As a small business, If you have a product or service you sell online, having an adequate means of collecting online payments for offered goods and services is a no-brainer.
Many businesses have a website or online store but only collect payments via Cash on Delivery. That is more likely to change in few months to come with the advents of policies such as CBN Cashless Policy which has been piloted in states like Lagos, Ogun, Rivers, Kano, Anambra, and Abia.
Thanks to the increasing advancements in technology in Nigeria, there are multiple ways small businesses can start collecting online payments without having to pay too much. Here are Six (6) major benefits of collecting online payments for small businesses;
1. It is difficult to manage cash.
Banks charge a small fee every time cash is deposited over a certain amount in an account. Also, human effort which can be invested into more meaning aspect of your business is involved in carrying a large sum of cash to the bank. Hence, you end up spending more over a period of time. You need to factor in duplicate and torn notes which cause is a major issue while accepting cash.
2. Account Reconciliation.
If you accept Cheque, Cash or NEFT, tracing a transaction back to a buyer is very difficult. Also, someone has to manually reconcile the accounts and the buyer cannot avail of the service or product unless the vendor provides him with a credit line.
3. Buyers Preference.
More & more buyers now prefer to pay online because it’s easier, faster and security is getting improved by the day. Hence it is always good to give customers as many options as possible to buy a product or service and make payment effortlessly. It goes without saying “Customer is King”.
4. Easy to Scale.
Businesses can scale from 100 payments to 50,000 payments with little or no effort on their system. Hence, it is very easy to scale an online payments system as opposed to managing cash which involves hiring more people and installing a monitoring system to prevent theft of your cash.
5. Easy Setup.
Setting up an online payment option for your business can be as easy as copy pasting a single line of code. With online Payment Links, it’s even easier to collect payment online without writing a single line of code.
6. Faster processing time.
Nothing is more valuable for small business than time. Time well spent and managed can be used to harness more revenue for the business. Fund transfer using online payment methods is faster. The usual cheque or bank transfers take longer to get cleared for you to have your money in your bank account.
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