06 Sep Why taking online payments is smart business
In this blog we share our thoughts on why taking online payments is smart for business and some of the most powerful and innovative ways the eCommerce market benefits from online payment systems today.
Virtually every B2B or B2C business providing a service or product needs to have the ability to make sales online.
If the consumer can’t efficiently purchase via a website or app, they will go to another brand to make that purchase. If there is no way to buy online, the customer could potentially never return!
- In 2022, over 86% of UK consumers shop online.
- Predictions suggested that over 20% of retail sales worldwide would come from eCommerce in 2022.
Source: https://www.statista.com/
Micro businesses often take a DIY approach to website building and eCommerce development to keep their website investment low.
This option can be cost effective with so many ‘out of the box’ eCommerce platforms now available.
The likes of Shopify, BigCommerce and Squarespace are virtual one stop online shops when it comes to taking payments via a website.
The problem with this type of eCommerce web design is that it often leads to greater expense because of the learning curve involved and the time lost in setting it all up.
The DIY web development approach often ends up costing far more money in the long run!
Small to medium sized businesses and large corporations tend to invest more in their web development, and entrust a professional web company to guide and develop the site to their exacting specifications and objectives.
Experienced web development agencies also have the expertise and affiliations with the best online payment solutions.
This means they can have any eCommerce site connected to millions of international customers, and sales can be made at the click of a button in a myriad of currencies using state-of-the-art technologies.
Just how powerful is the eCommerce industry?
According to Oberlo, almost half of the small businesses in the US do not have a website. That’s a difficult statistic to take in when they are considered the largest online market in the world.
The impressive news; the UK is the third largest online market in the world. We may be small, but we are mighty. China is second.
This suggests that almost 80% of the UK population makes online purchases.
Regardless of business size or offering, it’s a smart move to have an online presence and grab a slice of that pie.
The payment options now available to the consumer are extensive.
So, it’s vital to have a robust system to handle them and provide the payment options the majority of customers feel confident using.
At the very least, online payments should be available for all major debit and credit cards, but the greater amount of payment options provided, the greater the market reach.
Popular services for taking online payments:
- PayPal
- Apple Pay
- Google Pay
- Quote to Buy
It’s now possible to make and receive online payments using Cryptocurrencies such as:
- Bitcoin
- Ethereum
- Tether
- Terra Classic
- Polygon
- USD Coin
…to name a few.
Crypto payments are becoming a very popular currency, and this way of making and receiving payments online is finally becoming more mainstream.
There’s now a large proportion of corporates using crypto for their business transactions.
How do crypto payments work?
When a customer purchases a product or service, they can opt to pay in cryptocurrency either online, via an app or even in person.
The amount paid is equal to the fair market value at the time of the transaction.
A crypto payment service provider will instantly convert the payment into a currency of choice.
Benefits of online payment solutions
Here’s an insight into the advantages of using payment processing software on your website.
Customer reach
The ability to take payments online is a selling point and one that can be used in external marketing to reach new customers in new markets.
Offering a mix of payment options could increase the demographic reach.
It’s worth considering how payment methods vary across the globe. While invoice payments and PayPal might be good for German residents, UK citizens seem to prefer paying via credit card.
Consumers are increasingly choosing comfort and convenience when purchasing, which is why it’s smart business to provide a variety of payment methods and optimise the website content for relevant terms and searches.
Convenience
Providing customers with the ability to make a direct purchase via a website or app is a sure fire way of converting them because it’s convenient and consumers like convenience.
The more steps involved in making a purchase or issues faced when doing so, the greater the chance of the customer abandoning their transaction and seeking an alternative provider.
Efficiency
Integrating a website payment solution provides the customer with a simple, frictionless way to make purchases of products or services online and helps ensure the business is compliant with the relevant regulations.
Taking payments online via a trusted provider can ensure customers return again and again, whilst also spreading the word about the positive experience they’ve had.
Did someone mention trust?
Trust
At Sure Communication we develop our websites to seamlessly take payments through a company that is synonymous with success, Capita.
Choosing to partner with a company that has over 20 years of experience, serving thousands of businesses and managing billions of pounds worth of transactions a year seems like smart business to us.
Pay360 Evolve by Capita provides the ability to take payments in a multitude of ways and via the top level names in international online payment processing.
Choosing an established brand to process online payments instils trust in consumers. Knowing payments are protected by names that have a solid reputation in the online payments and business marketplace, is a win.
Account management
Accepting online payments via a payment processor such as Pay360 Evolve provides user confidence. Because functionality stays up to date, money management is a breeze, security is robust and compliance is taken care of.
Payment processors should provide an easily accessible and functional management interface via desktop and mobile. To access data, manage recurring payments, review account activity and produce reports.
Final thoughts…
The size of a business isn’t a roadblock to success.
Lack of growth and stability, is.
Not having the right tools in place to make efficient and recurring sales, is.
Failing to invest in a website that provides the consumer confidence in the brand, is.
If you need a website that can provide all of this and more, contact us today.