Young Upstarts

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7 Top Reasons Why Your Startup Should Offer Online Payment

Only few people are venturing in startups. They don’t follow traditional business models; instead, they try new and innovative ways to offer solutions to a problem they aren’t even sure anyone would want.

As a startup owner, the ability to provide customers the convenience of paying for your goods and services online has a lot of advantages. You can never go wrong when investing in a well-thought out website for your startup. When your site has an online payment option, it demonstrates professionalism, increases reputation, and boosts the credibility of your business.

Collecting money through online payment is not as complicated as you might think. It generates a desire to give your customers a hassle-free experience, which will definitely benefit you in the long run.

Here are five top reasons why your startup should offer an online payment option:

1. Efficient.

The speed and convenience of online payment enables consumers to purchase from your business any time, allowing your business to run 24/7 for the whole year. Your customers can pay anywhere using any device, without having to visit your physical store. Your money also arrives on time, since online transactions are usually cleared after one or two business days, which is vital to your cash flow.

2. Your sales will increase.

Building customer loyalty by giving them quality experience when they buy your goods will generate more revenue. As this happens, word of mouth on how they appreciate the way you effectively conduct your business will spread, inviting new customers to try out your products.

Most buyers are more likely to spend impulsively with the lure of instant payment process using their credit cards. They are also more inclined to purchase more than one item, knowing that these will be delivered to them in the comfort of their homes.

3. Reduced risks.

With multiple security layers to prevent fraud, one of the best advantages of paying online is that yours and your client’s money are secured. Online merchants usually use a bin database to validate credit card payments, which protects both the business and buyers in the online marketplace.

Errors are also eliminated when you say goodbye to manual processes with the help of online invoices that speed up payments. Multiple layers of protection are also added to processing transactions so that your client’s credit cards won’t be hacked easily.

4. Fewer transaction costs.

Paper invoices and statements cost money. You also don’t have to pay someone to process these payments. Your customer’s expenditure will be reduced since they don’t have to spend time and money going to your physical store to make a transaction.

5. More people are now using digital wallets.

A lot of individuals realize the burden of carrying cash and even their credit cards these days. Digital wallets or e-wallets allow people to make online payments without accessing their bank accounts.

Fees like these come with ease and special offers, such as cash backs and added discounts. With the rise of technology, smartphones already have e-wallets automatically installed. There are apps that you can even download for free which offer this kind of service.

6. A marketing must-have.

Aside from having an awesome content and design, customers get lured by the convenience of a payment gateway available in your startup’s website.

The one click, one pay tactic makes it very irresistible to buyers, as this is the most convenient way to purchase things. Influencing people to use this method of payment will turn their mindset from anxiety or lack of trust of paying online, to making it the norm.

7. Online payments can accept any currencies.

If you embark your business on a global scale, expect to have a lot of international customers who will be willing to purchase from you with a few clicks. Through the use of online payment, their money is automatically converted in the current exchange rate without hassle in both of your ends.

Conclusion.

Online payments can help your startup save time, and your clients don’t have to put their maximum effort when purchasing. By doing so, you’ll be able to gain their loyalty and receive a positive feedback. Your revenue will also exponentially increase when consumers are encouraged to buy, bringing more awareness to your business.

The benefits of offering online payment outweigh the cons. You can throw cost-saving deals that can influence customers to buy items on your website and increase your sales — giving consumers a sense of relief that they can purchase your products whenever and wherever gives your startup a competitive edge.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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