5 myths about online payments that may be holding back your business
Have you been resisting online payments for your business transactions?
You’re not alone.
Many business owners believe that online payments are too complicated. They’re unaware that by clinging to their old-school ways they might be losing major business.
It’s about time we break the popular myths and show you what online payments are truly about.
Myth 1: Online Payments are Complicated
Many people complain that online payments are too complicated. Most of them have never attempted an online payment in their life.
How would you know if things are complicated or not, unless you try?
The truth is that online payments are as simple as exchanging money can be.
If you can operate a mobile phone app, you can easily manage online transactions for your business.
In fact, with an online payment system, your finances will become a lot more simplified. You’ll get the benefit of auto-generated invoices and ledgers. And of course, you’ll be spared the hassle of handling cash.
Myth 2: Online Payments aren’t Safe
Online scams and frauds do happen, but they’re exceptions. Most businesses transact online securely through trusted payment gateway services and have never lost a penny.
Online payment services have evolved considerably over the years, and the service providers have evolved special services based on the risk factors affecting various businesses. For instance, a chartered airline business based in the US receiving money from the UK can choose high-risk merchant services UK for secured online transactions despite the frequent chargebacks and refund history.
No matter how new your business is, or what your credit history has been, you’ll find secure online payment services to support your business.
Myth 3: Online Payments Come with Hidden Charges
Some business owners don’t wish to join the movement of cashless payment because they fear there’ll be surprise deductions.
The fact is that online payments don’t have any hidden charges. Fees are disclosed to merchants beforehand.
When you sign up for a merchant account with an online payment service provider, the service agreement will list the rates at which different transactions get charged. Rest assured, there’ll be no surprises.
Myth 4: Online Payment Processing is Prone to Glitches
Trusting machines and technology isn’t easy, and that’s perfectly understandable. Especially, since we’re so used to dealing in cash and relying on our mental maths for calculations.
But with automated payment systems, there is far less room for error. Even if there are any check-out issues, troubleshooting is quick.
Myth 5: You’ll Never Know the Details
A popular myth about online transactions is that all the details get lost. People assume they won’t be able to trace the payment details and there’ll be no record for financial analysis.
That’s absolutely false.
Online payment systems create detailed records, and merchants can access all the data.
There are a few added advantages too. You can access the information online anywhere by logging in to your merchant account. You’ll also save time making any financial analysis because all the information is presented in excel sheets and charts.
Online payments are super convenient. That’s why shoppers prefer to pay electronically. Indeed, businesses need to modernize the way they transact to meet the demands of their customers.
Most new retail businesses have accommodated cashless payments. But traditional business owners still shirk at the idea of online payments.
You only need to make a small effort to get out of your comfort zone and move away from cash transactions. We hope with all the myths debunked here, it’ll be easy for you to make the transition.