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Wednesday, 27 November 2019

6 Reasons Why Your Business Should Collect Payments Online

Ecommerce business is growing rapidly in India and so is the digital payment. The massive growth of online payments was observed during the demonetization. To deal with cash-crunch, small and large businesses shifted to digital payment methods. There are free payment gateways in the market that can help them boost their business. But still, not all businesses are accepting online payments. They have an online store but prefer to collect payments via Cash on Delivery.

6 Reasons Why Your Business Should Collect Payments Online

Here are the six reasons why your business should collect payments online:

Increases Scalability:
Online payments increase the scalability of the companies as they can accept 100 payments to 10,000 payments with some or no effort. Cash management involves more people for which you might require additional security like monitoring systems to prevent theft. 

Easy Managing and Tracking:
With online payments, it becomes easier for businesses to manage their transactions. There are chances of having manmade errors in traditional book-keeping. Apart from that, it consumes your time in maintaining those physical records and it also requires more manpower. But the online payment method provides transparency in each transaction. You can have a digital record of each transaction. Hence, it reduces the chances of payment fraud. Moreover, accepting online payments allows you to track and monitor your earnings which helps you decide the next business strategy. 

Buyer Preference:
Gone are the days when customers used to opt for Cash on Delivery. With amazing deals and discounts, people are interested in online payment methods. Ease of payment is also one of the factors that incline customers to do online payments. Hence it is always better to have an online payment option to buy a product or a service. Its time for small and medium businesses to start using payment gateway on their E-commerce websites.

Easy Setup:
It is an easy task to set-up online payment options on your website. Just paste a few lines of codes and you are good to go. It is even easier with payment links to collect payments. All you have to do is create, share via SMS, Email, Whatsapp, and Social Media, get paid instantly.

Faster processing time:
Time is the most precious thing in any business.  The online payment method is a quick and easy way to collect payments within a few minutes. On the other side cheque and bank transfers takes a long time processing and transferring the amount in the bank. Instead of wasting time in the queue, you could utilize the time in other productive work for your business.

Mitigate Risks Associated With Having Cash Around:
There are always risks involved with cash. It can be a headache to store and manage it. The business owner might have to invest in security like safes and guards to protect the cash from theft. Adopting online payment methods eliminates the stress of managing and storing as the amount directly goes into your bank account.

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