Technology is changing the way we live, learn, work, socialise and even how we pay for items, which makes accepting online payments a necessity for many small businesses to remain competitive and increase sales.
Not only does it make life easier and more convenient for your customers, it also means there’s no waiting around for invoices to be paid or time-consuming trips to the bank.
Here are key benefits of online payments go small businesses in Nigeria;
1. Online payments save you money.
According to Finextra, the cost of using traditional or paper-based billing (postage, printing, storage, admin etc.) is around 9.5% of the amount collected. Accepting online payments helps you to eliminate these costs – savings which you can then pass on to your customers, making them even happier and more likely to come back.
Also Read: 3 Ways Small Businesses can Accept Online Payment in Nigeria.
2. Better Money Management.
Accepting credit cards and moving to online payments streamlines the way your business handles transactions. Instead of counting cash, electronic payments will help keep you organised and allow for better cash flow management and forecasting.
3. Customer Convenience.
Online payments for small businesses can lead to happy (and returning) customers simply because it gives them the flexibility to make purchases in different ways. Whether it’s with credit or debit cards, online payments through a shopping cart for your services, mobile payments, or recurring billing, your customer will enjoy their experience with your business when they can shop how and when they want—with ease.
4. Increase Sales.
A variety of studies and research over the years have found that customers spend more when given the option to use credit cards over cash. In fact, research from Community Merchants USA noted that in one survey, sponsored by Intuit, 83% of small businesses that accepted credit cards saw an increase in sales. This increase could directly impact sales and overall growth of your business.
5. Online payments save you time.
Online payments are more efficient than traditional billing methods. Not only does it save you from wasting time chasing payments but it also lets you easily set up recurring billing for your customers. Automatically billing your customers for services instead of manually tracking and processing payments each month saves you time and makes paying even easier for your customer.
Also Read: Late payment is a major problem for small businesses in Nigeria.
6. Integrates Loyalty Programs.
Online payment makes it possible to integrate loyalty and reward programs since customer information is stored in the app — like being able to send customers a coupon when they’re in proximity to your store. This means that your customers will automatically receive reward points or coupons for every transaction that they make.
Conclusion
Cash and checks are continually becoming less and less common with your customers, while online payments, and credit and debit card payments are gaining in popularity.
Having an online payment option for your business is a proof that you are keeping up with the way consumer spending habits are changing. The good news for Nigerian small businesses is that this shift only points in one direction – increased sales.
Keep Calm And Go Cashless. Start receiving online payments here.