Chances are, you’re reading this article on a smartphone. The convenience of having one is almost a given these days.
Along with higher smartphone usage, buying things and paying for them online has also been rising. We’re not just talking about now that the world is in lockdown. Even before now, many people have been turning to online shopping to get their needs and wants.
Digital payments are expected to grow to 86 billion US dollars by 2023, but even here in the Philippines, people are starting to expect more and more when they’re shopping online.
53% of Filipino online shoppers are choosing payment methods other than Cash on Delivery to pay for their online purchases. This number will only get bigger and bigger with each year.
They want online payments.
We’ve got five good reasons why your business needs to cater to these savvy customers.
Reason #1 - Customers Want Convenience
Everyone wants convenience, not just customers. But customers most especially. Whatever’s easiest for them to do, they go for it. And many times, the hassle of having to go and line up to buy something, or to head to a bank to pay through a deposit, can mean lost sales for your business.
Plus that extra time for them to think about their purchase can mean possible buyers' remorse.
Nowadays, customers might not even need a credit card to pay online, because mobile- and e-wallets are everywhere. They cost next-to-nothing to open and maintain, but provide a ton of convenience to users.
(Good thing Chatbuddy allows both fully-online bank transfer and e-wallet payment super easy!)
Reason #2 - Savings for Both Businesses and Customers
For businesses, online payments speed up processing times for orders. If it’s fully automated, even better -- there’s less reliance on staff manually checking payments, and therefore less prone to human error.
Even bank transfer methods which are also locally popular still provide significant savings in time and effort. There’s added security with orders, and this also minimizes waiting for payments to come in through Cash on Delivery partners. Sometimes these can take a while to remit the money to businesses--or even have thresholds or fees upon withdrawal.
For customers, enabling online payments provide valuable time savings, too. Instead of waiting in line to pay for something, the ease of online payments (and e-commerce in general) give customers more time to do other things.
Reason #3 - Competitive Edge
A business that is online and enables online payment can improve a shop's reputation, making it feel more trustworthy to customers wary of getting scammed online. It also says that your business isn't stuck in the past, and customers can rely on you.
It also influences impulse buyers who want to make sure they get what they want--by "sealing the deal" and paying online, it provides them a sense of finality and trust that they have purchased the product and they will soon receive it.
You can even heighten this feeling with last-minute deals and give your bargain-hunting customers the rush of triumph as they bag their prize.
Reason #4 - Easier Tracking and Accounting
If not tracked correctly, cash-based transactions can be prone to losses and theft, through plain negligence or lack of an organized process. Online payments, whether through credit cards, e-wallets, or bank transfers, leave a paper trail that can be easily tracked by businesses and consumers alike. You can easily make sure all payments are accounted for and any discrepancies can be are quickly confirmed.
Also, with the added focus of the public on being frugal and wise with money, the availability of transaction histories in their card or bank or e-wallet statements can be a big help.
Reason #5 - Quick to Set Up And Reap Benefits
Regardless of how you accept online orders, there are so many services nowadays that make accepting online payments quick and easy to get set up. With these advancements, there are few reasons to stay in the shadows of this new trend.
Many online marketplaces and ecommerce services have it already built-in, allowing you to accept online payments for only a small fee.
One such service is Chatbuddy -- we’ve already done the hard work for you. In addition to getting a chatbot to handle orders, it even already has online payment set up. You can easily accept bank transfers from any bank, payments from e-wallets, or even over the counter payments if you need them, without any extra work on your part.
Conclusion
Online payments and transactions are now so commonplace that not offering it on your online stores and ecommerce businesses can be seen as a sign that you’re stuck in the past.
That’s not a good place to be, especially for customers who are quickly becoming more and more technologically savvy. The current upward rise of digital technology usage is bringing online payments and transactional maturity to everybody.
Think about all the reasons why enabling online payments will benefit you and your customers:
- Customers want convenience.
- Increased valuable savings for both businesses and customers.
- Don't underestimate the competitive edge.
- Easy to track and availability of a paper trail provides added security.
- Advancements in technology and local services make it a breeze to set up.
It may seem to be a daunting task, and there are some initial investments and some ongoing costs involved. But it’s not rocket science what you need to do for your business, when you look at the bigger picture. All signs are pointing to online payments being the standard in the near future.
You can easily jump ahead of your competition and accept online payments. Why not go for it?