There used to be a time when all money was physical. If you wanted to make a purchase or carry out a transaction of any kind, you had no option but to use paper notes and/or coins. Then came the internet and eventually electronic payments. Nowadays, a growing number of people in Canada and elsewhere make more electronic payments than physical ones – some don’t even use physical currencies at all anymore. If you’re in the world of business, using electronic payments makes complete sense. Here are 5 reasons why.
We live in a world that’s becoming increasingly fast-paced. More and more aspects of daily life are speeding up and many things are instant and on-demand. The same goes for electronic payments – one of their biggest advantages is that they facilitate quick transfers between a business and a customer no matter where the two are located. All sorts of business benefit from instant transactions. The online gambling sector does, for example. Sign up to a casino and the money you deposit into your casino account appears there ready to be used immediately. In fact, even the number of Paypal Casinos Canada are on the rise as PayPal is an excellent option because it’s secure and offers fast withdrawal times.
Expanding Your Reach
If a business only accepts physical payments, it may still do well but it’s limiting itself. By accepting just cash, a business is closing itself off to a whole new group of customers. When a business starts offering electronic payments, it greatly expands its reach and is able to reach many more customers than it did before. When only cash is accepted, a business is limited to people who can visit and make cash transactions in person, or send cheques in the post. When electronic payments are accepted as well, a wider range of people are able to make transactions.
Generating More Revenue
It goes without saying that if a business is capable of reaching more people, its sales have a very strong chance of going up. For any sort of business to succeed, it needs to move with the times. If a growing number of people are spending money using electronic payment methods, a business needs to accept these otherwise it’s potentially losing out on a lot of custom. The more options there are for customers to use, the better. After all, if you’re business doesn’t offer a particular payment method, potential customers who use that method are just going to go elsewhere. The more options you offer, the more customers you’re able to do business with.
People appreciate knowing that their money, whether physical or digital, is safe. Practically every electronic payment option uses the latest, most up to date security software and protocols to ensure users’ money is fully protected at all times. These services are constantly doing everything they can to prevent things such as fraud or a breach of data. Should anything untoward happen with someone’s money, there’s a very good chance the issue can be resolved sooner rather than later. Various measures are used to protect customer accounts as well.
A particular electronic payment method that many find useful is the credit card. With a credit card, you’re able to spend money you don’t currently have in your account and pay it back at a later date (though there may be interest). By accepting this payment method, you can sell products and services to people who don’t necessarily have the full amount of money in their account. You can also have payments broken down into instalments that are taken from the customer’s account at regular intervals – once a month, for example.