Online Payments Viable Option for Businesses

As merchants continue to ride out the COVID-19 storm, accepting online payments has become a viable solution for not only surviving but thriving. Accepting online payments is a must instead of an option these days.

When merchants accept payments online, they can get paid faster and pave the way for expanding their revenue opportunities beyond the usual methods. Here are few ways business can accept payments online.

Electronic Invoices

Most businesses use traditional invoicing methods that are labor intensive and prone to human error resulting in increased costs and longer cash flow cycles. Electronic invoicing is the exchange of the invoice document between a business and a vendor or customer in an integrated electronic format.

Electronic invoicing is an easy and safe way for businesses to send out online payment requests. With a simple click, your customers or vendors can open the invoice via email, input their preferred payment information, and pay instantly. With email invoicing, you are also able to schedule payment reminders and recurring payments for long-term customers.

Recurring Billing

Also known as auto-pay, recurring billing, is when the customer or vendor has authorized the merchant to deduct payments for recurring goods and services each month from their bank account. Recurring payments prevent late fees by processing payments on or before their due date and can be made with a debit or credit card.

Recurring billing not only decreases late or missed payments, it also improves cash flow and assists with long-term financial planning.

Payment Gateway

A payment gateway, or virtual terminal, is a web-based payment application that assists with sending invoices, scheduling future and recurring payments, and securing payment information for customers or vendors with recurring charges.

This is beneficial for businesses that primarily operate over the phone, require online invoicing, or have recurring monthly memberships. A payment gateway can combine the entire payment experience into one easy-to-use platform. And it allows businesses to accept online payments including debit, credit, and ACH bank payments all within the dashboard.

eCommerce Shopping Cart

eCommerce refers to internet-based stores selling goods or services. This online shopping network allows people to do business without the constraint of distance and time.

Simply put, once a customer has added items or services to their online shopping cart, they can go directly to the checkout page. There, they can pay with a debit or credit card, processing their payment digitally. This process allows your customers to complete their entire purchase without ever having to leave the business’s website.

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