Financial transactions have traveled up a long way since the days of bargaining the products to the physical cash exchange. While cash, checks, and credit cards have all enjoyed their days in the sun, mobile payments are quickly becoming the payment method of choice. For a small business owner, the smart strategy is to move quickly to adapt to consumer trends. And, increasingly, customers are turning to mobile payments as their preferred way to pay.
What’s the Point?! – Mobile payment is a transaction where the payment is initiated via mobile.
Every enterprise has its own set of hindrances when it comes to online payment solutions. These problems are majorly based on the business modules. Some of the businesses require to accept payments in installments, some of them are required to accept some percent of payments in advance, some of them even don’t have a website or online store but still need to accept online payments(maybe due to transportation problems), etc.
- Payment collection orders are always changing and so are the invoices and receipts.
- There is a lack of compatibility between payment acceptance solutions.
- Many businesses need an external physical device or a third party application to accept money/payment online.
- Growing security and fraud concerns about transferring /transacting online.
- Provision of the payment methods requested by customers.
In true real-time processing, a combination of features, including integrated systems and gateways, addresses liquidity issues and minimizes delays, while preserving online transaction integrity. A payment processor that provides for immediate and individually processed transactions can open client accounts in more than one acquiring bank, thus avoiding the delays often inherent in automated clearinghouse processes.
How ePayment solutions come as a forerunner in supporting small businesses:
Receiving payments online is one of the key factors to grow business and profits. There are multiple online payment methods to accept payments digitally.
List of digital payment methods:
Integrating the business websites with a payment gateway allows businesses to collect payments online via processing credit/ debit cards and net banking. Payment gateways use platforms like VISA, MasterCard, etc. Integrating with a third-party payment gateway or Integrating with the bank’s payment gateway. In addition to these payment modes.
It is a popular mode of online payment which is similar to a prepaid account where a user can store his/her money for any future online transaction. The app is linked with customers’ credit/debit cards and requires a registered mobile number and a verification process.
E-check is an electronic version of a paper check. It is a form of online payment service where the money is passed through the ACH (Automated Clearing House) network and then electronically transferred from the customer’s account to the merchant’s account. This payment method saves both papers as well as time.
Many small businesses or startups don’t have a website. For such a scenario, payment links are the easiest, most secure, and instant way to collect online payments. They have advantages like split payments, tracking payments, bulk payments, sharing payment links via social channels, etc.
Unified Payment Interface is a real-time bank to bank fund transfer application developed by NPCI, India. With a 2FA it provides a hassle-free online payment transaction.
Many small businesses have also embraced e-commerce, bringing their offline sales strategies online by formulating a unified commerce sales strategy. The rise in popularity of in-store pick-up, click and collect and contactless delivery are results of combining the ease of purchasing online with the convenience of picking up in person.
Referred to as social commerce, small businesses can also drive sales by advertising on social media platforms and linking these with their e-commerce websites. Social posts can reach a wide audience so making it easy to purchase from within these platforms for curbside pick-up or in-store pick-up is a great way to build a larger customer base.
Digital as the new normal:
Small businesses can no longer ignore accepting digital payments for commerce growth moving forward. If there’s only one thing on your payments strategy for the next year, make it to enable digital payments in all their forms. It’ll pay off in dividends.
Versatile installments make a positive and better client encounter and can assist with building a superior client relationship. Mobile payments are turning out to be increasingly more client situated and hopefully, that portable installments will show an expansion of a few creases in the coming years. Advanced Digital payment systems are those computerized electronic types of actual payment with different advantages for the organizations just as for clients. It is one of the safe, advantageous, and effective ways of paying for things without conveying various credit or charge cards, money, or coins.
In case you’re not previously utilizing a type of advanced e-payment for tolerating installments in your business, you need to begin now. Just click here to get a free quote (or) write to us at email@example.com