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What Are the Benefits of Electronic Payment Systems for Business?

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StrategyDriven Managing Your Finance Article |Electronic Payment Systems|What Are the Benefits of Electronic Payment Systems for Business?An eCommerce payment system is also known as an electronic payment system, which is a digital transaction or paying for goods using electronic medium and eliminating the requirements of cash and checks. An electronic payment system is a globally popular payment technique due to the continuous usage of internet-based activities like baking, shopping, etc.

Modes of Electronic Payment

There are several online payment methods, such as smart cards, electronic wallet bank transfers, credit cards, bitcoin wallets, etc. In contrast, e-payment is classified into two categories, i.e., credit payment system, and cash payment system.

There are several online payment methods offered by companies like cardknox, such as smart cards, electronic wallet bank transfers, credit cards, bitcoin wallets, etc. In contrast, e-payment is classified into two categories, i.e., credit payment system, and cash payment system.

Credit Payment System

  • Credit cards; according to branding services UK, the credit card is the most primary form of e-payment system used by billions of people; in this mode, financial institutes provide a card to the account holder for making payments online through electronic devices.
  • E-wallets are also one of the leading techniques of online transactions in which a prepaid account holds user financial data used to make payment.
  • Smart card; smartcard is an advanced technology of transaction known as integrated circuit card or chip card (ICC or CC), which have a microprocessor to store money deducted when online transactions happen using that card.

Cash Payment System

  • Direct debit is a mode in which the account holder allows the bank to pay the amount from his bank account electronically.
  • E-check; e-check is one of the most valuable digital transactions of money from an account for paying for goods eliminating paper checks.
  • E-cash; in this method, a specific amount is saved on the customer’s device for accessible online transactions.
  • Stored-value card; stored cards are used by many well-known companies and businesses known as gift cards, in which a card with a certain amount is used for the transaction.

Benefits of Electronic Payment System for Business

In the globalized world where technology is constantly evolving and developing, around 3.8 billion consumers use the internet actively has changed business dynamics.

According to branding services in the UK, the continuous advancement of technology has changed the traditional payment system into an electronic payment system that can grow business efficiently. With the revolution of the electronic payment system as they are easy and straightforward for making payments. Moreover, they have eliminated the requirements of going to banks for transactions and other activities. Here are few benefits of an electronic payment system for business.

1. Instant Payments

Life has been chaotic where everyone struggles with work, relationships, finance, health, and many other things. The traditional method is a hectic and stressful process as they are often a slow and time-taken process. The electronic payment system eliminates chaos as they are faster and straightforward, like credit cards, e-cash, etc.

Electronic payments can be made through an electronic payment app from anywhere by deducting the need to go to banks by saving time and energy.

2. Higher Payment Security

With the expansion of businesses into the online world, one of the most significant concerns of any firm is security. Payment security is the prime need of a company to protect client’s data and information from frauds and other issues.
The electronic payment system is leading globally because of several reasons why security is one of the main reasons. It provides a higher level of payment security for clients by offering multiple encryptions, SSL, tokenization, etc. Clients don’t have to swipe cards again and again as they can save card details using One Time Password.

According to surveys, some organizations don’t utilize e-commerce payment technology and are stuck at traditional payment methods; that’s why they are having security issues and lack the opportunities to serve a higher number of consumers.

3. Better Convenience

Providing convenience to an audience is essential for business from that customer decides whether to engage with a company. According to experts, convenience is a vital aspect of growing a business, and electronic payments provide higher security; more importantly, they offer better conveniences to clients to achieve a better user experience.

It allows clients to purchase excellent using card facilities and paying later. Moreover, it doesn’t annoy consumers by sending several reminders and messages for payments and automatically collects the specific money as per rules.

4. Saves Processing Costs

Processing cost is a term of cost accounting used in manufacturing units for assigning and collecting cost. It takes the total cost of the process and averages it over the branches of production. For instance, when you offer payment service to clients, you need a card processor; and that processor allows payment transaction in exchange, it will charge an expensive cost value.

But electronic payment does not charge expensive cost values; you have to pay a fixed subscription according to the agreements and rules to your service provider.

5. Low Risk Of Theft

In the modern era of technology, business dynamics are swiftly changing; according to statistics, money is the lifeline of a business. The capital is essential for the company and day-to-day life. However, using cash for accepting payments is quite risky and against safety. As the crime rate is gradually increasing, several chances of getting stolen and even depositing money in a bank account are pretty unsafe.

Using an electronic payment system reduces the risk of theft by providing safe and secure payment transactions. Moreover, it gives all transaction records by the end of the day.

6. Transparent

According to branding services in the UK, transparency is an essential factor for a business; consumers are more concerned about their privacy and are willing to protect it. A study found that over 50% of consumers would switch companies simply because of their data policies or data sharing practices, which fail to secure consumer data. They will lose the interest of their customers and lead them to find another company where they feel more secure sharing their personal information.
That’s why the electronic payment system provides transparency by offering you details of transactions for a better user experience.

7. Contactless

Due to the Covid-19 pandemic, people avoided human contact for safety; this increased the need for contactless payment transactions.

The electronic payment provides POS terminals and QR codes to avoid human contact; in this method, the payee holds a cellphone near the terminal, and the payment will automatically proceed.

8. Reduces Carbon Footprint

With eCommerce payments systems, the use of paperwork has been reduced, for instance, paper receipts. Modern payment technology offers digital equivalent to the clients by saving money on ink, paper, and printers.

9. Greater Revenue

Every business wants to achieve more significant revenue for business progress and development. According to the latest survey and reports, it has been proven that consumers spend more on buying products and services using e-payments and increases the rate of revenue for business progress.

10. Better User Experience

A business needs to attract customers by providing a better user experience. Electronic payment is the advanced technology that offers a better user experience in terms of a smooth transaction, removes obstacles from purchasing like long queues or a limited amount, no extra cost involved, and furthermore.

Conclusion

According to experts, cash transactions have been decreased due to electronic payment systems; that’s the potential reason that e-payment is considering as a leading facet of a successful payment infrastructure by offering several valuable advantages to clients to increase business progress.

5 Myths About Starting a Franchise Business Debunked

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StrategyDriven Entrepreneurship Article |Franchise Business|5 Myths About Starting a Franchise Business DebunkedThere’s no denying that you’ve got several routes into the world of commerce, and one of those is starting a franchised business. Many of today’s top everyday brands that you see on your travels are franchised organizations, so that’s proof alone they are a winning idea.

The thing is, some entrepreneurs feel like starting a local or regional company under the umbrella of a franchised brand is a bad idea. If you’re here today because you’ve had similar thoughts, take a look at these franchise business myths debunked:

Myth #1: Franchises Are Only in a Few Industries

When you start a business, you want to do so because you have brilliant ideas for products and services in a specific niche that you think will be very successful. With that in mind, you might assume that franchises aren’t available in your niche industry.

The truth is, you’ll find franchise opportunities available in virtually all industries and sectors. For example, you could launch a franchised top senior referral business to provide elder care services under an established franchise brand.

Myth #2: Franchises Will Make You Go Bankrupt

Another myth some entrepreneurs have about franchises is they assume you need to pay high upfront fees followed by hefty regular payments. Again, the truth is different from the misconception!

Most franchises offer a low-cost route to starting the business, and the franchisers don’t “tax” franchisees with eye-watering regular licensing fees. There are plenty of franchise opportunities out there, so you’ll find out that offers the best deal for you.

Myth #3: You Have No Freedom

Decent franchise opportunities only lay down the basic framework for the deal. Typically, you’d need to brand your business in the same way as the franchisor and use their corporate colors for all marketing and literature.

Apart from that, franchisees typically have lots of room to add their individual touches and make the brand memorable in the area they wish to cover. Plus, you have complete control over who you hire and fire and the day-to-day managerial decisions you need to make.

Myth #4: You Can’t Set Up a Part-Time Franchise

Why not? Did you know that many people set up businesses that they operate part-time and work in a regular 9-5 job the rest of the time? There’s no reason why you can’t set up a part-time franchise.

When you do more research into franchise opportunities, you’ll notice that the business model gets explicitly designed for people to start it on a part-time basis before committing to a full-time schedule as the brand grows in their areas.

Myth #5: Franchises Restrict Profit Potential

Lastly, it’s worth keeping in mind that franchise opportunities only lay out the ground rules for setting up a business using the franchisor’s branding. There are no restrictions on how much profit you can make in the business.
If you think about it, franchisors want you to make lots of profit because it helps them better promote their franchise ideas to other prospect franchisees like yourself!

How You Can Stand a Chance Against Your Big Brand Competitors

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StrategyDriven Entrepreneurship Article |Competitors|How You Can Stand a Chance Against Your Big Brand CompetitorsEntering the fray of the business world with your own name and plans can be a thrilling decision to make, especially when you feel like the service or product that you’re providing is something that you are genuinely proud of and excited to show people. The downside of this excitement is the inevitable anxiety that you may feel upon being faced with the reality of the market already being dominated by large, established brand names that you fear your potential customers will stick by no matter what you do to try and convince them otherwise.

While this is an understandable fear, it’s important to recognize the possible options you have as far as standing up to your competition. Having a quality service to offer is important, but it’s hard to draw in crowds of people just from that alone, unfortunately. You’ll need to make decisions to put yourself in the best possible position to be a cut above the rest. When you’re in the early days of your business, the decisions you make are important, and it’s good to know what you can do that will potentially save you a headache, and some money, further down the road.

Save Money in Key Areas

As well as using cost-effective platforms to market your services, for example, you might be looking for other ways that you can save money. After all, making such decisions can give your business every advantage it needs to survive in this competitive environment. Unfortunately, spending money is a reality of the trade and something that you’ll need to do a lot of the time if you hope to make any money back. The important thing, therefore, is learning where to cut costs. For example, you can compare your energy supplier to other options at businesscomparison.com and potentially find a cheaper alternative that can save you money on one of the business essentials, money that you can then spend elsewhere.

Find Your Target Audience

You are no doubt aware of how important marketing is to a business. That should come as no surprise to you. You’re likely already in the midst of making several marketing pushes that will hopefully take your business to more widespread knowledge. That being said, it can be difficult to know what form of marketing will be most effective for you. What can be important is finding your target audience and then working out (via research) what method is known to appeal most to that crowd, meaning you can then focus your efforts and save both time and money to hopefully yield more effective results.

One route that you might be interested in exploring if time and money are of concern to you is to take the well-traveled road of social media marketing, putting you on a cost-effective platform that gives you an easy connection to your potential customers. Social media marketing also has the distinct advantage of allowing your audience to open a dialogue with you, building up a sense of identity for your business and a relationship between the customer and company.

If You’re Not Engaging With Your Community, You’re Falling Behind

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StrategyDriven Corporate Cultures Article |marketing|If You're Not Engaging With Your Community, You're Falling BehindMarketing is becoming more competitive and businesses seek more advanced ways to reach out to customers and get them to part with their hard-earned cash. As such, brands are having to come up with new tactics to grab the attention of their audiences and succeed in the marketplace.

Unfortunately, achieving that is easier said than done. Most niches have already been filled. And sometimes, when you work in a company marketing department, it feels like you’re fighting over the scraps.

Smart brands, therefore, are finding new ways to engage with the community. Instead of focusing on channels or outreach, they’re working on “impact” and “being pillars of the community.”

But what does this mean in practice? Let’s take a look.

Have A Social Purpose

Companies today aren’t the capitalist behemoths of old. Instead, they’re much more concerned about the impact that their actions have on the environment according to guild.co. And it’s not just customers driving it. Companies, like everyone else, are caught up in a wider movement that sees the role of firms in society as being about more than just turning a profit. It’s also critical that organisations preserve the natural world for the future.

Having a social purpose, therefore, is becoming a centerpiece of many firms. They’re looking to make tangible changes in their communities and tackle all kinds of issues, from social problems to climate change.

Look For Networking Opportunities

Businesses can also enhance their brands by looking for networking opportunities in local communities. It’s unlikely that a company works in complete isolation from everyone else in the community. Instead, they are part of a system of relationships. And with those relationships come opportunities.

It’s critical for businesses, for instance, to get expert advice from professionals in the local area. It’s also vital to go behind the scenes and find out what customers really think about your brand. Once you start collecting information on the ground, you put yourself in a much better position to compete with your rivals.

Involve Yourself In Community Projects

Businesses love to get involved in community projects for brand-related purposes. Firms that help a community build a solar form, as choosesolar.com, or create more green space become indispensable to everyone around them. If you can establish yourself as a rock for the community, people will return to you again and again.

Improve Customer Support

Customer support is essentially a kind of community outreach. The more staff you have available to take calls, the better the support will be.

Having an active support base is a great way to build communities online. What’s amazing about these groups is that they will also contribute information to other members, taking the burden off you. Sometimes, people will write articles explaining how to do certain things which are just as good as any guide that you might write.

In summary, therefore, engaging with the local community brings all kinds of benefits. And it helps to get you out of a marketing rut. When you relate to real people, you can make your firm grow more organically.

Investing in Yourself and Becoming That Leader Who Makes a Difference

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StrategyDriven Professional Development Article |Leader|Investing in Yourself and Becoming That Leader Who Makes a DifferenceThere are leaders out there within the workplace that do not make an impact and that do not make a difference, and to ensure that you do not end up as one of these leaders, it is important that you invest in yourself. You are always investing your time and energy into others, and now it is time to focus on yourself. You need to make progress and changes, and to do this, you need to improve what you are offering.

Studying and Developing Your Skills and Knowledge Base

How much you know and how aware you are of the industry, marketplace, and role you are in can determine how successful you are. When you complete your bachelor’s online, you shift your focus and your efforts back onto yourself, and you once again focus on developing your skills and knowledge, which can then be directly implemented into your role. A bachelor’s will allow you to develop those areas or subjects which you may feel are not your strongest areas of expertise. Investing in yourself and in your education will ensure that you are a leader who can implement and bring about change.

What Changes Do You Want to Make?

To make a difference within your business or organization, changes must be made, but do you know what changes need to be brought about and why? Establishing root causes of problems and having the vision to make things better is what you need to be focusing on. A great advantage of studying for your bachelor’s is that it will allow you to see where opportunities for change and development lie. Through studying, you will be able to see how you can look at your business or organization differently, and most importantly, through the eyes of the leader that you are.

What Type of Leader Do You Want to Be?

Not all leaders are the same, and so what type of leader do you want to be? For example, do you want to be one that leads from the front and commands attention, or do you want to be one that leads from the middle or the center of operations? When you know what type of leader you want to be, and you know what style of leadership suits you, then you can implement your ideas with confidence and begin looking towards the future.

Focusing on the Future

Making change can be quick, but quite often, changes happen over time. Knowing where you want to go and where you want to be as a leader is important. Your vision will help shape and define your business or organization, so it is important that you are always focused on the future. Having targets and goals for change is important, as is being open to change and improvement. Nothing ever stays still, and neither should you. A good leader who truly cares about getting results and making an impact will keep pushing and applying gentle pressure to get where they want to.