PROS OF E-MONEY FOR SMALL BUSINESSES
Even at the stage of creating a new business, it is necessary to determine how payments will be made by clients. Why is it important? The payment method is one of the elements of your competitiveness in the market. After all, the more convenient it is for the buyer to purchase your product, the more chances that it will be bought from you.
For example, you and a competitor sell the same clothes for children, but you have the option to pay with electronic money, but the competitor does not. Your target audience is mostly mothers on maternity leave. They cannot always reach a bank branch, stand in line there, and send money to the account. And of course, for them, the best way out of the situation will be an online payment.
The options for online payment can be as follows:
- payment using bank cards;
- payment by electronic money.
And if payment by credit card has already become common for online stores, then the second option of instant payment is not always found. Not all entrepreneurs appreciate the benefits of e-money for small businesses.
Although there are many advantages:
- Electronic money saves you invaluable time, the payment is made almost instantly;
- You can pay from any place where you have access to the Internet (and, of course, from your home);
- Access to the wallet – around the clock, every day of the year, on weekends and holidays;
- Low-interest rate when paying and converting currencies;
- Confidentiality of payment information;
- Payment security;
- History of payments in your wallet;
- You can top up your electronic account at any time, day or night – for example, through terminals;
- The ability to create wallets in any currency quickly and for free;
- The ability to protect transactions (password protection of payment);
- Some goods can only be paid for with electronic money (for example, hosting and domain, which is important for an Internet entrepreneur);
- There is the possibility of exchanging electronic money for cash or a bank card.
You can further enumerate other advantages of electronic money for small businesses and their customers, but it is already obvious that every businessman should have at least one electronic wallet.
The question arises, which system to prefer?
Today, there are more than 15 systems (with their pros and cons) of electronic money, for a small business, it is desirable to have at least three of them so that the client can choose the most convenient one.
The most popular and widespread:
- Paypal is an international settlement system with several currency equivalents (Euro, dollars, etc.), transfer commission 2.9%;
- Stripe – a settlement system worldwide with a commission of 2.9%;
- Google Pay – It’s an app by Google, which allows the user to send money through UPI.
Registration in each of the considered systems will be quick and successful if you use the instructions that are on the website of each system. Video instructions are easily searched for by keywords on YouTube. You will be able to appreciate all the advantages and the fact that electronic money is a modern business approach for a successful small business. Besides, e-money is the most convenient way to pay for the work of remote assistants.
There is an “advanced” way to accept online payments simultaneously using bank cards and through any electronic wallet – this is the use of payment aggregators. If you are interested in learning more about them, write in the comments, we will definitely tell you about them.