Electronic payment systems are no longer a new technology–PayPal’s been facilitating e-payment since 1998! The advantages of electronic payments are many, and there’s very little in the way of downsides. In this post, we’ll take you through the main reasons to switch to an electronic payment system like Selz Pay or PayPal. We’ll also cover how it will benefit your business.
What is an electronic payment system?
Electronic payment systems (also known as e-commerce payment systems), allow users to make and accept payments digitally. If you’ve ever bought anything online, you’ve likely used an electronic payment system of some kind, be it PayPal, Stripe, or another service.
Most often, an electronic payment system uses and accepts credit cards as the primary form of payment. Electronic payment systems typically use some form of baseline authentication bank-side to ensure data integrity and confidentiality.
An electronic payment system serves as the middleman between your form of payment and the recipient’s financial institution. Most of these payment systems are easy to set up, easy to use, and extremely secure. The two methods of payment we recommend are Selz Pay and PayPal.
Selz Pay is our built-in payment gateway. Selz Pay processes all major credit cards and is fully integrated into the Selz ecommerce platform. When new users sign up for Selz, we recommend using our gateway, as it’s extremely secure, easy to use, and gets payments to your bank account quickly.
Additionally, Selz supports PayPal. PayPal is an American company, and one of the oldest of the new electronic payment systems, in operation since 1998. It allows users to transfer money online, or shop for products or services, and is one of the most common methods of paying available. It’s easy to use and is widely supported, so it can be a great platform to use for electronic payment with your Selz store.
E-pay is quick and convenient
When compared with traditional methods of payment, e-payment is incredibly convenient. With a payment gateway, you can pay for goods or services online at any time of day (or night), from anywhere in the world. Adopting a payment gateway allows your customers to check out at their pace is a powerful tool. Customers buy more when they don’t need to spend time waiting in line, carry cash, or wait for their turn to pay.
Paying with cards is always faster than using cash. For physical sellers, using a point of sale system linked with an e-payment service creates a seamless flow in the store.
Whether you’re in-store or online, e-payment also reduces the need for tedious accounting. Most services allow for automatic and easy export of invoices and receipts.
Finally, there are many obstacles to customer purchases. Payment methods can be one of them, but it’s an easy problem to solve. Checkout is seamless when you use Selz as your ecommerce solution coupled with our e-payment platform, Selz Pay.
Selz Pay accepts all major payment methods and starts at a low card rate of 2.9% + 30¢, and goes lower depending on your choice of Selz plan. With it, you have the convenience of e-payment without any of the fee headaches that can come along with it.
They increase sales
Online payment powers ecommerce. E-payment accounts for $744.1 billion in total sales to consumers. Digital and mobile wallets account for some 41 percent of that spend, while credit cards are 24 percent.
What does that mean for you and your business? Well, implementing electronic payment systems for your ecommerce store or an existing store is one of the best ways to capture consumer spend.
If you’re a physical seller, you might not realize that more than two-thirds of consumers carry less than $50 a day. Electronic alternatives are the way to pay. Electronic payment methods like advanced point of sale systems and touchless pay options give a competitive advantage to those who use those methods over traditional methods. Consumers also are more likely to spend more with electronic payment than with traditional methods.
Once you’ve set up your ecommerce store, you don’t have to do any extra work to make electronic payments available to customers. Setting up Selz Pay is easy, and is part of the Selz onboarding process once you’ve logged into the platform.
Low cost options are available
Electronic payment systems cost far less than traditional methods. Traditional credit card arrangements and bank deposit systems often carry extra fees. These fees raise the prices of products for both sellers and customers. With a small POS system like Square, you can start collecting payments in person. With an electronic payment system like Selz Pay, you’ve got the online end covered as well.
Transaction fees remain low, and you get the ability to accept any form of payment. The icing on the cake is that these systems integrate with sellers who still accept cash as well. Depending on your customer volume, there are plans and methods available for you to tailor your payment gateway to your business.
Save time on administration
Accounting and administration can become a nightmare, especially when you factor in business finances. By reducing the number of cash payments you receive you reduce the amount of bookkeeping you and your employees have to do.
With an e-payment platform, each transaction is digitally recorded for easy logging and accounting. Selz Pay makes accounting easy, and the Selz platform integrates with many popular accounting platforms. You can have a seamless flow between your point-of-sale and your bookkeeping method.
Security and peace of mind
Electronic payment systems are more secure than traditional methods.
For in-person sellers, you have less cash around your business, which lowers the risk of robbery, human error, and fraud. There’s also no longer a need to run over to the bank with a deposit.
When you process an electronic payment, you get the certainty of the payment making its way to your account. Plus, most payment portals secure and encrypt payment information. You never need to worry about encrypting or protecting customer credit card information, which protects you from significant liability.
On top of this, when an electronic payment system integrates with a point-of-sale system, customers never hand the card off to an employee, reducing the risk of error or fraud.
The cherry on top is that you can almost eliminate paper receipts entirely. You can send your customers the digital equivalent using Selz, saving money on paper, ink, and printers. Plus, you’ll get bonus points for going green.
It can give you a leg up on the competition
The use of electronic payment systems can help give you an edge over businesses that don’t use them. It also gives you a leg up over other businesses that use inefficient and hard to navigate payment systems.
Additionally, in the context of the pandemic, many governments are mandating and encouraging businesses to use contactless payment.
To that end, you’ll need an electronic payment system that accepts contactless payments. Luckily, Selz integrates with Square, allowing you to set up a Square POS system wherever you do business. Soon enough, customers will come to expect contactless payments too.
What about the risks?
Customer information is the most valuable data your business gets, and it’s imperative to keep it secure. Add to that the fact that traditional methods of taking payments are often far riskier than electronic payment systems, and you have a problem to solve.
When you have an employee or multiple employees handling credit card information, you increase the likelihood of fraud. This is not because your employees are untrustworthy. It’s because the more stops a credit card takes on the way to a transaction, the possibility of mistakes increases. Payment issues, lost card numbers, and more can create some serious credit card problems.
Most modern POS and electronic payment systems protect users from fraud by decreasing the number of middlemen and intermediaries between a user’s bank account and the entity they’re transacting with. Often, the card doesn’t even leave the customer’s hand.
Electronic payment systems are safer and more secure than ever before.
It’s about the experience
Much of an ecommerce experience is in the intangibles. Take an ecommerce giant like Amazon. When you buy something from them, their website makes it as easy as possible to find the product you need, add it to a cart, and buy it. In fact, if you know what you’re looking for, the whole process can take under a minute.
The point is that the smoothness and flow of a sale can be important for a sale. Using an electronic payment system that creates as little friction as possible for customers and enables them to buy again and again is a must. Selz Pay can be that solution, and while it handles the backend, you can focus on making sure that your ecommerce store is easy to use and full of great content.