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Virtual Payments: Why Your Business Needs Them

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Virtual Payment solutions are a crucial part of any business whether you are based online or have your own store. Most small British businesses believe that they do not need to integrate virtual payment systems into their store for either cost or complexity but they don’t realise how much they could benefit. If you are a small business owner and you don’t yet take card payments then read on to see how doing so may help you grow.

Time

Every business owner knows time is money but if you are spending your time paying your employees with cheques or in cash then you are wasting your time. To run your business in this way means that you are constantly having to write everything up to keep it legal and on the books. This is a very old fashioned method of working and simply has no place in a fast paced society. By switching to using virtual payments your employees can be paid in seconds and there is an online record so that you don’t have to keep track.

Carbon Footprint

Virtual payments are much more environmentally friendly as everything is recorded and sent online. Receipts can now be sent to people’s emails as well as any follow up information on their order. The little paper that is used in store is a small receipt if you are paying with debit or credit card but this is much more environmentally friendly than the older system till receipts.

Less Stress

Recording information on paper leaves you much more vulnerable to identity theft and fraud through your business. Unless you want to spend hours shredding everything that you don’t need anymore you might want to consider going digital. The risk of fraud is greatly reduced with virtual payments as the customer has to confirm their identity by typing in their pin and having it then confirmed by the bank. This system puts you at less risk than having anything on paper.

Faster Transactions

By having a chip and pin system a payment can go through almost instantly so you don’t have to worry about being given a cheque that will bounce or having cash flow problems. Having to wait for a cheque to clear can cause small business lots of problems especially if you have bills to pay but using digital payments means that the money goes into your business’ account the same day. This efficiency will not only make life easier for you but will also make the customer happier.