Electronic Payments

The Benefits of Electronic Payments

Enabling online browsers to purchase conveniently, electronic payments could turn them into online shoppers. UK consumers now spend over £1 billion online a month (IMRG, 2002).

Speed

• Sending cash or cheques by post for goods is slow, and has security and currency conversion implications.

Convenience

• Electronic payments ensure that your store is open for business globally, 24-hours a day, seven days a week.

Efficiency

• Electronic payment systems leave behind an electronic documented audit trail, streamlining your auditing and accountancy processes.

• Bank wires are cumbersome and expensive.

• Accepting payments online streamlines the buying cycle. By making your order, stock, purchase, payment and dispatch processes electronic, from website to back office, you don't have to re-key order data.

• Shopping site software can be easily integrated with popular back office packages, such as Sage, to automate ordering, stock control, invoicing and accounting systems.

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Reduced costs

• Accepting online payments means that many banking processes become automatic.

Increased customer base

• Online payments take advantage of impulse buyers.

• 95 per cent of electronic purchases are by credit card. If your website doesn't offer payment by credit cards as an option, you could lose out on this market.