Benefits of Online Payment Apps for Small Businesses | With the rise of online shopping, many small businesses have started to accept credit card payments through an online payment app. These apps provide several benefits that make them a better choice than traditional credit card terminals, especially if you are just starting out and don’t have thousands of dollars to spend on equipment and setup costs.
In this post, we will discuss the top 10 benefits of using an online payment app to accept credit cards in your small business and why you should strongly consider switching over if you haven’t already.
Top 10 Benefits of Online Payment Apps for Small Businesses
1) Maximize your profits
Maximize your profits by incorporating an online payment app into your small business. Online payment apps allow you to increase sales by reaching a wider customer base and offering customers more payment options.
As a result, these apps can help you grow as a business and establish trust with new customers. These apps are free or low-cost depending on the features they offer. If you’re looking for a way to boost revenue in your small business or need more ways to collect payments from your customers, try adding an online payment app today!
2) Get paid faster
The average small business takes about one week to get paid. With an online payment app, you can have funds in your account within one day. One day! Plus, if you’re registered with the IRS as a business, you’ll receive money back on any purchases made through your credit card with those apps.
An online payment app saves time because it doesn’t require going into the bank or waiting for checks to come in the mail before writing out a check or taking cash out of the register. You just need access to a computer or smartphone so you can easily transfer funds from their accounts into yours at any time of day.
3) Empower staff to take control
Empower staff to take control with the ability to process credit card payments. A mobile payment app can be integrated with a point-of-sale (POS) system, so your employees can sell products and services while on the go.
All they need is a phone or tablet and access to Wi-Fi. Plus, you don’t have to worry about them being distracted by other things like social media.
4) Keep better track of expenses
A mobile app will provide a detailed breakdown of all transactions, from who you paid to how much. The app also stores an itemized list of all payments, with the date and time recorded for each transaction.
If you need to ask about any specific transactions in the future, you can always access this information by going through your app history.
The advantage of a mobile app is that it can simplify your life, while making tax time much easier. You no longer have to keep track of receipts, checkbook stubs or any other means of transaction tracking.
Instead, you can rely on your app to serve as a digital ledger where you can record every expense and use it to pay taxes each year. This makes filing taxes much easier because you won’t have to scramble around looking for receipts in order to remember how much money you spent on an office party or last year’s holiday bonuses. Instead, all transactions are stored in one convenient location so that tax time is simple and stress-free.
5) Automate your accounting system with POS & ERP systems
Automate your accounting system with POS & ERP systems, which will take the headache out of running a small business. These two types of business management software allow you to monitor inventory, sales and manage payrolls.
These two software packages are designed to work together, so it’s important to pick one or the other. For example, if you want a POS system that also handles invoicing and managing payrolls, then you need an ERP package as well.
If all you want is a simple point-of-sale program and don’t need anything else from an accounting program, then an EPR package is unnecessary.
6) Take advantage of discounts, promotions, and offers
With online payment apps like PayPal One Touch, businesses can automatically apply coupon codes to purchases. If a customer checks out with a discount code applied they are eligible for an automatic refund if they return the item within the allotted time frame.
Online payment apps make it easy to offer gift cards and loyalty points without incurring additional expense. Some even offer their own rewards program so customers can accrue points or save money on future purchases by using your app. Loyalty programs are an excellent way to keep customers coming back again and again!
The more information you collect about your customers the better able you’ll be to tailor future products and services accordingly.
7) Compete with bigger businesses on digital platforms like Facebook, Instagram and Pinterest
These networks are already home to billions of users. For example, Facebook is the third most visited website in the world. It has over 1 billion active users each day. You can advertise your business on these sites and reach a huge audience.
However, it can be difficult to use social media marketing effectively without a budget or time commitment. That’s where online payment apps come in handy! All you need is an internet connection and a smartphone (or tablet) with access to Wi-Fi or cellular data.
With just one click, you can make an ad that will show up on your customer’s screen when they log into their favorite social media site.
8) Build brand awareness online through social media channels like Facebook & Twitter
Social media marketing campaigns are often cheaper than traditional advertising, and are especially useful when targeting millennials. Marketing to millennials on social media is a powerful way to reach them as they spend a great deal of time on their smartphones.
Additionally, with the launch of chatbots, Facebook and Instagram now offer automated customer service options that can be accessed at any time. When running a small business with limited resources, it’s easy to see how these benefits translate into important advantages.
9) Make it easy for your customers by accepting online payments directly from the point-of-sale (POS) terminal
Your customers will love this, and you’ll love the convenience. You can process all types of credit cards in seconds, while still retaining the safety and security of your customer’s sensitive financial information.
All you need is a small piece of hardware that attaches to a computer or mobile device and syncs with an internet connection. Once connected, simply process any transaction as you would at a traditional register. The cashiers will be more efficient, and your customer won’t have to wait in line to pay!
10) Upsell new products or services to boost sales
Are you looking for ways to boost sales and increase revenue? One way is by offering new products or services. For example, if a customer is purchasing a business shirt from your online store, consider adding a tie as an upsell. Or, if a customer orders two desserts from your restaurant menu, offer them the chance to add an appetizer.
Conclusion: Top 10 Benefits of Online Payment Apps for Small Businesses
Overall, online payment apps offer a lot of advantages and benefits for small businesses. They can help save time and money, increase efficiency and productivity, and make it easier to manage finances. They also offer flexibility and convenience, which can be a huge plus for busy business owners. If you’re not already using an online payment app, it may be time to give one a try.