In this increasingly digitalised world, more and more businesses are taking their offerings online. ECommerce is becoming rampant, and so are new demands for consumer payment and invoicing options.
Yet it’s not just eCommerce businesses that are feeling the effects of this market shift. Almost every business is experiencing some form of demand for online payment options for invoicing. Rental agencies, accountants, service providers, banks, retail, B2B...so long as you are asking your customers for payments via an invoice, they'll be asking for an online payment option.
The ability to receive invoices and pay for your goods or services online makes life easier for your customers. They don’t have to come into your business during office hours or look for their invoice in the mail, they can pay from the comfort of their own home.
But what are the benefits for you? Why should you consider utilising an online payment gateway for your invoicing and payment needs?
Here are some ways that online payment gateways can benefit your business.
No Need to Use a Third Party
Online payment gateways are a practical way to manage your accounts receivable. And, while there are several methods for businesses to facilitate online payments and invoicing, an online gateway makes it as straightforward as possible for your consumers.
For web transactions, the user experience is critical. If the process to buy is too long or too complicated, the customer might be dissuaded from buying.
Rather than making your buyers visit a third party site like Paypal to receive their invoices and make payments, why not keep it all in-house?
Putting a payment option on your website helps to keep your buyers on your site, encouraging them to proceed with the sale quickly. It helps to reduce the likelihood of getting abandoning their purchase. A payment gateway also helps for invoicing, as if your invoice is digital, your customer can quickly follow a link to pay for their order.
Security for Merchants and Customers Alike
The best online payment gateways provide security. Not only for the consumer but for the merchant as well.
A payment gateway allows a direct connection between your website and your bank, so the process is direct.
With fewer steps, there are fewer opportunities for hacking, or for invoices/payments to get lost.
For a merchant to use an online payment gateway to help streamline invoicing, you must first prove to be eligible for a merchant account with your bank. This means that your website must meet certain security standards, like having an SSL (Secure Sockets Layer) certificate. Having an SSL provides an essential level of security, as it ensures that all data passed between your web server and browsers will remain private and integral.
With the Apxium system, fraud is virtually eliminated as the whole process is controlled by the system and it is not possible to redirect payments by intercepting the invoice. Your clients can feel safe and secure in the knowledge that you are using the very best payment gateway that modern technology can provide.
Streamlines Your Business Processes
Arguably, the biggest benefit you have from using an online payment gateway to manage your invoices is the reduction of time spent on administration.
By using an online payment platform, you further automate your business processes. Your invoices will process in real-time, so you can get paid faster. And, consumers will be instantly notified that their payment has been successful. As your funds are automatically transferred to your bank account, it removes any need for manual credit card processing.
For many businesses, administrative tasks like invoicing and accounts receivable take up too much valuable time. But, through innovative digital platforms, you can work to improve your efficiency.
How much does your business spend on overhead just to get paid by your clients? At Apxium, we understand the day-to-day struggles of managing your invoicing and accounts receivable through outdated processes or accounting software. It can become overwhelming, causing a great deal of stress in your professional and personal life.
We created the Apxium platform to give you more time, more money, and more options. Our fully integrated payment gateway and accounts receivable function make it easy for you to manage your debtors, improve your cash flow and enhance your profitability.Would you like to learn more about how we can help your business? If so, you can explore more information here.