BluePay is pleased to bring you this valuable information from Due, a new BluePay partner specializing in helping business owners to pay and get paid faster.
Online payments are revolutionizing how companies get paid as well as how they are improving their cash flow. However, the benefits from online payment processing go much deeper than that.
Here are 12 ways that online payments are even changing how a business functions:
- Instant payments mean instant notification: Online payments have added a level of automation to business functionality that is unmatched. Not only does the company get notified of the transaction, but the system also allows for the customer to be alerted that the payment was received and when they’ll receive their items. While this may seem routine, instant payments for businesses means they don’t have to float the cash for shipped goods.
- Fewer manual processes: Recurring payments can also be implemented, which keeps cash flow consistent. Payments are automatically collected, drastically reducing the manual processes within your business. This saves considerable time, ensures maximum revenue on recurring payment items like subscriptions, and reduces the risk of human error. No more forgetting to bill a client.
- Reduced setup, training, and fees: An online payment takes the hassle of setup and training both employees and the customer. Once an account is created and setup, you can literally be selling your product or service within minutes.
- Greater revenue opportunities: An online payment system allows a company opportunities to collect more revenue by giving customers multiple payment options. It’s a very low barrier of entry. The more seamless you can make the payment process, the more the customer will likely spend. This extra cash flow can be a real game changer for growth.
- Ability to be attuned to new trends like consumerization: While adjusting your business to utilize online payments, your company becomes more attuned to other types of trends that will keep your business relevant among your target audience.
For example, consumerization is one of the trends that is changing how B2B customers pay for and access products they want.
- Less time spent on establishing credibility: Customers are becoming accustomed to paying online in all parts of the world. Paying with credit cards online has become habit for most consumers. This means that a company can spend less time on trying to establish their credibility. Which will streamline your marketing effort and save valuable time and money.
- New marketing program development like affiliate marketing: New opportunities for sales can come from having an online affiliate marketing program in which you can have your affiliates get a commission for every buyer they send your way -- in much the same way as traditional sales used to work.
- Greater flexibility to add in specials, promotions, and seasonal offers: You may not have had the flexibility to do last-minute deals or include seasonal offers, but with online payments your company can offer these specials on the fly. It’s another way that your business can function dynamically in a way that draws in more sales.
- Better tracking with purchasing cards: For business-to-business online payments, more companies are now using purchasing cards to track how their team spends money. Businesses that offer these purchasing cards can open up a whole new revenue stream while reducing the need for the online invoice creation process.
- Introduction of more advanced technologies: In using online payments, you are also taking on more advanced technology that can end up changing additional aspects of your business. This includes cloud-based tools as well as our partnership with BluePay. Our online payment software provides integration with other aspects of your business as well, including bookkeeping, payroll, inventory, purchasing and more.
- Attention from new demographics: While your business may have not previously been attracting certain demographics like Millennials, your migration to accept payments online will surely attract this segment of the market. Millennials are used to mobile banking and cloud-based platforms. Now your business has the ability to grow into new demographic areas to further boost your financials.
- Preparation for continued change in fintech to shape your business: By adding online payment processing and making your company ready for this financial tool, you’re setting the precedent for future Fintech related changes in your organization. For example, being willing to accept online payments means your company culture may also be more conducive to other Fintech solutions like cryptocurrency or blockchain.
These 12 ways illustrate that online payment processing is dramatically changing businesses in terms of their external and internal processes.
Companies that are adopting online payments are experiencing enhanced efficiencies, reduced costs, greater opportunities for revenue, better tracking and new perspectives. These changes are opening doors to ongoing fintech disruptions that will help them evolve to better serve their audiences and achieve their strategic goals.