Electronic payments can benefit your business by extending your customer base; boosting cash flow; reducing costs; enhancing customer service and improving your competitive advantage.
Five reasons why Electronic payments improve customer service – the five ‘Cs’
- Choice – like your competitors, you can offer a wide range of payment options
- Convenience – they remove the need for invoices, cheques, cash and BACs
- Credit – they may allow purchases that would otherwise be delayed
- Concessions – small discounts to encourage online purchases improve the perception of value
- Competitive Edge - if you don’t offer the full range of payment options but your competitors do, what does this say about your business?
Five reasons why Electronic payments increase profitability
- Convenience – removing administrative resources required by invoices, cheques and cash
- Immediacy – credit cards enable instant purchasing (without delay)
- Improved cash flow – payment at the time of purchase reduces the pressures caused by 30-day invoicing
- Growth – open additional payment channels via the phone, mail order and Internet and increase your customer base. More customers mean more revenue.
- Competitive advantage – match and beat the services of your competitors and gain the edge
Source: Electronic-payments.co.uk |
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