Most modern businesses irrespective of their size will want to go global. However, one of the major challenges faced by such businesses is collecting payment from customers. It might come as a huge surprise to several readers that many businesses continue to rely on traditional payment methods to collect payments. As a result, most of these businesses often experience issues when it comes to collecting and keeping track of payments.
This has encouraged several businesses to accept online payments. In fact, some businesses have started accepting cryptocurrency payments already. It is true that online payments are the best option for some customers and B2B. Online payments are not just a time-efficient option, but they are also very convenient for both clients and businesses.
Online payments are a better option than traditional payment processes in most cases. When it comes to online payments, you will not have to wait for any check to arrive. You will probably receive the payment in a matter of a few hours or minutes.
So, if you are running a business that is still relying on traditional payment processes, you should start accepting online payments asap. If you are still wondering why you should accept online payments from clients and others, then here are a few reasons that will explain why.
Online payments have allowed customers to make quick and instant payments. However, that’s not it because online payments also offer instant notification to both the customer and business. When a customer makes a payment to a company, the company will instantly get a notification regarding the transaction. In addition to that, the customer will also receive a notification confirming that the payment was done. If the transaction has not been done, then also a notification will be sent to the customer so that he or she can retry. One of the best things about getting instant payments is that it will avoid the need for businesses to float cash for shipped products or goods.
Easy to set up
Several businesses who are considering whether to accept online payments often ask how hard it is to set up online payment systems. The good news is that you will be able to easily incorporate online payment solutions into the existing business workflow and systems. The process of integrating an online payment system is quite similar for different online payment providers. However, your company will have to register for a new account, but the registration process is simple, quick, and does not have lots of paperwork. In fact, businesses will be able to start accepting online payments right away after the integration process. You will be easily able to find an effective payment solution for hospitality in UAE or Dubai. You could also find an excellent payment solution for travel and tourism and other industries with ease.
Another fascinating aspect of online payment solutions is that they are an affordable option for all types of businesses. Most online payment providers do not charge any kind of setup fees from businesses. They also have low transaction fees when compared to other e-banking systems. This means that it will not cost you a fortune to implement an online payment system for your system. Another interesting thing to note is that some of the online payment platforms allow you to make free transactions up to a certain minimum amount every year. Most top online payment providers also offer discounts to businesses for transactions above certain amounts.
Secured Payment Option
One of the most obvious benefits of opting for online payment processing services is that it will ensure the safety of your and your customer’s money. This is mainly because all online payment gateways are required to have essential security measures to ensure that the card details and other information of customers do not get compromised. Security is undoubtedly an essential requirement for all businesses and customers. However, it is also important to get money on time, which is another reason why businesses should accept online payment. Online payments usually get cleared in 1 or 2 working days.
Improved Customer Experience
Businesses are not the only ones who will be able to benefit from accepting online payments. Your customers will also be able to enjoy numerous benefits by paying online. In fact, most customers prefer to do business with companies that accept online payments. It is crucial for businesses to realize that giving customers the option to make payments through their debit or credit card can do wonders for your business. The easy-to-navigate and secure environment offered by online payment platforms will make it really easy for customers to make payments. It is evident that they will choose this option instead of paying in person with cash and writing cheques. Here are a few more reasons that will give you a clear idea of why customers prefer online payments over other traditional payment options.
Eliminate Geographical Boundaries
When someone travels to a new continent or country, then it can be quite difficult for them to make payment. This is because they will need to exchange currency or even get a new credit card to make payments.
Fortunately, online payments eliminate the need for any of the above and allow customers to easily buy products and services. Many online payment processing services will enable businesses to accept different types of currencies too.
Convenient And Saves Time
Payment technology has greatly evolved over the last few years or so. Today, customers are able to make online payments and transactions even if they don’t have a wallet or card. A recent study revealed that several customers are using card-free payment options to make online payments.
Online payment options are convenient not just in terms of transaction speed, but because they eliminate the need for customers to travel to stores and wait in line to make payments. No one would want to waste time by waiting in long lines at a store to make payments. This is another reason for the increasing popularity of online payment among customers.
Online payments ensure a hassle-free and convenient experience for both customers and businesses. Businesses who wish to grow and go global should surely consider accepting online payments from customers.
Value Added Tax
Multi-Language Functionality (Arabic)
Multi-Currency Payment Acceptance
Integration of Leading Payment Gateways
Full Elimination of Chargebacks
Real Time Payment System
Real-Time Revenue Management
Payment History Analytics
VAT Enabled Invoice Solution
We have enabled VAT as part of our invoicing solution, inline with the VAT implementation in UAE. Our VAT enabled invoice solution helps organizations to raise VAT invoices to their customers, receive online payment and track the VAT payments effectively.