What Are the Main Benefits of Using Electronic Payments?

Generally, companies view payments as one more form of customer contact point, but the enormous change in technology has shown that electronic payments will create many opportunities for organizations to grow faster.

Due to constant technical advances, electronic payments have undergone a sudden revolution. With an electronic payment system, it is not necessary to go to banks frequently to deposit money. Therefore, they are becoming a fluid, fast and easy way to make refunds.

Is It Possible to Integrate Secure Payment into a Customer Service Center?

Electronic payment systems can also be integrated into cloud contact centers. Thanks to this integration, through this system it is possible to manage the collections from the call center, improve the payment experience of the clients, adapt the payment processes by phone to the PCI-DDS regulations, boost sales thanks to the ease of payment, manage the collection in a call or generate a payment link and prevent someone from having access to the credit card data. How does it work? 

• During the call, the customer agrees to process a payment.
• The agent indicates to the system the amount to be charged.
• The agent transfers the call to the IVR or sends the payment link by mail or SMS.
• The system requests the card details from the customer.
• The customer types the data on his phone.
• The agent will see the result of the operation.

What Are the Main Benefits of Using Electronic Payments?

Every business needs to maintain higher cash flow to run smoothly. That is why many of them have begun to move towards accepting payments electronically. These systems can help organizations save time and money. With electronic payments, payments can be processed quickly.

1) Instant Payment

Electronic payments are much faster than traditional payment methods, such as cash or checks. In the case of online payments, there is no time or location restriction. Payments can be made easily at any time from anywhere in the world.

Electronic payment systems have eliminated the need to go to banks to make payments. Now customers do not have to waste time waiting in long queues at banks. They can easily pay using an electronic payment application.

2) Greater Payment Security

Electronic payment systems offer multiple ways to secure payments, such as tokenization, encryption, SSL, etc. Now customers do not have to enter their card details for every transaction as they can save their card details or complete their transactions using a One Time Password.

3) Greater Comfort for the Customer

Electronic payments can help companies offer a satisfactory payment experience to customers by allowing the user to buy products on credit by offering them with the post payment function.

4) Saving Processing Costs

If you want to provide payment services to customers, you must first hire a card processor. This will provide a payment gateway for processing at a fixed cost. On the contrary, if an electronic payment system is used in the business, it does not have to incur such high charges. Only a fixed subscription has to be paid to the service provider.

5) Transparency

Transparency becomes a fundamental factor when making payments. And when you use the digital medium to accept them, it is essential to maintain transparency in transactions.

For electronic payments, you don’t have to worry about recording your payment details. Also, payment details can be provided to customers in advance so there is less chance of confusion.

6) Contactless

In the times of the COVID-19 pandemic, people have started to find ways to avoid human contact so as not to be affected by the coronavirus. Because of this, the need for contactless payments has increased.

For electronic payments, you don’t have to worry about recording your payment details. Also, payment details can be provided to customers in advance so there is less chance of confusion.

Contactless POS terminals can be used in business to avoid contact. In this system, the payee must hold their phone close to the terminal and their payment will be processed automatically. Additionally, you can allow customers to make payments using QR codes or one-time passwords (OTP).

In conclusion, cash transactions have started to decline after the integration of an electronic payment system in the markets. This means that small businesses have to start using the latest technology to avoid the risk of being outbid by the competition.

A solid electronic payment system can be a key competitive advantage for the company. In addition, you can save time and costs. Greater security and faster payments are the added benefit of using an electronic payment system.