Are you a small business wondering if it’s worth your time to take payments online?
Here’s why you should.
Almost half of UK shoppers (43%) have started to use online payments more often because of restrictions to shopping in stores.
With more shoppers turning to online shopping for everything from the weekly food shop, to clothes shopping, to takeaways at the weekend, having an eCommerce solution for your business is becoming essential.
Even if you have a physical shop and are taking card payments, an additional eCommerce set-up can easily increase the amount of sales you make, and open up your customer base to a much wider audience.
Here are the main reasons you should consider taking payments online for your small business.
It’s a simple fact, the more ways you can accept payments, the more money you’ll be able to make.
According to J.P.Morgan, the UK makes up more than 30% of the total eCommerce market in Europe. From the smallest business, to the biggest corporation, eCommerce is a multi-billion-pound business platform.
By moving your business online, even if you maintain a physical store (as many eCommerce businesses do) you can increase the amount of sales you make by widening the options for people to buy from you.
Bringing us to the next point.
Not everyone likes to shop the same way. Some people prefer to shop from the comfort of their own home. Some people like going out to the shops and look at things in person - when they’re able to.
Whatever way someone likes to shop, they expect businesses to meet their needs.
By taking payments online you match your customers’ expectations and provide them with the options they want.
What we saw with the pandemic in 2020 was more consumers becoming reliant on eCommerce, and it’s become something we’re more inclined to do now. Many of us turn to online shopping as a first instinct when we can’t go out.
Even when things start getting back to normal, shoppers will continue turning to online shopping for simple and safe purchases.
eCommerce can help open your business up to a much wider customer base than is available with a single physical location.
Even for local businesses, adding secure online payments can make you accessible to people who want to shop with you but live too far away or lack the transport to get to you.
If you’re a business looking to get in front of a world-wide customer base, then an eCommerce platform, coupled with a partner who can help you start taking online payments, can level up your company’s reach rapidly.
Unlike a physical shop, eCommerce stores don’t have strict opening hours.
Perhaps there are potential customers who are just unable to visit you whilst you’re open?
You’ll never know until you start selling online. With an additional online store front, you can start to make sales 24/7, 365 days of the year!
Just like businesses accepting cards and contactless payments in store have a better reputation for convenience than those still only accepting cash, having the ability to take secure online payments levels up your reputation again.
If customers know you sell what they want, and you accept all the different types of payments they might want to use, then you’ll have a better reputation among your customers.
Taking payments online is extremely easy and it can help you take more payments without increasing your administration.
All payments are authorised and approved immediately and payments are typically received into your business account within a few business days.
You’ll have a full, transparent audit trail of all payments taken online, stored in a single place (including dates and times of transitions) so you can easily and simply view the payments you’ve taken and the money you’ve made.
Taking online payments is secure for you and your customers.
For your business, payments are only authorised if your customer has the funds to cover the payment, and those funds are taken instantly and deposited into your business account according to your agreed settlement timescale.
If you’re considering moving into eCommerce for the first time or are looking to move to a better provider, get in touch with us today. We can help you get a better return on investment from your online payments.
Contact us today.