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5 Benefits Of Payment Processing: A Guide

Written By - 2017-03-31 11:08:27

Payment processing solutions enable you to get paid faster as well as offering security. Whether it's via debit or credit card, in your store or even on the go, it allows you the ability to boost sales by generating new ways to reach customers. Offering your customers user-friendly ways to pay will keep your customers happy and ensure that they keep coming back. Whether you're a big or small business, it's advantageous to have some kind of payment processor to benefit your business. Let's take a closer look at what some of these benefits are.

1. Saves Time

Since authorization is done electronically, it's generally fast and easy. Compared to traditional paper checks, you can see how quick it is since there's no more waiting period, due to transfers occurring immediately. When it comes to checkouts, the time saved is great for both your business and each customer.

2. Security

Transactions are secure and greatly reduces the possibility of credit card scams or other fraudulent transactions. Encryption systems are put in place to protect data, thus making it basically free from hacking. Since you can accept debit and credit card payments on your smartphone or tablet as well, fraud prevention dramatically reduces the incidence of fraud which helps to avoid expensive chargebacks. Shopping online becomes easier and safer when the threat of phishing or identity theft is virtually eliminated.

3. Easy And Convenient

Online shopping becomes easier for customers and a more enjoyable experience. Unlike traditional brick-and-mortar businesses that have a specific set of hours, an online store is open every second of the day. Having an automated payment method will allow shoppers to make safe purchases at any time of the day or night from the comfort of their home.

4. All-In-One Processor Versatility

By using an all-in-one payment processor, you can offer your customers the options of many payment methods. Whether it's taking debit or credit cards online, offering a mobile wallet, you'll have the ability to integrate numerous methods of secure online payments (PayPal, for example) from which to choose. Many customers sometimes prefer one method of payment to another. With different options, you can now truly be considered global. Options are quite important indeed. This is because certain methods are not allowed in some countries. This could mean the loss of potential business due to a technicality, one which you otherwise would have received. For example, in the gaming and online betting industry, Canada does not allow the use of Skrill (a secure online payment method which can also transfer money worldwide). In fact, you cannot use PayPal to deposit money into a reputed bookmaker if you're Canadian. This can be very annoying and frustrating. Your potential customers in certain countries may not be able to use what would be considered a common option for most people. You must offer many options so that no one is turned away. This will help foster loyalty. Since all methods are connected to just one merchant account, this saves time, especially when it comes to obtaining proper and accurate reports.

5. Ability To Use Mobile Payment

Research has shown that more people use mobile devices than desktops or laptops. This is good news for your business. Take advantage of this ever-changing technology by providing payment solutions for mobile devices. In some restaurants, for example, you can pay for your bill at your convenience and not have to wait or ask the server. Research has also shown that half the customers would be interested in having this option available, if it wasn't already. Customers can now just use their mobile phone instead of cash or credit cards. The good thing is, implementing a system like this is not that expensive. Businesses can incorporate a loyalty program or other incentives, which will be worthwhile to the customer. This means that it's very likely that they'll keep returning, which increases your revenue. It's a win-win situation.

By taking advantage of the many payment processing solutions, you can build trust and loyalty with customers. Attract and keep more customers while growing your business both locally and globally.

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