In Uganda and across the world, online payments, credit and debit card payments are becoming popular every other day, while cash and checks are continually decreasing in value. A merchant, or any payment system that allow account holders to accept payments in numerous ways (usually debit or credit cards) can help you add value into your business.
Here are some of the opportunities presented to you as a business owner when you invest in merchant payment systems.
1. Better money management
Online payments provide the ideal avenue to simplify the way your business handles transactions. We all know the inconvenience that comes with counting cash – imagine counting your money and you’re not sure of whether you’ve done the right calculation. Electronic payments therefore help you keep organized and facilitate better cash flow management and forecasting.
2. Increase sales and profits
It’s really this simple, your merchant payment system allows you to accept payments in many different forms. This culminates into more sales, greater market reach and less missed sales.
For old customers to return and attract new ones, offer convenience with your services
Besides, to remain competitive and relevant and maximize sales and profits, you need to accept card or mobile money payments.
3. Customer convenience
By using a merchant account, your customers satisfaction is guaranteed and they will definitely return simply because the system gives them the flexibility to purchase in numerous ways (credit or debit cards, online payments through mobile money). This allows customers to relish their experience with your business since they can shop when and how they want with simplicity.
4. Faster means of payment
As a business owner, this is an ideal opportunity to reap from the benefits presented by merchant payment.
Today, most of the customers prefer to make payments through cards or mobile money. Besides, transactions through cards or mobile money take lesser time. So, when you get a merchant payment account, you can manage all your payments through this account.
5. Receive online payments
Having your business online is very critical today. There are so many people who pay most of their bills, do shopping and manage their account online.