Whether or not your company sells products online, you can still benefit from offering your customers a way to pay their bills online. You get paid faster and your customers get a more streamlined experience.
Benefits of Offering Online Payment
With the old fashioned payment method, the customer has to receive your invoice, sit down and write a check, find an envelope, address it and take it to the mailbox. Then you have to wait for the post office to receive and then deliver the envelope. That can take a week or more! Even if they use their bank’s online payment system, you still end up waiting for a check to arrive in the mail. However, when your customers pay online, you receive the cash within two days.
Having the ability to accept online payment means that you can offer customized payment plans including automatic billing. By creating client profiles and securely saving their preferred method of payment, you can schedule and automatically process future payments. Additionally, you will be able to accept credit card payments by phone.
Customers, constantly connected to the online world, are demanding faster, more efficient services. It is important for your business to keep up and stay relevant. When you offer your customers online payments, you look more professional.
Weighing the Pros and Cons
Accepting online payments can increase efficiency and reduce late payments, but there are trade-offs. It is true that when you accept online payment, you no longer have to worry about bounced checks, and all the fees that are associated with them. However, be aware that customers can still dispute the credit card charge. And credit card processing fees run around 3%.
How Offering Online Payment Can Help Your Business
The immediacy of electronic payments, as opposed to more traditional forms of money transfer, is beneficial to both the customer and the business. Customers appreciate the option because it is easier for them. Business owners save time and get paid faster.