Businesses, regardless of the industry or size of the company, tend to accept payments online. Thanks to the immediate, but also long-term overall benefits.
In addition, the acceptance of online payments has increased greatly since the use of smartphones has increased. Statista, in one of its reports, predicted that online transactions will reach $4,769,370 million by the end of 2020. And after that, it is expected to increase by 15% year-on-year.
As businesses become more borderless and aim to capture global markets, it's important to keep up with consumer behavior. As borders change, so does buy behavior. But a company must be able to withstand any situation.
For a company, maintaining a high cash flow is the top priority. For this reason, most businesses are opening their doors to accept payments online. Paying bills online helps businesses save time, be faster, and save customers’ maximum hassle. It also helps in reducing excessive costs incurred in physical transactions. With an online bill payment, businesses can allow their customers to pay from a variety of online payment gateways around the world and make billing a hassle-free process. It also helps in reducing the significant amount of paper invoices that are printed and used for sending bills. It also eliminates the hassle of waiting for a check, depositing it, and then waiting for the money to clear. Collecting funds through online bill pay is not as difficult as you may think.
Here are 7 business benefits you can get after implementing online bill payment for your business:
1) Instant payment:
Online payments facilitate instant payments for a business. It breaks the geographical limitations and lets customers buy without being physically present. One can make a payment from the comfort of their home or office. The gateway to accept online payments provides instant notification of the transaction, so the customer can be sure to receive the purchased items.
2) Quick and easy setup to drive more sales:
Setting up an option to receive online payments is simple and fast, so sales can begin within minutes of implementation. In addition, there are many service providers today that offer affordable plans with no setup fee and very low transaction rates.
3) Reliable payment mode for global merchants:
Online invoicing software with features to receive online payments is more secure and credible for merchants than receiving payments via checks. A merchant receives the money instantly without the risk of bounced checks and associated fees.
4) Builds more trust with customers:
Customers today often consider those merchants who accept online payments through their website to be more reliable. This encourages them to do business with the merchant. At the same time, online bill payment provides consumers with fraud protection that secures their money if they do not receive the product purchased through a website.
5) Convenience in recurring payments:
If you offer some subscription-based services that require your users/customers to make payments after a certain period of time, the option of receiving online payments might be more suitable for you. Instead of sending them reminders every time and asking them to send checks for payment, you can collect payments automatically after the subscription period ends.
6) Credit cards to facilitate purchases with low balances:
Customers can pay with their credit card even if they have no money in their bank account. More importantly, you can split the payment into multiple installments when selling expensive items. And you can use credit cards to pay for purchases in installments.
7) Boost referral marketing with online payment coupons:
If you have an online invoice payment system in place, you can create an affiliate program where your affiliates can earn referral commissions by sending buyers to you. This will boost your sales and can find an affiliate network, working to increase your revenue.
Accept Payments Instantly with Automated Solution
Invoicera is an online invoice payment system software that integrates with your current ERP and CRM and automates your entire invoicing and payment process. It supports more than 30 payment gateway solutions that are suitable for your business.
A list of payment gateways that integrate with online invoicing software:
· Integration with international payment gateways (Forte, PayGate, SagePay, Eway, Ogone, BluePay, Network, 2checkout, Braintree, Authorize.Net, Stripe, PayPal, Moneybookers, iTransact, Setcom, paymate, VCS, creditcall).
· Integration with US/Canada payment gateways (Alipay, FirstData, Psigate, Beanstream, Moneris).
· Integration with Indian payment gateways (Paypal, Payoneer, Razorpay, Paydollar, Citrus, PayU India, EBS, Asiapay).
· With artificial intelligence and smart integrations and interfaces, know your cash flow in local currency, automatic conversions to track currency gains for better business decisions. Capture and merge offline payments with online payments. A complete setup that helps you understand your business with useful payment reports.