Myth vs. Fact: 3 Things Your Small Businesses Needs To Know About Online Payment Solutions
Myth vs. Fact: 3 Things Your Small Businesses Needs To Know About Online Payment Solutions
As a small business owner, you know payment processing has changed. Old-school practices like writing checks, generating paper invoices and even swiping cards to complete transactions are being replaced. Online payment solutions are the path forward, now more than ever.
But how do you move forward if your bank account, staff or customers aren’t on board with online payments? Spoiler alert: All three probably are. Here’s what you need to know.
3 Common Myths About Online Payment Solutions
Myth 1: The Fees Are High, Confusing & Always Changing.
Fact 1: Low, Fixed Rates Do Exist.
When researching online payment solutions, fees are often the first and last thing small businesses look at before bailing on the process. We get it. You request quotes from several companies, all the rates come back high, confusing or unclear, and you decide to stick with the status quo.
But what you need to know is that some companies design rate quotes to be confusing intentionally — but only some. You also need to know that nearly 7 in 10 consumers have already made the shift to digital payments experiences, and they don’t plan to ever go back. So online payment solutions are no longer a helpful option; they’re a necessity.
The simplest way to overcome the fee hurdle: Ask companies to provide you with a rate comparison analysis. If they can’t or won’t, move on. Partners like PayGround will provide you not only with your customized rate quote, but also with the formula you need to bring every shadowy fee to light.
Check out Rate Quotes 101 for the full story.
Myth 2: My Staff Won’t Like A New System.
Fact 2: They’ll Like The Right System Better.
Another barrier to entry for online payment solutions is getting staff on board. What good is making the switch if your employees aren’t ready? The fact is, though, they are. Not only are employees looking for ways to reduce unnecessary contact with customers, but they’re also putting online payment solutions to use in their own lives.
According to the U.S. Chamber of Commerce and other experts:
- 79% of consumers worldwide are using contactless payment now
- Contactless transactions rose 40% in the first few months of 2020, and
- 88% of Americans who switch to contactless payment believe change to be relatively easy.
That means the numbers are on your side — possibly for the first time in some industries such as healthcare.
Reputable online payment solutions like PayGround will make your employees’ lives easier, simpler and safer by allowing them to:
- Accept and request payments from anywhere, with any device
- See everything from one dashboard
- Create invoices and reminders at the same time, and
- Generate custom reports at the click of a button.
No more unnecessary contact, and no more forgotten follow-ups. That’s a win-win.
Myth 3: Paper Statements Aren’t An Option.
Fact 3: You Choose: Electronic Invoice, Paper Statement Or Both.
While online payment solutions are clearly the path forward, some customers still want printed invoices. That’s okay! Maybe they aren’t computer savvy, or they aren’t comfortable with online payments yet. Whatever their reasons, you need to be able to meet their needs.
Many online payment solutions are just that — online, and online only. Solutions like PayGround, however, integrate paper statements seamlessly into your system. If a payment isn’t received within a set time period, an accounts receivable file will generate an electronic invoice, a paper statement or both. You choose the options; We execute them.