Today, more than ever, businesses need to capture payments from customers and vendors as fast as possible. The internet has made it easier than ever for businesses to accept payments online. But, even though the internet has made it easier to accept payments online, not all businesses are ready to take advantage of this opportunity. In fact, a lot of small businesses still don’t fully understand the importance of having an online payment service in their business. For many small businesses, accepting payments online isn’t just about being able to accept payments from customers and vendors quickly—it’s about being able to do so in a way that meets their business’s unique needs. For example, if you operate an small restaurant or bakery that serves only a few customers each day, accepting online payments could solve your company’s cash flow problems in ways that other types of businesses might struggle with. However, before deciding whether or not your business is ready to accept payments online, you should first ask yourself these important questions:
Which business function will benefit the most from an online payment service?
Some businesses may find that accepting online payments benefits only one part of their business—for example, if your business bills customers through the website or if you accept online payments for your goods and services. For example, some small businesses accept online payments to reduce their operating expenses or for goods that are difficult or expensive to transport back from abroad. But for many businesses, online payments also make it possible to expand their product line and reach new customers.
Does your company offer discounts or deals that can’t be replicated without an online payment service?
Some companies find that accepting online payment services helps them offer special deals or discounts to existing customers without altering their current business model. For example, some luxury goods manufacturers offer a “free gift with purchase” to all of their new customers. These companies find that accepting online payments helps them avoid the risk of offering a discounted product without any added benefits to existing customers.
Should your company keep its inventory in-house and risk losing sales because of a software error or defects in the supply chain?
Some industries, including the legal field and healthcare, rely heavily on the speed and efficiency of the supply chain. If a company’s inventory is kept in-house, it has the potential to delay or prevent the company from accepting payments online. For example, if a lawyer’s office keeps their goods and services in-house, they may have to wait a week or more to receive their inventory from another supplier and then wait another week to ship it to the client. This delay could affect the lawyer’s business model and lead to lost sales. On the other hand, if you contract out your goods and services to third-party companies, then you can immediately start accepting online payments without waiting for your goods or services to reach their destination.
Will having an online payment service not only help you accept payments faster, but also lower your costs?
Some small businesses find that having an online payment service lowers their operating costs in ways that other types of businesses might struggle with. For example, if a company bills customers through the website or accepts online payments for their goods and services, they don’t have to waste time and energy sending out payments or receiving payments in return. They also don’t have to spend money on employee time and benefits that might be tied up in other unproductive ways, like old payroll or tax issues. Nowadays, it’s almost a given for small businesses to have an online payment service. Why not have one that’s easy to use and offers additional services, like an auto-renewing subscription payment plan? If you already have a subscription service, an online payment service could help you automate the payment process even further and serve as a great tool for growing your business.
Conclusion
There are many benefits to both accepting and conducting online payments. An online payment service can help you accept online payments, accept credit card payments, expedite payments, track payments, and more. So, before deciding whether or not your business is ready to accept payments online, you should first ask yourself these important questions: What is the biggest benefit of accepting online payments in my business? What is the main purpose of accepting online payments in my business? Is accepting online payments a good fit for my business? Do I have the necessary infrastructure in place to accept online payments? Having an online payment service also has a lot of benefits for your company’s customers, too. With an online payment service, customers can easily pay you online or by phone, which can further streamline the payment process. In addition, a lot of customers will likely choose to make a payment via the internet if they know that their payment is safe and secure. On the whole, having an online payment service is a great thing for both your business and your customers. Now it’s time to get ready to accept payments online.