Manage Online Payments to Help Your Business Grow
According to some estimates, by 2016, the number of online shoppers in the United States is expected to jump to 175 million dollars, nearly 40 million more than in 2010. In order to take advantage of that trend, businesses will need to develop a strong online presence that attracts new customers. After doing that, they will need to make sure that they have online payment systems that can handle credit cards and a high volume of transactions. By helping keep transactions organized, accurate, and efficient, merchant payment processing services are a great resource for any business looking to use the digital marketplace to expand.
From 2002 to 2011, eCommerce sales grew from 72 to a staggering 256 billion dollars. While the majority of that total might come from consumer spending, there is also a major business to business component. This means that any company looking to use the internet to grow needs to think about not only their regular customers, but also how to handle transactions with other businesses. Both consumers and businesses will have unique needs and goals, so they will likely need to be treated differently. Fortunately, the best merchant payment processing programs will be able to help with both.
In 2007, the use of paper checks for bill payments was surpassed by electronic payments for the first time. This means that, if a business wants to provide consumers with the most convenient experience, they will have to provide them with an option for electronic or online payments. Mailing in a check has largely become a thing of the past, simply because hopping online and using a credit card to make a payment is easier. Business who fail to provide that option are likely to lose customers because of that.
One of the greatest advantages of online payments is that customers can be billed via email. While there will always be questions and concerns about security online, email allows customers to be billed faster and diminishes the need for both parties to wait for mail services. Plus, simply saving an email that has a confirmation or order number is easier than writing it down and putting it in a safe place. So online payments help make transactions faster, more accurately, and easier to organize. Helpful research also found here: www.arrowpayments.comby