Electronic Payments Make Business Finances Easier to Handle.
The convenience of making payments encourages customers to spend. When you make it easier for them to pay, it means you have taken a step forward to convert leads into sales. Easier and safe electronic payment options are more convenient than carrying around wads of cash. But what about cash and bill counters? It is wrongfully assumed that cash payment is not the way forward, and is not used much anymore. Cash is tangible, it can be stored safely unlike on a system where it can potentially be hacked into. There are some advantages to it. Businesses are also able to invest in counterfeit detectors to pick out faulty notes should there be any.This encourages potential customers to go ahead with the purchase and transform your cash flow. Along with software like those provided at ProSymmetry, to help organize business finances (check out here) then it should make the business more manageable and more efficient for customers.
Related: Is Cash Payment on the Way Out?
Security: A Guarantee With PCI Compliance
With PCI compliance, your card provider’s website agrees to comply with data security standards that keep credit card information secure while being stored, accepted, processed, or transmitted. To prevent credit card fraud, a few stringent steps could save customer’s data and your reputation. These include verification of credit card details before approving an order and validating big or next-day orders.
Staying awake, aware, and educated can help you prevent fraudulent activities from criminals and make your business secure. This certainly encourages customers to do business with merchants that offer the guarantee of secure electronic payments.
Related: How to Reduce eCommerce Fraud Risk.
With e-payments, you don’t have to worry about recording every single transaction manually. The records are auto generated with the software. The best software tools go a step further, breaking reports down into monthly, quarterly, and annually, so you have all the data at hand and can make future plans.
No Cash Flow Stress
With the convenience of e-payments, you never have to wait for client checks. The payments are quick and seamless and reach you within no time. This means less stress. Additionally, clients cannot make any excuses for delays, as making payments electronically is as easy as the click of a mouse. A couple of steps and they can easily make payments from smartphones, desktop, or laptop. You can rest assured there would be no reason for clients to delay paychecks.
Automate Accounts Payable
The facility to make automatic payments with e-payment services means there would be no delays in paying bills. Since you could avoid late payments if you have automated the process online, there is no risk of late fee or penalties being slapped on you. This will help build your reputation as a good paying client and encourage others to do business with you.
Having said all of that, we understand that managing your business’ finances is no easy task and should not be taken lightly at all. With this in mind, you might want to look at some alternatives, such as an outsourced finance director. Outsourcing to a part-time finance director will help you to establish a strategy to grow your business, whilst they also take control of your business and cash flow. It may also be a wise idea to have a look at some accounting firms in chicago that will do a fantastic, professional job of managing your business’ accounts and helping you save as much money as possible.
Nevertheless, with so many advantages that come with electronic payments, there should be no reasons not to accept this payment mode that makes lives easier for customers and clients and helps build reputation.
Contact Us for more information on Credit Card Processing, or eChecks and ACH Transactions. Or take us up on our FREE Merchant Account Analysis offer. We’ll analyze your merchant account rates and let you know how to Save! If you are ready, you may be able to Switch and Save!