There was a time when you could purchase a quintal of rice by selling a pound of meat. Yes, I am talking about the barter system. In the earliest of civilizations, coins were minted as a symbol of statehood. Later, currency and coins together were being used as ‘fiat money’ to make purchases. And now, in this era, we don’t even require paper money anymore. On a celluloid screen, you can click on a few options and transfer money from the buyer to the seller.
The cashless economy
With the Indian Prime Minister continuously harping on the term ‘cashless economy’, there has been much talk around the idea of increasing the coverage and frequency of online money transfers in our country. Keeping aside the economic idea behind it, online payments enable buyers to have instant gratification, to purchase products without physically having to go to deliver the money. To those among you who thrive on your dad’s credit cards, isn’t this all you ever wanted? But if you are a supplier, especially someone who conducts their business using e-commerce, opening your doors to online payment can make so many things easier for you.
The real deal
In the ordinary scheme of things, you would send the invoice to the client who would then notify you once he or she has made the payment. The only complication is that payments don’t come and you have to go on a mission of chasing down the customer only to realize that it has costed your business a lot. You have wasted precious time and energy and manpower which cannot be recovered. You wouldn’t be facing these hassles if you let the internet help you. The internet can prove to be a handy tool in allowing you to collect payments in the most secure way. Excited to see how?
Let’s get started
We share some of the greatest benefits of online payments which a business can avail.
Easy to setup:
If you are someone who is not so much into technology, you have nothing to worry about. The setting up of the option of online payment is as easy as counting from 1 to 10. If you still feel you are not fit to do the job, there are many service providers who can help with this task with a minimal service charge.
Affordability:
Even the many gateways for online payments charge a very little transaction fee and give discounts above a certain amount of online payment. So even if your business is booming, you needn’t worry about the transaction costs at all.
Security:
The biggest concern for both the buyer and the seller is security. Any fraudulent activity can disparage the seller’s reputation. The online payment gateways have the onus of applying multiple security layers during transactions to protect the details from scammers. You will also be instantly notified about the payment so that you can cross check.
Benefitting from a credit card:
There are a lot of buyers who prefer paying instantly than waiting for the day of the delivery. Online payment option can help you target this lot. By accepting credit cards, you can ensure that no buyer is turned down so that your sales also increase.
The quality experience stays intact:
Every business hopes to retain customers for long. Trusted bonds are based on the quality of product and quality of purchasing. While you take care of the product quality, let the online payment option guide the consumer to an easy and hassle-free experience of payment.
It was a slow and staggering journey, but the customers have also come to realize that online transactions are safe (well, most of it). Now that the demand is there, don’t you think the law wants you to supply the same?
