Most businesses consider payments as a type of customer touchpoint. However, with technology advancing at a rapid pace, digital payments are creating opportunities for businesses to grow and extend their reach. eCommerce sites are witnessing a boom and the credit goes to digital payment cards, like STC Pay card, which allows customers to complete their purchases using the card. These digital cards work just like traditional credit and debit cards and are linked to the customers’ bank accounts.
Electronic payments have become the norm in eCommerce sites, and merchants who embrace it rather than accepting cash or other more tedious methods of payment are witnessing an increase in sales and customer loyalty. However, there are still numerous online businesses and eCommerce sites that are not making the shift to digital payment solutions, like STC Pay as they are unaware of the benefits. Here are some reasons why eCommerce sites should integrate digital payment cards.
Benefits of Digital Payment Cards
Any business, be it online or offline, requires proper cash flow for smooth operations. While brick-and-mortar businesses are content accepting card and cash payments, online businesses need to keep evolving to keep up with the changing needs of their target audience.
The modern consumer wants to save time and money while ensuring that their data is safe. Hence, they look for eCommerce sites that enable seamless online payment and have the right security measures in place. That is where digital cards can prove to be a boon to eCommerce sites. Here are some of the advantages of adopting digital card payment solutions.
Instant Payment Solutions
When you accept STC Pay card, your eCommerce site will provide quicker payment solutions to customers rather than traditional methods like checks which take time. Also, there is no time or location restriction on your customers. They can purchase whatever they from anywhere and at any time.
PayTabs has partnered with STC Pay and merchants can easily register for it. Once the registration formalities are complete, eCommerce sites can include this digital payment solution and accept card payments. You will notice an increase in sales and a reduction in shopping cart abandonment.
Superior Payment Security
While digital card payments are versatile and flexible, many eCommerce sites have not adopted them. They prefer using traditional methods, like check payments and cash on delivery. This not only reduces their reach and sales but also causes trust issues among potential buyers.
Digital card payment systems secure payments through encryption, tokenization, and SSL. That encourages customers to enter their card details just once so that they can be saved for future use. Or, customers can use the One Time Password (OTP) option and complete their transactions without worries.
Higher Customer Convenience
When customers do not find their preferred payment option, there is a higher likelihood of shopping cart abandonment. Digital card payment enables customers to either buy what they want on credit or the money is directly debited from their account, depending on the type f card they have. This makes it very convenient for customers as they have complete control over their purchases.
Merchants benefit as they get instant money and they do not have to send constant reminders to customers to clear their dues. Also, digital card payments make it easier to make refunds as you can just reverse the payments. This ensures higher transparency and trust among customers and as a result, they will keep returning to the site for more purchases.
Affordable Processing Costs
When your business wants to provide payment services to your target audience, you would need to tie up with a card processor. Only then will the card processor provide your eCommerce site with a payment gateway. The cost of the gateway is high and many small business owners find it exorbitant, and hence, they do not opt for it.
On the other hand, when you choose a digital card payment solution, you will not incur high costs. PayTabs offers cost-effective fixed subscription packages to eCommerce sites that they can choose based on the volumes of card payments they process.
Minimal Risk of Theft
If you accept cash on delivery, it can be risky. The money can be stolen. Also, taking large amounts of cash each day to deposit in your bank account comes with its own share of risks. You can reduce the risk of theft by opting for digital card payment solutions.
When your eCommerce site accepts card payments, the money will go directly into your bank account. There will be a proper record of the transaction to create an audit trail and you can easily check all the transactions at the end of each working day to accurately calculate the inflow and outflow of cash.
In Conclusion These are some of the benefits of adopting the STC Pay card payment solution. You can collaborate with PayTabs to get your payment gateway so that your eCommerce site can process these card payments with ease.
