Impact of Modern Online Payment in the Ecommerce Industry - Seller Snap

Impact of Modern Online Payment in the Ecommerce Industry

With the continuous development of the eCommerce industry, various improvements in the field have been introduced. One of the highly successful updates in online commerce is the introduction of online payment.

However, not known to most online shoppers, customers, and online sellers, online payment has been around since the first half of the 90s. In fact, Stanford Federal Credit Union is considered as the first financial institution to offer online banking, including the online BillPay in 1997. If you will be more stringent with facts, it can be said that it was Western Union’s electronic fund transfer (EFT) who pioneered electronic payment.

On the other hand, the popularity of eCommerce as an avenue for buy and sell may be attributed to the launching of Amazon (as Cadabra) in 1994, along with other eCommerce sites offering goods to be purchased online. At the onset of the online selling industry, securing and accepting payments has been a challenge for online sellers.

 

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In retrospect, accepting e-payment would require complicated technologies and processes. Now, with just a touch of a finger or click of a mouse, payment can be made either via the merchant’s website or mobile platform. This has become more evident with the emergence of financial services companies that provide digital payment.

One of the highly used and trusted financial services companies is Payoneer. If you are an online seller and if you want to get paid faster, then Payoneer is a cross-border payment solution you need. It is available in more than 200 countries and still increasing. With Payoneer, you have an option to receive your payment onto a dedicated bank account as local transfer, or via local ATM.

If you wish to improve the efficiency of your online business, it would be best to consider integrating Payoneer to your business. Sign Up Now and receive a sign-in bonus of $50, after requirements have been sufficed.

Positive Changes Brought By Online Payment

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Speed

When it comes to payment transactions, the speed of the payment method matters the most. That is why online sellers, like Amazon sellers, prefer those methods that are quick and efficient when receiving a payment. Sellers are more inclined to receive their payments either simultaneous with the purchase transaction or within the day. And this is why sellers would choose modern online payment methods due to quick transaction clearing.

To help improve speed, various options have been added when accepting payment for online transactions, one of which is the payment solution being offered by financial services companies. In one of the surveys conducted, the online payment method is almost as popular as the card payment method, the former having an almost identical percentage of patrons with that of the latter.

Costs Reduction

Another reason why online payment has been increasingly becoming popular is the reduction of transaction costs, including the labor cost. In a manual payment method such as cheque, money orders, cash, and even EFTPOS, transaction costs may be incurred. This may include but not limited to transportation fees, postage, or even overhead cost for physical stores.

Convenience

Perhaps one of the commonly associated terms with online payment is convenience. Convenience in terms of online payment is a two-way street. Such a payment method is convenient for the payor in that there is no need to go to a physical store or even a bank to withdraw cash if you are out of it. Similarly, for both the payee and the payor, setting up an online payment account is easier, without having to fill up tons of paperwork.

Affordability

Most online payment system providers offer low to zero setup fees. In terms of transaction fees, most online payment gateways offer low transaction fees as compared to e-banking systems. And in some instances, online payment providers would even go as far as giving sign-in bonus or great discounts for first-time users.

Customer Support

If you have tried any banking transactions and had some issues, you might have already experienced some difficulties dealing with their customer support. Even if you will be communicating online, responses will sometimes be delayed, especially during holidays.

In contrast to that, modern online payment systems offer great customer support even on holidays. There is no need for you to travel to their office to air out any concerns or issues. On top of that, some of these online payment service providers offer a 24/7 support system, either chat or phone call.

Revenue Increase

Apart from speed, one of the benefits of e-payment is the increase in profit. As years pass by, more and more consumers are turning to online shops for their purchases rather than going to traditional stores.

In some cases, some customers would even transfer from one physical store to another if online payments are not available. This is especially true because “2 out of 5 consumers carry less than $20 in cash on a daily basis,” according to a survey conducted by Bankrate.

With the growing popularity of online stores, such as Amazon stores and the decreasing reliance on cash, it is no surprise that more and more merchants are embracing online payment as a modern payment alternative.

Dare to Achieve More!

If you are an online seller, especially an Amazon seller, you should not settle for less. That is why online payment systems or services mentioned above should be taken advantage of. Apart from that, if you are a dedicated seller, you should also take into consideration having some upgrades for the benefit of your Amazon store.

One of the upgrades you may perform for your Amazon business is to switch from the free Amazon repricing tool towards a more advanced AI repricer such as Seller Snap.

Seller Snap is one of the best repricers available in the market today. Seller Snap, as an Amazon repricer, will not simply match the lowest bid of other sellers. Instead of going for the lowest price all the time, this Game Theory based software will take into consideration numerous factors to decide the best pricing strategy to employ.

If you wish to try Seller Snap as your newest Amazon repricer, you may CLICK HERE for FREE TRIAL.


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