Simply put, accepting payments online is a low cost way of extending your opening hours and branching into new markets.
Consumers are spending more money online each year and this trend looks set to continue. Bearing this in mind there were some surprising statistics in an article written late last year by Gavin McLoughlin and published on www.independent.ie
“Last year, 25pc of Irish businesses did not have a website or homepage, according to a survey carried out by Amarach Research in conjunction with UPC.”
“The survey estimated that Irish online spending will rise from €5.9bn this year to €12,5bn in 2020.”
With online spending set to increase in the coming years there is huge scope for businesses to grab some of this ever expanding market. With a staggering 25pc of Irish businesses without a website or homepage it shows there is the potential for much improvement and growth in this area.
++What are the advantages of taking card payments online?++
- Access to new and larger markets
- Improved Security: Increased security by reducing the amount of cash/cheques being handled
- Improve cash flow: by providing an easy means of payment
- Payment Plans: Offer different payment plans such as recurring payments which breaks down large sums into more manageable instalments for the consumer
- Alternative to Cheques: Cheques are being phased out as part of the National Payments Plan
- By accepting payments online you give people the option to pay you from international locations so you can branch into new markets in different geographical areas
- Convenience: It makes it easier for your customers to pay you as you can accept card payments online 24/7
- For clubs and schools it extends the hours in which payments can be taken leading to more payments being received on time and better cash flow. It also cuts down on time spend on administration and handling cash
- In a PWC survey it shows 81% of shoppers in the UK, our nearest neighbours as shopping online at least once a month. While we might be behind the UK in this respect this reinforces the fact that there is a large market of potential customers out there