There are a lot of myths out there about online payments and we’re here to set the record straight. Unfortunately many business owners are still scared of online payments, or think they aren’t necessary for their business. These business owners are in fact missing out on an opportunity to please and attract clients, reduce back office processes and save money. We’ve debunked 7 common myths so your business doesn’t have to miss out any longer.
Myth #1: Offline payments will come to an end
Fact: Online payments will never replace offline payments; they are simply an additional payment option. By providing additio
nal payment options your business can provide increased convenience and choice to your clients.
Myth #2: Online payment systems are expensive
Fact: Online payment systems are very affordable for a number of reasons. A popular option is to have the online payment system hosted by the provider. This provides great value because it means that there is very minimal work required in order to set the payment system up on your website. As well, the provider takes care of any necessary maintenance.
Having an online payment system on your website also gives you the option of eliminating your Eftpos machine if you wish. In this scenario the cost of the online payment system becomes a replaced expense rather than an additional expense.
Some back office processes can even be eliminated depending on the online payment system you choose, saving your business even more time and money.
Myth #3: My business is too small for an online payment system
Fact: you probably had similar thoughts about Eftpos in its earlier days, and now it seems
impossible to have a business without it. There is no business too small for an online payment system. Offering an online payment system can speed up payments from clients because of its convenience and little effort, as well as speed up or negate back office processes, no matter what size your business. This leaves more time and cash-flow for bringing in new business.
Myth #4: Customers don’t like too many options
Fact: While this may be the case when it comes to choosing a policy, it is the opposite when it comes to making a payment. By having more payment options not only will your business appeal to a broader client base, but your business will be more appealing to your existing client base. Just because someone paid for their insurance policy with one method doesn’t mean they want to use the same method next time, nor does it mean it was their preferred method of payment.
Myth #5: Online payments are not safe
Fact: No financial transaction is ever 100% safe, online or off. However, online payment security has never been stronger. Ensure you choose a provider that offers industry standard security. As well, it would be wise to have the URL of the page the payment system sits in changed to be https, for an extra measure of safety. It is recommended that you display a security certificate at the online checkout. This can be sourced from your provider, and will reassure your clients when they are making their payment.
Myth #6: The setup is complicated
Fact: Choosing to go with a third party online payment system will allow for a very simple setup. This means the online payment system will be hosted by the provider, and be set up using an iFrame. An iFrame can be likened to a window that is easily applied to your website. This allows customers to view and click into the other website which in this case would be the online payment website. The iFrame allows the online payment technology to appear as if it is part of your website. This is great for branding, but also eliminates the need for your customers to be taken to another website they have never heard of, which can offer deter people from continuing with the payment due to lack of trust.
Myth #7: It takes too long
Fact: Online payment processing doesn’t take any longer than any other kind of bank transaction, which is usually around 2 business days and no longer than 5 business days.
Got a myth of your own?
Comment below and we’d be happy to answer any questions or concerns you have about online payment systems.