The Benefits of Virtual Payments for Consumers
In an earlier post, we covered some of the primary benefits that businesses receive by accepting virtual payments. Consumers benefit as well, especially those 10 percent who don't carry cash at all and the nearly 80 percent who carry less than $50 at any given moment.
By enabling virtual payments within your business, you make it easier for these shoppers to buy your products and services. The benefits don't stop there. Below are some of the other advantages that consumers enjoy once you begin accepting payments virtually:
1. Better Comparison Shopping
In the days before virtual payments and e-commerce, shoppers were limited to stores within driving distance. Perhaps the more adventurous might explore mail order catalogs.
Thanks to the rise of virtual shopping, customers now have access to an entire universe of stores, products, and services — all over the globe.
As a consumer, this makes it much easier to find exactly what you're looking for at a price you're willing to pay.
2. Enhanced Payment Security
One of the reasons why Americans carry less cash is because keeping money on hand is dangerous. With overdraft fees and other banking penalties, writing checks doesn't offer much security, either.
However, with virtual payments, consumers can conduct their business in a safe environment, especially if your credit card processing platform is backed by PCI-compliant data security and real-time fraud protection.
As an added benefit, consumers can put an extra buffer between their bank accounts and anonymous vendors on the other side of the world.
3. Tracking and Invoicing
Another major advantage of virtual payments is documentation. The days of shoeboxes full of old receipts are fading. Consumers can now store all invoices and slips entirely online in their email accounts. This makes it easier to track charitable contributions and other deductible expenses every tax season. Even for non-tax related tracking, many shoppers enjoy the security of having a written record of all transactions.
4. Hassle-free Shopping
Not having to carry cash is one of the primary advantages of virtual payments, but this represents only the tip of the iceberg. Consumers also benefit from:
- Recurring billing and automatic reminders. Never get charged with late fees again.
- Overdraft alerts. Have a real-time, bird’s-eye view of your finances — even when you’re on vacation.
- One-click shopping. You enter your credit card information once, and thereafter you only have to click the "buy" button to make a purchase.
Making Your Customers Happy with Virtual Payments
Virtual payments help to reduce purchasing barriers. They make the shopping experience more enjoyable, more convenient, and more seamless for customers.
This is obviously great for end-users, but it’s also a tremendous benefit to you and your business. Keeping your clientele happy makes it easier to maintain current customers and attract new ones in the future.
If you don't already accept virtual payments, we’re here to help you get started:
- To learn more about the benefits of virtual payments for your business, click here.
- To learn more about BluePay’s virtual payment solutions, click here.
- To speak with our expert customer support team, click here.