Online Payment is Quickly Becoming a Business Necessity

Friday, December 4th, 2020

Many businesses have jumped on board with online payments, recognizing that now is the time to incorporate online payment options – if they haven’t already. But not all have made this move, which has led industry experts and financial institutions to highlight the need for this shift. 

Recently, the Bank of Philippines Islands (BPI), shared that more traditional businesses need to digitalize on increasing demand for cashless and cash lite transactions. If not, they face an uncertain future. According to BPI Transaction Services Head, Ana Sison, many of these businesses are ill-prepared for the “new normal”. They lack the necessary services and options to cater to the changing needs of clients, partners and suppliers.

In the past, setting up an online payment system was more of a bonus than a necessity. Now, it has become a must. It not only enhances cash management, but it also offers customer-centric functionalities. In short, customers today demand options and convenience. An online payment system allows businesses to provide both.

“There are certain advantages in having a digital payment system that puts a brand ahead of others, creating great value and opportunity for businesses when it comes to sales, reputation, and customer experience,” Sison says.

BPI has already been equipping business clients with a secure integrated payment system for their apps and websites to boost their branding and customer service. BPI Head of Corporate Banking John-C Syquia explains that when these online sales channels are combined with an integrated payment system, the advantages are huge.

“…It allows them to recover sales lost from physical stores,” says Syquia. “These companies are able to mitigate the impact of no or limited in-store activity; some are actually experiencing a boom during these times when everyone is encouraged to minimize physical contact with others.”

The Benefits of an Online Payment System

Some of the other benefits of having an integrated payment system include:

• Streamline the process of selling goods/services
• Reduce operational costs
• Minimize risks
• Expand payment modes
• Maximize fund flows
• Brings in more sales
• Increase customer loyalty
• Optimize cash management

For any business of any industry, cash is king. By digitalizing and transforming certain functions and processes, a business can better manage and ramp up the cash coming in. As Sison put it, “Companies now have the opportunity to replace their cash and check collection systems with a more digital process. Companies need solutions that would let them work remotely and still be able to process their payments and collections.”

Where to Find Online Payment Solutions

Of course, every business is unique, which can make it incredibly challenging to find the right online payment services. You will need to partner with a provider that specializes in your industry and understands the challenges and opportunities you face. The first step is to compare industry-leading providers. Thanks to the team here at Best Payment Providers, this task is simple.

Browse the many reviews Best Payment Providers has to offer. Easily compare customer reviews and online payment services. You also gain access to a wealth of merchant services information and industry updates. Quickly find payment processors who offer the lowest rates, fast approvals and more.