Can you save money using electronic payments

Are you struggling to fit in and maximize your hours accepting only cash and check payments from your customers? Are you willing to switch to a far safer and more efficient payment platform for your business? And on top of it all, do you prefer a payment method that can also save you money?

Switching to accepting payments through digital means can help save you up to hundreds of hours, and thus may even save you money in the end. If you choose a good electronic payment you will usually have multiple optional security features to choose from. There are a multitude of apps that allow you to pay digitally; Paypal, Paxum, Venmo, and CashApp offer these kinds of services with the utmost security. 

How is the use of electronic payments helping us in the quest to save money?

First off, let us talk about the status quo; a merchant only receives payments from customers by cash and checks, so one still has to spend a part of their day counting cash, double-checking tills, and getting ready for the bank to deposit the money. These day-to-day activities – while its effects look minimal – are taking away some precious time that can potentially be used to develop business and increase revenue. According to Visa’s latest report on digital transformation for small businesses, most businesses spend almost three times as many hours processing non-digital payments as digital payments. 

Most consumers nowadays prefer to use their card or smartphone to pay for products and services. And as the number of people who use digital means to pay, your business might as well adapt and expand your modes of accepting payment from customers or you’ll be missing out on an opportunity to save more money.

Moreover, customers now prefer the convenience electronic payments bring to the table. No more frantic searching of bills and coins, counting for the exact change, and writing a check. With electronic payments, they can actually get to do more and even have extra time to have a short conversation with business staff whilst waiting for their order. Thus, your store also gets to serve more customers in the long run and increase your revenue.

Atm machine and dollars.

Save time and resources

That being said, always make sure to ensure you and your customer’s private information are protected in investing in high-tech chips. What you should do is to install technology that helps prevent fraud, encrypts sensitive information, and ensures that any card information is not duplicated. Contactless payments such as Apple Pay, Google pay, Paxum,and Paypal offer far more secure options as compared to other payment methods. 

Thanks to the introduction and development of electronic payment options, you can save not just money, but also save time and other resources. Not only does its accessibility increase revenue and even boost business by being accessible to the masses, but it also ensures the safety of all bank information.  If you’re ready to make the switch, try Paxum and start using the money and time saved to invest in the future of your business.  So go get your feet up, start the switch to electronic payment methods, and watch your money grow, making your life so much easier.