Are Automated Payment Methods the New Way To Go?
24th November 2021
A large percentage of businesses have seen increased growth after moving from one payment method to the next. So what is the big difference between automated payment methods and online payment methods? Let's take a look at a few ways using both of these methods can impact your business.
A lot of businesses choose to use automated payment methods because they save time and money, as well as giving customers more flexibility. By using automated payment methods, businesses can reduce the amount of time they spend handling cash and cheques at the point of sale, which is increasingly important in today's climate since the Covid-19 pandemic.
Customers can also benefit from automated payment methods because they can pay for goods and services with a range of different methods, including credit cards, debit cards, bank transfers and even direct debits from their bank accounts.
An automated payment method lets customers pay you through phone, text, email or even by filling out a form on your site. These payments are usually recurring payments like monthly bills. You can set up automated payment methods with one of these providers:
Each of these providers has their own unique pricing and features which makes them all worth looking into. With automated payment method providers, there is no need for you to manually process payments or manage any customer information. You also don't need to worry about chargebacks or fraud with these providers because they take care of that for you automatically. One of the biggest benefits of using an automated payment method is that it really simplifies the process for your customers. It eliminates the need for them to remember to make a monthly payment and also takes away the hassle of them having to send you money each month.
Here's an example of the screens customers see when setting up a direct debit mandate with GoCardless or recurring payment using Stripe.
Having said this, when you provide multiple payment options online, the number of customers you can reach increases significantly. Some customers prefer to have control over the timing of their payments and therefore prefer paying securely online with a card or over the phone than signing up to fixed date or service related billing. Because of this, it's also a good idea to make sure that your website takes credit card payments, and if you don't already offer automated billing, add that option as well.
The benefits of online payment methods for customers include the ability to pay anywhere at any time. They don't need to worry about losing their credit card or having it stolen. The other important benefit of making payments through online method is that they provide a high level of security for both parties involved in the transaction. All the information required for making a payment is stored in a secure server and cannot be accessed by unauthorized persons as it would be encrypted. This ensures that your personal information remains safe from hackers as well as from identity thieves.
In conclusion, if you’re a small business owner, it can be a real challenge to remain profitable and keep your enterprise afloat. Automating payments is a great way to give yourself a hand up. Choose the automated payment method that’s right for you, and your business will reap all the benefits that come along with it.