Electronic payments can be a huge boon to your small business, even if you’re just starting out. Gone are the days of dealing with paper checks, which can get lost in the mail or require costly trips to the bank. Instead, electronic payments reduce costs and increase productivity through quicker turnaround times and easier record keeping. Here are four ways that electronic payments can benefit your small business.
Quicker and Easier
Running a small business can be hard work, but not having to keep up with payments and receipts certainly makes things easier. Going electronic will save you money and time by reducing bookkeeping costs and freeing up your employees’ time so they can focus on what they do best—providing great service! Moreover, electronic payment solutions are making it easier than ever to accept online payments, no matter where you are. Whether you’re in the office or on vacation, all you need is an internet connection and some good WiFi to take care of all your business transactions—fast. Many e-commerce sites and online businesses like online casino games are taking electronic payments as an easier solution.
If you operate a small business, paying employees and other bills electronically can save you money. For one thing, as of 2012, there’s no longer any fee to use electronic payments. When you consider that some banks charged $6 or more per transaction—and that each electronic payment averaged $30—it’s easy to see how these fees could add up over time. According to The Federal Reserve Bank of Cleveland, paper checks cost U.S. businesses almost $34 billion in 2008 alone!
How electronic payments can benefit your small business. This is a lesson that didn’t come quickly or easily to founder and CEO Rhett Roberts of The Honest Pint in Atlanta, Georgia. His craft beer brewery opened in 2011 and featured on CNN, Fox News, and USA Today as one of America’s best new bars, began with a cash-only operation. We were so tight on cash flow that it was better to invest any extra we had into marketing instead of into fees associated with credit card processing equipment and services, Roberts explains. In other words, every dollar counts in an early-stage business. Herewith these electronic payment gateways also help businesses like the best casino games for more sales.
These days, businesses of all sizes are moving away from paper checks to electronic payments. For both accounting and environmental reasons, it’s a trend that won’t be reversing anytime soon. How will you make sure your business gets its share of e-payments? The key is to start using electronic payments sooner rather than later. By doing so, you can streamline your accounting operations, reduce errors and make more accurate forecasts about incoming cash flow—all while keeping waste and negative impact on our environment to a minimum.
By switching to an electronic payments platform, you’ll attract and retain customers. That’s because not only will you give them more options, but you’ll also make it easier to do business with your company. In fact, according to research by Javelin Strategy & Research and reported by The New York Times, consumers are less likely to leave a small business when they can pay by card. Whether that means credit or debit cards or gift cards, take advantage of our integrated platform and accept payment from all major networks. In addition to accepting credit and debit card payments, we can also help process Apple PayTM payments for merchants who want to go cashless in their retail locations. And we can even provide gift card services so your customers have multiple payment options at the checkout.