How to Receive Online Payments Free without Hassles.
Starting your own business can be a rewarding experience, but it also comes with its share of challenges, especially when it comes to payment processing.
We live in a technologically advanced world where online businesses and e-commerce merchants can expect fast and safe digital transactions. Transactions have been made simpler than ever before thanks to technological advancements.
The benefits of digital payments have never been more attractive to merchants as the popularity of eCommerce has grown dramatically in recent years, with a 46 percent consumer penetration rate for digital commerce expected by 2020. Accepting online payments has become a requirement for all businesses, large and small, and the value of electronic payment systems has increased as a result.
The benefits of accepting online payments are numerous; let’s take a look at the advantages that companies that accept online payments enjoy.
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Advantages of Online Payments
1. Reaching global audiences
Accepting online purchases can have the greatest appeal because it allows a company to sell to the entire world.
As an online retailer, the product is available to a much larger audience than just your own countrymen — about 56 percent of online shoppers prefer cross-border shopping, and one of the biggest benefits of digital payments is the ability to extend your sales scope to these global, willing audiences.
2. Reduced costs for transactions
Online payments are much more automatic than traditional payment methods, which require the shopper to visit a store and pay in person or mail a check. This leads to lower prices for them.
Rather than hiring a cashier or incurring the costs of handling payment slips, retailers can set up payment systems with little or no money up front and only pay minimal transaction fees if a sale is made on their platform.
3. Payment security
When compared to conventional approaches, where the seller may have to verify the legitimacy of the cash payment or deal with the penalties associated with a bounced check, accepting online payments carries less financial risks for the retailer.
One of the benefits of online payment processing is that the shopper’s money is immediately deposited into the acquiring account, due to the pace at which transactions are completed online.
Online payments may be cleared in as little as two or three days, giving retailers more leverage over their finances. Furthermore, online payments are more closely controlled, giving online sellers additional peace of mind.
4. Optimized customer journey
Shoppers can make transactions in any global market they want, at any time of day they want, using online payments. Users shop online for the convenience of completing a purchase, and as a retailer, you must appeal to this choice.
Prospects would no longer be able to get the satisfaction that comes with purchasing online if it weren’t for the online payment option — today’s global shoppers are already accustomed to getting an immediate receipt for their purchase and, in the case of digital products, even receiving the goods or direct access to them.
5. More appealing to impulse buyers
Remember all of the impulse buyers the store attracts by providing online payment options when we’re on the topic of sales increases. Some items and goods manage to persuade users on the spot, depending on the product category you’re selling in. It would be a shame not to be able to accept payments directly, so that’s another benefit of using a payment portal to add to our list.
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One of the best solutions for online payments
Payoneer is a financial services brand that offers a platform for online money transfers, digital payments, and working capital to customers. It was established in 2005. They are also a Mastercard Member Service Provider with a global reach. Airbnb, Google, and Fiverr are among the companies that use Payoneer.
Payoneer works with over 200 countries and 150 different currencies. You may use the financial payment service to withdraw money using a debit card, as well as send and receive money both domestically and abroad.
Transferring funds is made easier with the brand’s prepaid Mastercard (not Visa). It can be used for any form of transaction, including e-commerce, as a debit card. Rather than going into your online account, payments are sent to Payoneer Mastercard (and then transferring to a local bank account). This means less of a hassle if you need to acquire funds quickly.
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Here are some other advantages of using payoneer
• Convenience — One of the most important factors influencing conversion rate is convenience. The more steps a customer must take to complete a transaction, the more likely they are to abandon their purchase and shop elsewhere.
• Speed— Payment processors will quickly pass most payments between buyers and sellers. Transfers to and from bank accounts, on the other hand, can take up to 24 hours.
• Trust — Several payment processors are well-known international brands. Customers are more likely to trust the payment system if they already use payment tools.
• Security — Online purchases are further protected by payment processing firms. You may set thresholds, flags for account operation, and sometimes even a time period for payments to be recalled.
• Record-keeping — Payment processors offer you online access to your account, allowing you to track your contacts, recurring payments, and any account activity from your desktop or mobile device.
Extend your business horizons! A complete network tailored to the needs of today’s cross-border entrepreneur. Pay some of the world’s leading marketplaces, pay your suppliers and VAT for free, and run several stores from a single location. Access working capital to reinvest in your company and withdraw your profits at low rates in your home currency.
Sign up For Payoneer experience by clicking HERE
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Disclaimer:
Some of the links in this article are affiliate links that may provide me with a small commission at no cost to you.
