Benefits of Electronic Payment for Businesses

The importance of electronic payments has been magnified during recent times, especially when the pandemic struck. If you're a business owner seeking to implement digital payments, read on to get advice from professionals to learn the advantages of having e-payment functions for your business.

From Jay Whitacre, Chief Scientist and Founder of Aquion Energy:

"As a businessman, e-payment allows businesses to record sales in real-time. More importantly, we have a clear and transparent record, a feature we can't get with over-the-counter transactions. It's becoming much easier to trace transactions and reconcile the books."

From Artem Klimkin, Owner of Posturion:

"As a business owner, it has become easier for payments to be made from my customers' comfort. It has made funds accessible easily and at the same time made them secure. With electronic payments, You do not need cash from your bank, nor do you need to risk carrying money around. Businesses are thriving because of this mode of payment, and with that, online shopping has increased. Now more businesses are selling online and being paid through electronic systems, thus improving the economy." 

From Justin Nabity, CEO & Financial Expert of Physicians Thrive:

"Quick and instant payments: Electronic transactions are the fastest way to transfer money. You do not need to visit a bank or wait in line to make your payment at a specific time. Cash is transferred within seconds between accounts. Anyone with a laptop or a mobile phone can perform an online transaction. Your customers can install and use electronic apps to make quick payments. 

No contact to make payments: In today's covid era, people find ways to reduce human contact. Electronic payments have made this possible. Businesses have started using QR codes or OTP (One-time passwords) to help customers make payments. Customers do not need to contact anyone, making the transactions easily."

Faizan Fahim, Marketing Manager of Breeze:

"The most significant advantage of using electronic payment for businesses is to reduce fake orders. However, the shipping costs money, and as per the research, most returned or canceled products are cash on delivery. Once the consumer pays for the product, he is psychologically parted with the money, and he does not want to cancel the order and wait to get the money into his account. So he keeps the order."

Robert Johansson, Tech Expert, CEO of Image Kits:

"Improved Convenience: Businesses must provide conveniences to any audience because this is how a customer decides whether or not to engage with a firm. Experts say that convenience is a crucial part of establishing a business. Electronic payments enable more security while providing improved convenience to clients, resulting in a better user experience. It lets customers buy high-quality items using a credit card and pay later. Furthermore, it does not disturb customers by sending multiple payment reminders and messages, and it automatically collects the specified funds according to the rules. 

Contactless: People avoided personal interaction because of the Covid-19 outbreak, which raised the demand for contactless financial transactions. Electronic payment uses POS terminals and QR codes; in this approach, the payee holds a cellphone near the terminal, and the payment is completed electronically, avoiding human contact."

From Keenan Beavis, Founder of Longhouse Media:

"An easier and smoother transaction is what an electronic payment method gives. With the assistance of this software, payment transactions become more viable and faster. You can rely on this kind of technology to serve its purpose well. Moreover, electronic payment options are more convenient in many ways." 

JJ Lee, a Haro Responder from Digital Funnel:

"Since the onset of the COVID-19 Pandemic, electronic payments have gone from an advantage to simply essential. Cash transactions are becoming a thing of the past as customers have become accustomed to the modern Epos systems' speed, ease, and simplicity. From a business standpoint, you're cutting processing costs, receiving immediate payments, and severely reducing the risk of theft."

From Zac Houghton, CEO of Loftera Limited:

"Entrepreneurs can increase profitability through digital payments, making financial transactions easier, safer, and cheaper with customers, suppliers, and government agencies. Electronic pay benefits both employers and employees by being safer and more cost-effective.

It is not difficult to begin using electronic payment services. Once you are familiar with electronic payment methods, taking credit cards online will become easier. You will be able to provide a valuable service to your current and future customers."

From Hays Bailey, Director of Sheqsy:

"One advantage of electronic payments for businesses is that they can receive payment from anywhere, allowing them to transact with customers who are not in their immediate vicinity. This meant having access to a worldwide consumer pool that would otherwise be unavailable. Furthermore, electronic payments enabled cashless transactions, considerably lowering the risk of theft owing to the absence of actual cash."