The increased adaptation of digitization in business has not gone unnoticed. On a daily basis, businesses are turning into digital platforms to sell and market their products and services. Moreover, although relatively new in Nepal, online payment options are also garnering quite a bit of traction. Online payments have many benefits to offer, one that makes for a smooth running of a business. However, that being said, the newness of online payment options and notions that it is complicated and a hassle has made some businesses more hesitant to adopt this new payment option.
But, we are here to debunk these unjust notions, by listing down 5 great useful reasons on why a business should start accepting online payments.
Easy Book Keeping
Let’s start with the basics, accepting online payments and digital wallets will help you track your earnings anywhere. There is no need to be rummaging around in the mounts of bills counting down your earning every day. A simple scan on your online app would do the trick. Moreover, traditional bookkeeping methods are more susceptible to man-made errors and forgetfulness, something you do not need to worry about when digital records are within reach. The online payment provides you access to better management of money, you save the hours that would otherwise be spent on keeping tabs on all the bills.
Encourages Impulse Buying
According to research done by Tufts University, consumers are like to spend more if they go cashless. After the adoption of credit card payments and other cashless payments in McDonald’s, the sales of the fast-food chain went up by 60%. Having cash on hand results in the feeling of scarcity, with each spending the consumer sees their money reducing. Whereas, with online payments this observation is absent, causing customers to be less conscious and more impulsive.
Mitigate Risks Associated With Having Cash Around
With cash in close proximity to your business, there are always chances of this cash getting lost or stolen. The threat of theft is ever-present when one uses cash, more so the business owner may also need to invest in better safes, guards which may not be needed if you go cashless. Managing this cash earned can be quite stressful with ample ways to store money. Adapting to receive online payments enables you to simplify the process of storing this cash safely.
Reduce Wastage and Save Money
By engaging in more cashless ways of spending money, the wastage you may generate with billing is reduced. This reduction will later translate to savings as you can considerably cut down on paper and other supplies businesses usually need when billing the products or services.
Quick and Easy To Set up
Most online payment options require you to go through an easy and quick registration process. This easy set-up process in itself should be incentive enough to adopt for online payment option. Once set up, the business has long-term access to view earnings, helping you keep tabs on sales made and also provide you with a safe place to secure the earnings. With all these benefits what is there not to love about online payment options?
As mentioned above, the adoption of online payments adds great value to a business, greatly simplifying their work in the process. Also, with a number of great online payment options like Khalti, companies can easily set up their accounts and be on their way to digitally earn their money and save it too!