Are you still doubting online payment platforms? Hesitation and unable to decide whether to step online for choosing payment options may be costing you more time and money than you think.
For a businessman, an entrepreneur, the start is always small, but it’s the smart decisions that make the business progress. In a world where people are switching to e-commerce websites for their daily life needs, it is only logical to invest in the best invoicing software that can make business transactions quick and easy.
Gone are the days when people had an accountant making payments on a fixed day of the month, standing in long queues to make the payments. Who has the time to wait when business is depending on cash flow? The number one problem that business faces are when the payments are not on time.
Why is this lapse?
Inadequate infrastructure, no time to go to the bank, waiting for bank approval using traditional methods for transferring money, and so on. Why not switch to an online payment platform that rules out the traditional banking ways of sending money, adopts a faster approach, and you do not have to wait for a day to receive or send the payment. Makes sense, right?
Why should you switch to an online payment platform?
To throw more light on the use of invoice software and the online payment methods that are swaying the world making lives easy, here are some encouraging reasons to switch your ways to invest in the best invoicing software that will fulfill your business needs.
Currency is no more an issue!
The most common issue when you are making transactions to a client living abroad, the currency becomes an issue. A bank typically offers 4 to 5 currency conversions, but with online payment platforms, even cryptocurrencies are welcome. You can keep the money in your account and use the same for online transactions, far quick then a bank wire transfer could do.
You don’t have to open an account for each currency. An online payment platform will have legal formalities adhered to where they have links with banks for foreign transactions across the globe. So when you make an account on a valuable platform, you are not creating accounts for each currency, but one account serves all transaction jobs making Cross Border Payments one click away.
No hassle to wait for bank account approvals on your bank database, no worrying to send or receive money – one platform can solve all money issues.
Fast, Reliable & Secure
Online payment platforms are more secure than one trying to make an online transaction using net banking. How? Phishing websites, hackers trying to pry in your security, or using wrong bank account details of a person by mistake can cost days of damage repair.
Though the bank will retrieve the money back if beneficiary details are incorrect, do know it will take up to 10-15 business days to get the money back. It would mean that you are now waiting, even more, to get over with the transaction for a client or a customer.
On the other hand, when using a payment platform, you do not have to wait to make or stop the payment. Just by using the beneficiary’s phone number and account details, the transaction is quick, easy to do, and in the most secure way possible. These platforms do the transaction work for you, where you do not have to wait for account approvals for the beneficiary. Just enter the details, and the beneficiary account will receive the money in 2 to 4 hours. It depends on the online payment tool that you will use.
No to Minimal Transaction Fee
Are you wondering about the transaction fee? Unlike banks, payment platforms like peachpay.me will charge less fee at a percentage that banks cannot do. It is no way illegal. Some platforms can offer initial free transactions anywhere in the world and later deduct charges for the money sent. These charges are lesser than a bank would deduct, and also the currency rate is pretty good.
Feature to Open a Merchant Account
For receiving credit and debit card payments, one requires a merchant account from the bank. The reviewing time for the application can take up many days, and also it depends on the bank whether they will approve it or not.
On the other hand, if you chose an online platform, it gives you the benefit in terms of saving time and getting fast approval. When you apply for a merchant account, the online payment service providers do it on your behalf. The account will get approved as you will be an entity under the name of the payment service provider company that you will choose. It will also give you the leverage to have unified merchant accounts as well. There is minimal chance of disapproval.
Inclusive of Multiple Payment Options
Credit, debit, net banking, MasterCard, or a visa card, if you use an invoicing software and credible online payment platform, it will give you a ton of options for payments and generating bills online without any manual work. It will save you from the hassle of making individual payments each time. You can set the software on automated settings and viola. No more delays, no more worrying, and frequent cash flow with fast transactions!
A useful tip!
For a small business company that is starting up or for freelancers, an online payment platform is the best option. You wouldn’t have to invest in hiring someone to do the job. You can handle it yourself once you make an account and get the best invoicing software that will take care of your bills, transaction record, and establish payment gateways for receiving and sending money.
It will give you a sense of comfort where you know sending or receiving money is safe, and you can get it quickly. Your client or customer doesn’t have to wait, and this helps to establish long term professional relationships setting a positive impression.