Are you an online business owner? Do you sell or market any product on the internet? Do you usually make monetary transactions that cut across different countries? If you are involve in any of these; then you need an online payment system. Although, people usually think that it’s easy to accept cheques or invoices for your online sales and to process the payments in the traditional way but it is not as easy as they think.
You too might also be tempted to ask, why is it not true as they think? Here are reasons why online payment system is better than the traditional methods of payments.
Online payment system advantages
Online payment system has many great advantages over traditional methods of cheques, invoice and money orders; these advantages are what I summarize below:
1. Online payment method is a better and faster way of receiving payments for goods and services -The most important and undisputable fact about online payment system is that it is fast means of payment. Buyers often use the internet for a speedy service as most sales are paid for with credit and debit cards and you can easily get an authentic credit card from Nigeria banks nowadays if you are a Nigerian.
2. It is a secure way of buying and selling goods on the internet compare to traditional methods-Merchants accepting online payments need to comply with a list of security requirements.
3. It decrease the chance of the billing and personal information being stolen-the traditional method of payment often something lead to divulge of personal information and stealing of personal bank account information. It reduces risks of theft and other risks associated with cash handling.
4. Easy to use for any amount as cash payment can often be bulky.
5. Deposits money electronically into your account without having to go through the hurdles of bank queue and the rest.
6. It ensures that communications are private-online payment system minimizes spread of monetary transaction information and hence help to ensure privacy protection during exchange of funds.
7. Transactions can be monitored online real time – Online payment ensures that there is no changes in communication during transmission-there is usually no case of either misinterpretation or change in transmission of information as seen in most traditional methods of payment. So, online payment help to tackle information gap often seen on traditional method of payment.
8. Increases sales as customers buy more with cards than cash at hand.
9. The economy now demands card payment as a preferred option to cash with large handling charges for individuals and companies who withdraw and pay large volume of cash.
10. The systems perform payment processing are not only for online vendors, auction sites, and other corporate users but it can also be serve between their customers, for which it charges a fee which is much less than the bank wire transfer equivalent.
Having read about the need for online payment system, there are numerous online payments processing platform out there. Which of them you are thinking of using?
Let’s hear you. I blow it open now!
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