Paying Virtually helps to reduce purchasing barriers. It makes shopping more enjoyable, more convenient, and more seamless for your customers. This is great for your subscribers and customers, but it is also a benefit to you as a merchant and your business. Keeping your client happy makes it easier to maintain current customers and target new ones in the future.
In the previous blog, we discussed some benefits of a virtual terminal for merchants and businesses. However, there are benefits for consumers as well, especially those who do not carry cash, or who carry less than $50 at any given time.
Thus, by enabling virtual payments within your business, you make it easier for your customers and subscribers to buy your product or subscribe to your services. Below are some of the other advantages that consumers enjoy once you start accepting receiving payments virtually.
- Provide Payment Security
One of the reasons why people have started carrying less cash is because keeping money on wallet has become dangerous. Moreover, with overdraft fees and other banking penalties, writing checks was a hassle and does not provide much security either.
However, with CloudBanking virtual payments, your customers can make their payments safely and securely, especially because the credit card processing platform is backed by PCI-compliant data security and real-time fraud protection.
- Invoicing bills and Tracking
Another benefit of paying virtually is documentation. Consumers can now store all invoices and slips entirely online in their folder, which they receive in their email accounts. This makes it easier to track charitable contributions and other deductible expenses on tax reduction. Not only for tax purposes consumers can enjoy the security of having a written record of all transactions.
- Better shopping experience
In the days before virtual payment and e-commerce, shoppers were limited to stores within driving distance. However, with the rise of virtual shopping, customers have now access to entire global stores, products, and services.
This will make the shopping experience much easier as customers can find exactly what they are looking for at a price they are willing to pay.
- Hassle-free Shopping
Not having to carry cash is one of the primary advantages of virtual payments, but this represents only the tip of the iceberg. Consumers can also benefit from recurring billing and automatic reminders for their payments, so they never get charged with late fees.
Moreover, they can enjoy the benefit of one-click shopping. Once you enter the credit card information, and thereafter click the “buy” button to make a purchase.
With the rise of e-commerce and mobile banking, any small and medium-size businesses can accept virtual payments- regardless of any size or industry. The most important advantage of virtual payment is reached. Rather than limit your customer base to people within driving distance, virtual payment processing allows you to interact with customers on the other side of the world and transform your brick-and-motor business into an e-commerce store that can compete at a global level.
Moreover, with PCI-compliant data security and fraud detection, you can dramatically reduce unnecessary exposure to risk. Paperless processing also limits internal fraud, and it is a bit difficult for accountants to dip info cash register when payments are securely stored in a virtual system. This system is one of the most affordable ways to accept payments, as managing paper, receipts and cash can consume a lot of valuable human hours.
CloudBanking virtual payment processing, transactions has made it easier to manage and predict cash flow cycles on regular basis via Accounting Integration. Regardless of any size or industry, all businesses can boost profitability by receiving payments on a Virtual Basis. CloudBanking Virtual payment processing can complement other payment options you have in place.
Get in touch with CloudBanking for your payment method services inquiries, testimonials, complaints, and other concerns.