5 benefits of online payments for a small business
Ecommerce accounts for nearly 22% of retail sales globally. The COVID-19 pandemic has accelerated this trend, pushing up the demand for digital channels for payment and credit at a faster rate. The reality is, your customers want the option to buy online. It’s convenient, easy, and, with the right online payment options for a small business, totally secure.
Whether you sell cookies or computers, accepting online payments will give your business a competitive advantage, setting it up to thrive in a digitally sophisticated future. Here’s a look at five of the main benefits your small business can look forward to when you offer online payments.
1. Makes it easier to reach more people
With a physical store, sales are limited to the people who walk into your shop. With the option to buy online, you can connect with customers nationally, or even globally. More reach can translate to faster growth.
Take successful Sydney-based online bookstore Booktopia as an example. Started back in 2004 by Tony and Steve Nash, and Tony’s brother-in-law Steve Traurig, the trio launched the company with a humble $10-a-day budget.
Four months in, they were turning over $30,000 a month. Two years in, they were hitting $200,000 in turnover every month. And, by 2019, Booktopia was valued at $113.4 million. This rapid growth was due in part to the company’s ability to sell to a broad audience from the beginning. They were never limited by the size of the local market.
2. Enhances brand trust
One mistake small businesses make is connecting with customers digitally without using secure online payment options. For example, selling through direct messages on social media or using email to request bank details to complete a transaction is going to turn away customers. It could also increase the risk of fraud.
Consumers understand the importance of keeping their personal payment information protected online. They’re likely to avoid buying from a company that doesn’t offer a secure option. One study found that 15% of cart abandonments are due to concerns over payment security. On the other hand, providing secure payments through your website will help to establish trust and credibility for your brand.
3. Reduces friction for your customers and your business
Accepting credit card payments and other online payment methods through your website is also convenient. Customers can quickly make a purchase while browsing your products online.
Pro tip: Choose a payment gateway that sends instant notifications to customers when their transaction is complete. This gives them peace of mind. It also helps your business run more smoothly because your customers don’t have to dig for the information they need about their transaction.
Online shopping is so easy, it’s known to drive more impulse purchases. According to one Google study, 81% of smartphone purchases are spontaneous. The closer to one-click shopping you can make the buying experience, the more your business can drive online sales.
5. Enables your business to use a subscription model
Another advantage of using online payments is the ability to offer subscription-based products or services to your customers using recurring payments. Because a customer signs up to repeat their purchase, you can build a predictable revenue stream while helping your customers save time.
This article has been republished with permission from eWAY. eWAY offers an easy to use payment gateway, or a complete all-in-one payments solution.
Why choose eWay for online payments?
The benefits of using online payments are clear. Still, if your small business wants to reap the most rewards, you’ll need to have a reliable and secure payment provider. With eWay, you can:
Expand your reach and productivity with easy-to-use technology
Set up both one-off and recurring payments with ease
Access the very best payment technologies to help boost customer conversion rates
Gain peace of mind from advanced cybersecurity and fraud protection
eWay take the effort out of online payments. Not only will your small business benefit from their award-winning fraud protection and advanced payment system, but they also make it easy to customise your online payments.
eWay has over 250 partners and shopping cart integrations to choose from. If you want to build your own custom integration, you can use their API. You also have the option to use eWay’s included merchant account or your own merchant bank account.