Utilize E-Payment to Boost Business Sales Figures.
Utilize E-Payment to Boost Business Sales Figures
The advancement of technology brings changes to many aspects. For example, consumers no longer need to conduct offline transactions by visiting the seller's office. Consumers can now transact online because e-payment, also commonly referred to as electronic payment, is available.
There are various types of e-payment methods. Some use credit cards, debit cards, QR codes, or e-wallets. Due to the various conveniences provided, online transactions are expected to increase over time.
So, what is e-payment? What are the benefits and advantages compared to conventional payments? Let's explore the article below thoroughly.
Definition of E-Payment
E-payment, often referred to as electronic payment, is a payment method that uses the internet as an intermediary. Consumers can use it through a laptop or computer. However, as time progresses, payments can also be made from mobile phones by downloading specific applications.
Benefits of E-Payment
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There are several benefits if a company or you use e-payment as a way to transact, namely:
- Flexibility
When using electronic payment, payments can be made anytime and anywhere. This is advantageous for consumers who are not restricted by time and place. Moreover, they don't have to go to the bank to make payments. - Efficiency
One of the most pleasant things about the advancement of banking technology is that payments become more efficient. Consumers no longer need to queue at the bank just to make payments. They can make payments from a laptop, computer, or mobile phone. Thus, consumers' time can be redirected to other activities. - Secure Transactions
One disadvantage of conventional payments is the need to carry cash. If purchasing a product requires a significant amount of money, consumers need to be prepared to carry a large amount of cash. Therefore, to prevent theft, caution needs to be exercised. This is different when using e-payment. Transactions will be secure because they use PINs and passwords known only to consumers. - Increased Customer Loyalty
It is undeniable that if you are a business owner and utilize e-payment as a payment method, consumers will be pleased. It will facilitate consumers in terms of both time and operation. Consequently, customer loyalty can increase over time. Moreover, it's not impossible for them to make repeat orders.
Advantages of E-Payment
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After understanding the definition and the benefits that consumers and businesses can gain when using electronic payment, it's time to learn about its advantages:
- Faster and Easier Payments
One reason why consumers are willing to repeatedly use a service is that the service provides convenience and speed. In an era that demands practicality, services capable of providing these aspects are prioritized. Thus, this is the main advantage of e-payment. - Cost Savings
The downside for modern consumers when carrying cash, especially in large amounts, is the inability to control spending impulses. This makes consumers more extravagant. With the presence of electronic payment, consumers can control their spending by at least refraining from excessive transactions. Moreover, some applications have transaction limit features. - Reduced Risks
A good system is one that can guarantee security for its users. In electronic payment, the system is capable of accommodating everything, so there will be no fraud or theft. If there are any indications, detection will be faster. This is different when using offline payments. The percentage of fraud or theft is highly likely to occur. - Increase in Sales Figures
When the system runs smoothly, it can be ensured that sales figures will increase. The ease of making payments and the speed of response are two factors that will encourage customers to continue making transactions. Moreover, businesses can reach more customers.
By using e-payment, businesses will gain more engagement than before. This is because businesses can adapt to modern technology.
After understanding the definition, benefits, and advantages of e-payment, you can utilize it in your business. To further develop your business, use payment methods that suit customer preferences. Brick can help you accept various payment methods and process them automatically.
