Digital payment which can also be refered to as electronic payment is a process where both the payer and the payee use electronic mediums to exchange payment for purchased goods or services. Digital payment has surged this past year, with a survey showing how 74% of consumers or customers prefer digital payment over the usual hard cash exchange and with digital currency like Bitcoin wallet, Skrill, Paypal and Cryptocurrency wallets aside the usual Cards, Wire Transfer and Mobile wallets. which helps you make payments with the help of your phone.
Once a customer sends you a payment, you will be able to see it in your account as soon as possible. With that you can be able to create a more predictable cash flow.
As digital payment can help you meet the demands of your customers and provides an aggressive edge to help build a better customer experience, it can also help you grow your businesses and improve your profit rapidly.
Below, we will look at the highlighted roles Digital payment plays in driving businesses growing up :
- Offers and discounts to help reach more customers.
- It helps manage time and money
- Visibility
- Offer multiple payment options
- Improves better access to credit
- Security
OFFERS AND DISCOUNTS TO HELP REACH MORE CUSTOMERS.
According to Online Shopper Penetration, in 2021 the numbers of online shoppers reached over 230.5million. Therefore, since people prefer to purchase things online and pay with their cards or phone, you can present different types of offers and discounts to online customers to help drive more sales which in return helps contribute to the growing up of the business.
IT HELPS MANAGE TIME AND MONEY
Unlike opening your digital wallet like Bitcoin wallet, Skrill or any of your bank mobile wallets with your balance on display, managing physical cash everyday eats up an excessive amount of time. It requires counting by hand and frequently visiting the bank to deposit the money. With payments made through digital platforms for purchased goods and services, you can computerise a number of these payments and save many hours. With various payment options available, customers can make payment faster and also save money by using digital platforms that do not charge transaction fees. This process alone can drive more sales and helps in the growth of the business.
VISIBILITY
Digital payment issues a separate card number for every purchase, which gives the finance team a cleaner and clearer data for auditing. Digital payment will grant you data access to necessary accounts, be it paying or receiving payments from a customer.
The kind of data that provides better and accurate visibility and comprehension of your cash position. It also helps to monitor and track expenses in real-time rather than wait for the end of the month. You will also be able to see who is paying on time and making late payments.
OFFER MULTIPLE PAYMENT OPTIONS
If you want your business to grow, try offering your customers multiple payment options by either paying through debit or credit card, digital wallet and any payment options they are most familiar with such as Bitcoin wallet or Cryptocurrency wallet. Customers can abandon their cart due to poor payment experience because people tend to want to check out as soon and seamlessly as possible.
Therefore, providing both old and new customers with a more suitable option is key to helping your business grow rapidly with digital payment.
IMPROVES BETTER ACCESS TO CREDIT
Businesses need capital to grow and to run daily activities. Looking at your position financially, you may need to acquire a loan to fund your business and money lenders normally make enquiries about credit score before they can approve the loan. With the constant use of digital payment it can provide you the credit history you need in getting access to credit to help boost your business whenever you need it.
SECURITY
While walking around with money all the time might be a risky decision, people or businesses tend to be common targets of small thefts or robberies. One among the most advantages of digital payments is that they’re rather more secure than regular cash transactions, as they require proper verification and authentication. Banks and other digital payment platforms also provide security for digital transactions with the help of cross-verification and One Time Password(OTP), which may help in preventing fraudulent transactions.
A secured platform to just accept and process digital payments is all that is needed for it to run smoothly since a superb digital payment platform must be reliable and user-friendly
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