Advantages of implementing online payment alternatives for your business

The Internet is a great medium to promote your business and reach a wider audience. You can do this by creating a website that attracts customers, with great images and informative content. You should also include an online payment system to facilitate purchases.

Offering several payment alternatives maximises the potential customers coming to your marketplace, generating several advantages in terms of payments.

Top 5 advantages of online payments

#1: Expanding sales possibilities in other regions and countries

Whether your business is B2B or B2C, offering online payments will allow you to achieve greater reach.

Many consumers have adapted and even prefer to buy in e-commerce. This will allow you to generate sales in other regions or countries.

Fortunately, there are many technology platforms that make it easy to integrate online payments into your business. As a result, your customers can make purchases and payments from anywhere they want.

#2: Optimising the customer experience 

Another benefit of offering multiple online payment methods is that it will help you improve the customer experience. A key step in building shopper loyalty and increasing the customer lifecycle.

By providing a good user experience, your customers are more likely to make new transactions and place new orders. In addition, you reduce the risk of them leaving with your competitors.

In short, online payments reduce friction. That is, the frustrations and disagreements that stop customers from buying from your online business.

#3: Offer safer shopping

Digital payment systems reduce the risk of fraud. These types of applications use a robust security mechanism. Therefore, the money they collect will go into your company's accounts without any problems.

This way you can fulfil your orders with the certainty of having received payment for your products or services. Online payments will also provide security and transparency to the consumer or customer.

Of course, since this is a method where the interaction is not physical, it is important to provide channels of communication: if people can communicate continuously, they do not lose trust in your brand. 

And you have to take care to speed up and reduce delivery times. The right logistics is always a plus that your customers will appreciate.

#4: Facilitating administrative tasks

By implementing online payment alternatives, transaction receipts will also arrive in digital format. This will help streamline administrative activities and record information in both the accounting and tax areas. 

An excellent way to improve control and traceability of operations is to adopt a business management system. These systems collect, classify and store all of a company's financial information. 

In turn, they will generate reports and balance sheets that will allow you to stay on top of your sales trends digitally.

#5: Increase conversion rate

By offering an online payment system, you have a much better chance of converting leads into customers. These are users who have shared contact information with your company.

The same goes for users who visit your online business for the first time. If they have the option to pay online, they are much more likely to buy the products that caught their attention. 

Now, if you don't offer this possibility, the buying process will be much more tedious and you may lose sales. 

This suggests that online payments are a necessity and not a substitute or an added value. Not having it could lose you potential customers and reduce your revenue stream.

Why is PAGO46 the best choice?

To all of the above, PAGO46 adds a niche: those unbanked customers who wish to shop online and pay in cash.

We offer convenient, 24/7, on-demand collection of cash payments by digitising cash payments. This way we increase your sales possibilities, balancing the opportunities between consumer and online service.

Find out about our payment methods for your customers:

• Allied Networks
• Partner46 private (home, fixed place)
• Partner46 Delivery

Conclusion

Customers have completely changed their online payment habits. Especially because they can choose the solution that best suits their needs.  

In addition, using alternative payment methods (such as paying cash for online purchases) has many advantages, both for the customer and for your business. These include convenience, security, speed and a simplified payment experience. 

For more information about alternative online payment methods, please contact us. Find out how PAGO46 can help you.

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