The Benefits of Virtual Payments for Small Businesses
When credit cards were first introduced, only the largest and most successful companies could afford to open merchant accounts.
Thanks to the rise of e-commerce and mobile credit card processing, any business can now accept virtual payments — regardless of industry or size. What once was a competitive advantage has quickly evolved into an absolute business necessity.
Whether you operate a mom-and-pop store or a fledgling startup, below are some of the major benefits of accepting virtual payments:
1. Expanded Reach
Arguably the most important advantage of virtual payments is reach. Rather than limit your customer base to people within driving distance, virtual credit card processing allows you to interact with customers on the other side of the world. Transform your tiny brick-and-mortar establishment into an e-commerce store that can compete at a global level.
Incorporating mobile credit card processing expands your reach even more. You can securely and conveniently process transactions off-site at:
- Trade shows and conferences
- Fundraisers and charity drives
- Concerts and entertainment venues
2. Enhanced Security
Many smaller businesses don't accept personal checks, and for good reason. It can take several days to several weeks for checks to clear, assuming they’re legitimate to begin with.
By contrast, virtual payments are instantaneous. By adopting a platform that uses PCI-compliant data security and fraud detection, you can dramatically reduce unnecessary exposure to risk.
Paperless processing also limits internal fraud. It's much harder for employees to dip into the cash register when payments are securely stored in a virtual environment.
3. More Affordable
Virtual payment processing used to be one of the most expensive ways to accept money. Now it is one of the most affordable:
- Managing paper, receipts and cash can eat up a lot of valuable man hours. Remember that as a small business, time is one of your most valuable assets.
- You also have to factor in the hidden fees that come with non-virtual processing, including ink, paper and postage.
4. Faster Payments
Have you ever had an exceptionally good month only to discover that you don't have enough cash on hand to meet daily expenses such as salaries, rent or overhead?
Companies large and small experience this all the time. This is because there is often a lag between invoicing (i.e. receivables) and actual payment.
When you embrace virtual payment processing, transactions become instantaneous, making it easier to manage and predict cash flow cycles on a regular basis.
Can Your Business Benefit from Virtual Payment Processing?
Regardless of size, industry or clientele, nearly all businesses can boost their profitability by sending and receiving payments on a virtual basis.
Plus, you don't have to completely revamp your entire business model to begin reaping these benefits. Virtual payment processing can complement (rather than replace) whatever other payment options you already have in place.
Not sure how to get started? Use the free resources below:
- To learn more about merchant accounts for small businesses, click here.
- To learn about BluePay’s virtual payment solutions, click here.
- To speak with our customer support team today, click here.