Digitise your payments: Modernise how your business receives money

Why should you go digital on your payment method?

In the world of wireless tech and digital solutions, businesses need to adapt and evolve accordingly. It has become imperative that SMEs digitise their payment methods, especially with the adoption of payment method by mobile device.

A study done by Mastercard claims that seven out of ten people believe that digital payments override cash. Many small businesses, across the globe have adopted ‘cashless’ as their mode of operation and the trend is slowly growing in South Africa too.

Digital payments 101: Methods of payment

Two key reasons why you should consider digital payments for your business are safety and convenience. The cashless aspect makes both your customers and business less of a target for theft and having a digital payment solution eliminates the need to withdraw and remember cash; making it very convenient. Bank charges cost less than cash deposits and the creation of a digital paper trail encourages the saving of real paper, and an easy to access transaction history.

Digital payments can also help your business unlock funding through loans or business cash advances due to your financial services provider having a better view of your business performance then they might with a cash driven business.

Staying on top of your business’ performance is much easier with digital payments. Most payment solutions come with access to customisable dashboards which allows you to see your transactions in real-time and track your performance on a daily, weekly or monthly basis.

How to digitise your payments

The process of digitising your payments is not as hard or as long as you think. When you’re a small business owner, it’s key that your payment systems fit three criteria: quick, simple, and secure.

Your small businesses should be looking for alternative payment solutions to cash, and thanks to the availability of a number of point of sale machines, this option is cheaper and easier than ever. You can now purchase a portable device for under R500.00, with a cost of approximately 2.5% to 2.9% per transaction from the financial service provider. The higher your transactions, the lower the rate you pay which is a great incentive to go digital. Before you sign on the dotted line, remember to shop around to compare transaction rates and POS features from multiple providers to ensure you’re getting the best deal.

Increasing payment options like Google Pay or Apple Pay , gives you the opportunity to increase revenue. Google Pay enables quicker and safer checkout in apps and websites and makes it easy for your customers to pay with their phones via a contactless transaction. With this simple adoption, you can access hundreds of millions of cards saved to Google and Apple accounts and expand your reach.

A final Thought

You can’t change what you can’t measure, especially when it relates to your business finances. Digital payments not only helps your business become future fit, but can come to your aid should a cash flow crisis arise.

Ready to take your business store online? Click the link to find out more on how to choose the right e-commerce platform for you.