’s also no longer a need to run over to the bank with a deposit.
3. Better customer convenience
Paying with cards is always faster and more convenient than using cash or cheque for both you and your customers. For physical sellers, using a point-of-sale system linked with an e-payment service creates a seamless flow in the store. It also makes an e-commerce experience smoother. Think about Amazon. When you buy something from them, it is easy to find the product you need, add it to a cart, and buy it. The whole process can take under a minute. The ease of a properly implemented system can increase your sales. You will also be able to institute automatic billing which customers and businesses appreciate.
4. Reduced Administration Hours
By reducing the number of cash (and cheque) payments you receive, you reduce the amount of bookkeeping you and your employees have to do. With an e-payment platform, each transaction is digitally recorded for easy logging and accounting. You can have a seamless flow between your point-of-sale and your bookkeeping method.
5. Affordable Processing Costs
If you want to provide payment services to your customers then you first need to connect and sign with a card processor. The processor will provide you with a payment gateway for processing and in exchange, it will charge a determined rate. We use BASYS because of the affordable rates, premium support, next day funding and the enhanced security measures they have in place. We have also made it easy to tie in their payments so they are easily recorded into Route Manager.
6. Contactless Payments
In the times of the COVID-19 pandemic, people have started finding ways of avoiding human touch. Due to this, the need for contactless payments has increased. You can use contactless POS terminals in your business to avoid the human touch. This is another reason customers are loving online and reoccurring payment processing.
Conclusion
Cash transactions have started decreasing in this day and age. This means your business needs to start using the latest technology to prevent the risk of being overtaken by competitors. With an electronic payment system, you can save your time and costs, increase security and process payments faster.
The smoothness and flow of a sale is important for a sale. Using an electronic payment system that creates as little friction as possible for customers and enables them to easily buy again. What are you waiting for? Build a profitable electronic payment system for your business and start boosting your profits. If you want to know more about electronic payments, then you can connect with us at any time. Call Alex at 209-632-1122 ext. 585.
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