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6 Benefits of Electronic Payment for Businesses 

Byadmin

Jun 11, 2022

The payments industry picture has undergone rapid changes in recent years. Electronic payments are everywhere and the move to digital payments is only accelerating. Let’s see where you can obtain reliable and affordable low and high risk merchant accounts for your eCommerce transactions. Also, let’s reveal the benefits of digital payments for your business.

Electronic Payments on the Rise

When COVID-19 appeared, most of the payment transactions became cashless. This trend is expected to stay with use even after COVID. So, it’s no surprise that electronic payments play a special role in the eCommerce market, and this role is getting even bigger.

According to eMarketer, the cash payments market share is forecast to decline to 10% worldwide by the end of 2025, with North America, Asia-Pacific, and Europe leading the trend. Digital and mobile wallets are expected to account for the greatest share (39%) of global point-of-sale (POS) transaction value in 2025.

Digital payments come in various modes, such as mobile wallets, and POS terminals. By the way, digital payment transactions can be completed both online and in-person to the payee.

For instance, when shoppers pay using an instant real-time payment system on an eCommerce website or make purchases from their local grocer and make a payment via UPI while buying at the store, these are digital payment transactions.

Benefits of Digital Payments for Businesses

Consumers are making electronic payments in increasing numbers. Over 3/4 of Americans use some form of digital payment, according to McKinsey. What advantages do digital payments offer to merchants?

Specifically, electronic payments:

  • Are much faster compared to traditional methods of payments such as cash or checks.
  • Feature multiple ways of securing your payments such as tokenization, encryption, and SSL, thus providing a higher level of protection.
  • Offer a greater convenience for processing payments.
  • Are cost-effective: you just need to pay a fixed subscription to your service provider.
  • Can’t be stolen as often as cash.
  • Provider greater transparency in transactions, so you don’t need to worry about the record of your payment details.

If you want to accept credit card payments from your customers, you need to integrate the use of electronic payments. For this, you should shop around to find a reputable provider of low or high risk merchant accounts, depending on your business nature. Make sure you’re offered the most secure and cheapest payment processing solutions in the industry.

Electronic Payment Advantages for Your Business

Electronic payments come with more than one benefit for businesses. Convenience and cost-effectiveness are just two of them. Work with a true payment expert to get fast and hassle-free access to the credit card processing services you need.

Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter, and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant accounts processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.

By admin

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