The Perks of Electronic Payments

The most popular electronic payment systems globally are credit and debit cards. Bank to bank transfer is another widely used electronic payment method. Electronic payments (e-payments) allow customers to easily purchase products from your online store thus, bringing many conveniences for both the merchant and buyer.

Suppose you plan to open an online store or any other e-commerce business. In that case, you need to have an electronic payment system to open your business and substantially expand your target market. Since you will no longer be restricted by time or geographic limits, customers can access and buy from your website at any time and from anywhere.

Electronic payments provide convenient payment to your customers for a better user experience. The convenience extends to allowing your customer to buy items on credit through the pay later facility. Because the system automatically collects the money for you after a specified period, you do not need to send constant payment reminders.

Also, they offer certainty because when an electronic transaction is processed and approved by your terminal, it shows in your account promptly. With e-payments, there are no time-consuming steps required, such as transporting money to the bank and depositing. When your customer is paying for a product at your store, the smart device or card does not leave their hand, effectively minimizing the risk of user error or fraud.

Contactless technology is also more secure than other payment methods. There are many security protocols and measures designed to ensure the security of online transactions, such as encryption and tokenization. You can also enable customers to make payments using One Time Passwords (OTPs) or QR (Quick Response) codes. Besides, with less cash around your business, you minimize the risk of fraud, robbery, and costly human error.

Adopting a modern electronic payment system reduces contact with physical mail and eliminates many other time-consuming manual processes associated with buying and selling. An electronic payment system gives you time to build your business while the accounts department can focus on other value-add areas of accounting operations. At your store, payment processing is faster, keeping queues shorter even during peak times. The shorter queues mean you need less staff which comes with savings. You can also redeploy the freed staff into other roles that enhance the customer experience.

In the face of the COVID-19 pandemic, businesses are seeking ways of avoiding or reducing human touch to reduce the transmission of the virus. The contactless electronic payment systems offer a safe and convenient way of doing business. In this system, the payee holds their smartphone near the payment terminal for payments at the store, and the payment gets automatically processed. You can also enable payments using OTPs or QR codes.

Electronic payment methods help businesses to reduce their carbon footprint. Because they use modern payment apps, paper receipts become redundant. Instead of issuing customers traditional paper receipts, they get a digital equivalent. That saves money you would ordinarily spend on stationery paper and printers, and in turn, the process boosts your green credentials.