Despite the Internet’s popularity as a payment venue, some businesses aren’t reaping the benefits of doing business online. To assess the value of becoming an Internet ecommerce merchant, businesses should assess Internet ecommerce from two perspectives: a business perspective, and a customer perspective. This will it allow it to choose the account that meets its needs. Below, we examine the benefits of Internet ecommerce services from each perspective.
From a business perspective
In addition to helping them reach customers worldwide, the benefit of online payment for many businesses is its ability to reduce the costs of accepting mail and telephone payments, especially:
Document preparation cost. Document preparation entails expenses that an online merchant account can reduce or eliminate, including: detection and correction of transaction errors, preparing documents for mailing, postage fees, and payroll expense for workers who perform these services.
Data entry cost. With online merchant account services, payment information is automatically recorded as part of a payment transaction, eliminating the need for data entry specialists who enter payment information based on paper transaction statements.
Telephone service cost. When a company conducts business by telephone, it hires personnel who would be necessary in smaller numbers if it conducted business online. While telephone service is necessary for customer support, using it as a primary means of payment results in an unnecessary payroll expense.
By taking advantage of online merchant services, businesses can reduce their operating expense by reducing the costs incurred by mail and telephone payments, including the payroll expense required to support them.
From a customer perspective
For many customers, the advantage of doing business online entails the conveniences that shopping online offers, especially:
Easy Payment. Paying by telephone can result in long waits, and paying by mail takes even longer. For many customers, the prospect of hanging on the telephone or waiting days for money to clear their checking account is enough to make them choose a company that receives remote payments online.
Less hassle. Most of us remember when paying by telephone was considered hassle-free. But ecommerce makes telephone payments seem burdensome. Although some customers will wait for a representative to take their call or dial in a payment, many will not.
Buying now. The fewer steps involved in the buying process, the more likely customers are to buy a product or service. By allowing remote customers to buy online instead of forcing them to pick up the telephone or mail a check, businesses make it easier for customers to buy now instead of later.
The benefits of ecommerce are well known, but many businesses—especially small ones—have yet to reap the benefits of online merchant account services. At AVP Solutions, over 25 years experience in Small Business Merchant Accounts and over 16 years of servicing merchants uniquely qualifies us to supply small businesses with payment options that increase their bottom line.
Instead of relying on payment methods that turn customers away instead of draw them in, let us supply you with the best online payment options for your business’s goals and its customers’ expectations today.
