Even pre-pandemic, the fourth industrial revolution has propelled and intensified the need for companies to adopt e-payment since most of our economic consumption is now done online. Here are some reasons to adopt hassle-free digital payment for your company.
1. Expanded Customer Base
Travel might be difficult nowadays but money can still travel on our behalf. Cash maybe king when doing business locally but in the global market, companies that offer e-payment options have the benefit of increased customer support as shopping habits shift online. With credit card merchants offering options to pay in your own currency and competitive foreign currency conversion rates, customers’ options have expanded rapidly. Companies are also no longer limited by slow growth in the local market and can experience exponential growth thanks to a never-ending influx of new countries/economies. As the payment framework is already set up, the overseas authorisation rate is also reasonably high.
2. Companies and Customers Alike can Keep Track of their Invoices Easily
Most of us can leave the house without our wallets but not our phones because all our digital and card-less payment options can be accessed there. The same goes for our billing: we can now access our invoice history from any of our technological devices, be it for B2B or B2C models. Gone are the days of sifting through mountains of receipts since we have a transaction archive that can be correlated on both the company and consumer’s end to ensure there are no tabulation mistakes. For those who are worried about cybersecurity, many digital payment platforms disseminate fraud alerts when there is any suspicious activity.
3. Digital marketing and monitor sales on the same platform
Having e-payment on an app or website streamlines the avenues that advertising can be conducted. Since customers are already shopping online, it makes sense to capitalise on this time to algorithmically suggest a product or service they might like. Additionally, customer satisfaction metrics and sales breakdowns are readily available.
If the pandemic has taught us anything, it is that contactless services and payments are here to stay long-term.