To operate a business smoothly, one needs to maintain a high cash flow. E-payment technology helps you to do just that by ensuring that your payments get processed swiftly, saving you both time and money. They also let you make instant cash applications and reconcile your balance sheet with great precision. As a result, it will remove any accounting errors, which will make your records clearer. However, there are several more benefits of this technology.
Compared to traditional methods of payment such as cash or cheques, electronic payments can be done faster. When you do online payments, it does not matter where you are located or what time you are carrying out the transaction. Therefore, you can make payments easily anytime and from anywhere in the world. Due to the growth of Hong Kong online payment gateways, the need to go to a bank to make payments have been successfully eliminated. There is no longer any need to take time off to go to a bank and stand in long queues just to make a payment which would require only a few minutes in reality. Your customers will now only need to download an app or log in to your website and make payments electronically.
Even though there are some excellent features offered for smooth online transactions, such as omni channel payment solutions, there are still merchants who hesitate to opt for this type of technology. Such merchants are simply missing the chance to serve more customers as well as provide better services. In an electronic system, your payments are secured in many ways, for example, encryption, SSL, tokenization, etc. As a result, your customers’ card details are stored, which eliminates the need for entering them each time they want to complete a transaction. Your customers also have the added security of using a One Time Password when making a payment.
In the aftermath of COVID-19, people have become wary of meeting others and have found ways to avoid physical contact. As a result, contactless payments have seen an increase in recent times. Not only are people preferring to shop online more, but even those who like to visit a physical store can use contactless POS terminals whereby they can avoid human touch. There are a few options that e-payment technology offers in such a case, such as simply holding the phone near the terminal to automatically process the payment, by using One Time Passwords or QR codes.