How to Improve your Business through Electronic Payments
Author: Dan Heinkel
Businesses are always a work-in-progress. Owners and managers never stop trying to improve operations. Something can always be done to make things more efficient, more economical, and more customer friendly. And with the rapid advancements in technology, the need to stay on the cutting-edge has never been more important. With that in mind, as we move to a more web-based world, it's imperative that businesses accept electronic payments.
First, let's discuss what an electronic payment is. Basically, it's any form of non-cash payment other than a paper check. This includes credit cards, debit cards, and the Automated Clearing House (ACH), which comprises direct deposit, direct debit, and electronic checks.
So how can electronic payments improve your business? Let's start with what's most important--the customers. Customers are the lifeline to any business. Without them you won't have a business at all, so naturally, it's important to keep your customers happy.
Whether you're an online business or a brick-and-mortar operation, you need to accept electronic payments. In this day and age, electronic payments are the norm. When you don't accept credit cards, debit cards, and other forms of electronic payment, you inconvenience your customer. This is particularly true for online businesses. If you accept credit cards online, you'll not only offer a convenient service, but you'll also improve customer retention.
Studies have shown when a customer buys something online using a credit card they'll be more likely to shop there again, simply because their card information is already saved. Again, this all goes back to convenience. Keep the customers happy and you'll be happy. But how does it look on the books?
While it's certainly an investment, being able to accept electronic payments can deliver big returns. The obvious return on investment stems from pleasing your customers, which generates more business. However, you can also improve your bottom line by saving money on paper and postage. While this might not seem like a lot, it can add up.
If you plan to run a business, whether from behind the counter or the keyboard, you need to keep up with the times. The Internet has provided people with more options than they can imagine. If your store doesn't operate in a convenient manner, they can simply find someone else. And the first step to providing that level of convenience is making sure you can accept electronic payments.
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