Today, businesses are moving from traditional retail to online stores. People prefer to browse and buy things on the Internet thanks to the convenience it offers. The big problem arises when paying for online purchases. Customers cannot trust providers to transfer money to their bank account as they could be dealing with scammers. For such payments, an online credit card payment gateway is usually the answer. Payment gateways are external providers that allow payment from the customer to the merchant. To do this, they safely and conveniently receive the money from the customer and transfer it to the seller’s account.
- Save time and labour
Creating and submitting invoices is time-consuming and labour-intensive, as is processing paper payments (checks). Not to mention the task of creating and sending duplicate invoices when customers can’t find their original invoice because they misplaced it or lost it in the mail. With the help of exactly.com, sending electronic invoices to the customer, and sending a link to pay on the Internet, on a mobile phone or by replying to an SMS, is a very efficient process. The more companies accept electronic payments, the more efficient their operations will be, both in terms of time and level of work.
- Cost Savings
Simply put, businesses save 20 per cent on paper, shipping and labour costs by processing payments and invoices electronically instead of using paper billing and collection systems. Sending invoices online or by SMS and receiving payments, in the same way, costs 32 cents per invoice. That’s a lot less than 76 cents, which is what it costs to create invoices and receive payments by “mail.”
- Better cash flow
Consumers can make electronic payments, and businesses can receive them at any time of the day or night. Rather than waiting days for payments (or being late or not receiving them because customers forgot to pay or can’t find their invoices), companies quickly see them clearly. Payments are also reflected in the bank accounts of short-term companies. The bottom line: improved cash flow because payments are not “tied” somewhere in the processing stage. Additionally, the availability of convenient online payment options increases the likelihood that customers will pay their bills. This also leads to better cash flow and a thicker bottom line.
- Increased customer satisfaction and loyalty
Many busy consumers would prefer to invoice their invoices electronically rather than on paper. The greater the variety of electronic payment methods that companies offer, the more satisfied and loyal their customers will be.
- Expanded Customer Base
Given the choice of choosing a store that offers electronic payment options or one that does not, most consumers will choose the former. This is especially true for millennial consumers, many of whom do not have to check accounts and/or have no idea how to write a paper check.
Conclusion
Electronic payment receipts can be recorded in customer and business records without human intervention as payment information “flows” from one system to another. Eliminating human intervention not only makes the account reconciliation process more accurate; it is much more efficient than doing the job manually.
Shreyashi is a software engineer in the US. Along with her work schedule, she has managed to travel all the 50 States of the country and wants to pen down her experiences, journeys, and joys through her write-ups and share them with the world. You can find more details on https://www.travelthefoodforthesoul.com/about-me/
