The days of stamps, envelopes and checks are quickly passing as online payments become the norm for today’s transactions. A study released by ACI Worldwide in early 2017 showed that over half (56%) of American’s bills were being paid online. That number has only continued to increase.
Accepting Payments Online
As online payments become the standard method to complete a transaction, it is time to take a serious look at the way your business gets paid.
Mobile Payments Gaining Popularity
There are so many things that you can do on a phone now that you would never have dreamed of 15 or even 10 years ago. One of those things is paying your bills. If you have not already ensured that your company’s website is “mobile-friendly,” you may want to stop right now and go get that taken care of (it’s pretty important).
A website that can be used on a smartphone is virtually as important as one on a desktop, and maybe more-so depending on your industry. As of 2017, Statista reports that 64 percent of consumers said they have made some type of mobile payment.
Convenience is Key to Getting Paid Faster
Going back to the concept of envelopes and stamps, in this fast-paced world it is much easier to push a few buttons than go to the post office. Even the act of writing or depositing a check is simplified through online payments.
Without online payments, once a client opens their bill they are then expected to put it somewhere they won’t lose it, and then try not to forget about it. When billing takes place online, your customer has the option to pay you any time of day with just a few clicks on the desktop keyboard or phone.
Ways to Accept Online Payments
There are countless ways to make digital transactions, from credit and debit card processing systems and transaction apps for smartphones to paying through social media and a lot in between.
It is important to choose the correct payment method (or methods) for your industry, making the process easy for both you and your clients. Some companies may choose a system that automates monthly payments, while others choose to send individual invoices on a system like PayPal. Size and scope of your business will also be important factors in how you accept online payments.
A Brief Case Study on Accepting Online Payments
Here’s an inspirational little story about a little digital marketing firm called Tree Ring Digital. Tree Ring was doing a great job fulfilling all their client’s digital marketing needs. The satisfied client was ready to pay for the wonderful services they had received. As expected, the client was busy running their business while Tree Ring Digital was busy running theirs as well.
The two kept passing like ships in the night trying to speak on the phone to get a credit card number and complete the transaction. Weeks passed, until one glorious day when Tree Ring Digital decided to start accepting online payments. It was a wonderful relief for both parties when the client was able to make their payment online at 1:30 am!
Start Accepting Online Payments
Regardless of how large or small your business, it is important to consider accepting online payments. The number of people paying their bills online is not expected to decline and the ease with which transactions occur may be a factor in who your clients choose to do business with.
Let the experienced staff at Tree Ring Digital help you determine which online payment options are best for your unique business.
- On April 25, 2019