Most businesses were comfortable with traditional payment systems until the Covid19 pandemic. Even though traditional payment systems were not as effective and convenient as digital payment systems, several businesses preferred to use them for several years. Apart from that, several businesses relied heavily on their back-office staff to keep track of invoices, checks, and more.
It is true that the approach adopted by several businesses was a bit outdated. However, everything changed since last year due to the Covid19 pandemic. The economic shutdown that happened due to the pandemic exposed the inefficiencies and vulnerabilities of traditional payment systems.
Apart from that, no one was able to work from their office due to social distancing practices that were imposed to stop the spread of the virus. As a result, companies had to reduce their staffing needs and switch to digital payment solutions.
The Growth Of Digital payments
A recent study indicated that the digital payments market is estimated to hit the 6.7 trillion dollar mark by the end of the year 2023. It is important to note that the digital payments market was around 4.1 trillion dollars a couple of years ago. This will give you a clear idea of how the digital payments market has grown over the years.
The digital shift has considerably accelerated the payment cycle of businesses. As a result, most businesses want immediate payments instead of waiting for days, which they had to do when they were not accepting online payments from customers.
It is pretty evident that most customers opt for digital payment options these days. That said, a recent study revealed that one out of 5 small businesses does not provide any kind of contactless payment solutions to customers. This means that several small businesses are failing to captivate the opportunity to grow and expand their business.
Small businesses that are adopting digital payment solutions to help customers easily and conveniently make payments will be able to easily grow their business. However, it is important for businesses to find a digital payment solution, which perfectly matches the requirements of their business.
The popularity of digital payment systems has considerably increased over the last few years. In fact, more than thousands of customers have already started using Apple Pay and Venmo to make online payments. As most of you are probably aware, the popularity of contactless payments, cashless transactions, and online payments apps have considerably increased ever since the pandemic.
The Covid19 pandemic had forced the Chinese government to collect and sanitize bills to prevent the spread of the virus through transactions that involved using cash and currencies.
In addition to that, the WHO (World Health Organization) advised everyone to prefer contactless payment solutions ahead of traditional ones to prefer digital payment options. This has in turn urged several individuals to opt for cashless methods and use online payment applications.
Benefits Of Digital Payment Systems For Small Businesses
Most large and medium-sized businesses have started adopting cashless and online payment systems. In fact, it has allowed them to enjoy a wide range of benefits such as increasing revenue.
However, several small businesses are still hesitant to opt for online payment solutions. This is because they feel that it will cost them a fortune to invest in a digital payment system. The reality is that you can easily find affordable online payment solutions. If you are still wondering why small businesses should invest in such solutions, here are a few reasons that will explain why.
Makes Your Business More Accessible To Customers
The best thing about digital payment software systems is that they are very convenient to customers. Refusing to accept online payments will limit the number of options available to customers when they are shopping. This is particularly true these days, as most customers will hesitate to use cash or credit cards.
Small businesses that wish to stay competitive will have to offer cashless payment options. This will make payment convenient and seamless to all customers irrespective of how they want to pay. In short, you will be able to make your business a lot more accessible to customers by accepting cashless transactions.
That said, adopting a new payment system or method can be quite hard for some businesses initially. This is particularly true for small-sized businesses that do not have the bandwidth for welcoming huge technical or operational changes. However, most small businesses will be able to gradually sort the issue out and handle the adoption of online payment systems.
Most customers tend to look for convenience when shopping for products and while making payments. Customers do not want to visit stores and wait in long lines to buy products and pay for them. Online payment solutions in Dubai or UAE allow businesses to make payments whenever they want and from wherever they wish.
Carrying cash on your hand has always been quite risky, as burglars or other criminals may attack you for the money. The good news is that you will not have to worry about theft or getting attacked. With just a single tap of your finger, you will be able to make payments through your smartphone or tablet.
When you are investing in a digital payment solution, you need to ensure that it has essential features like online payment link generation, easy invoicing, pay by link, and more. If you are using such a system, customers will be able to use the payment link to make transactions.
Businesses that are still relying on traditional methods to get payments from customers will find it really hard to keep track of the transactions. Your employees or staff members will struggle to maintain manual records of every transaction that happens in your business. Moreover, the chances for error are also higher when keeping track of transactions with the help of manual labor.
Fortunately, you will be able to keep close track of every small payment that is happening within your businesses by switching to a digital payment software solution. Most digital payment solutions will help businesses by automatically logging all business transactions.
As a result, businesses will be able to easily identify what amounts were sent to whom, which will in turn enable businesses to reduce excessive spending. In addition, businesses will also be able to instantly know when customers have made payments.
Easy Invoicing and
Online Payment Link Generation
Online Payment Receipts
for Business Branding
Quick Payment Links with
A Single Click Via WhatsApp and SMS
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