It has become the norm for many businesses and consumers to accept payments online. Undoubtedly, electronic payments are by far superior to traditional forms of payments, and more clients are looking to have these options on the ready with every business transaction.
Ecommerce Times highlights a survey by ACI Worldwide, in which more customers (48.2 percent) chose digital billing statements over paper billing statements (25 percent). With online payments being an upward trend, no business wants to be left behind.
Take a look at these 5 advantages of accepting online payments for your firm.
Online payments are designed to be paperless, fast, and convenient. Your clients can make payments at any time or from any location. This means your organization gets paid faster, allowing you to efficiently manage cash flow and pay bills.
In a report by Ekata, it was found that 66 percent of customers stopped an account opening or transaction because of friction. Today's customers are more technology savvy and want to work with a firm that has implemented instant payments. Having a system in place will make it easy to send electronic invoices to clients, which they can pay for automatically.
Clients want assurance that they are safe from fraud or identity theft when paying for services. Online payments adopt security measures such as end-to-end encryption and tokenization to minimize insecure transactions.
Depending on online payment providers, you can be charged zero or less fees for processing payments. This saves the firm on transaction fees.
Firms that accept payments online can bring in more clients. As cash payments dwindle, it's easier to achieve increased revenue with more businesses and people using e-payments.
Integrating online payments will help your firm to retain customer loyalty and achieve seamless workflow. Prime Legal is the ultimate gateway to help you achieve fast and convenient online payments. Get in touch with us today to get started.