What are the benefits of Electronic Payments ?

The Benefits of Electronic Payments Speed: Sending cash or cheques by post for goods is slow, and has security and currency conversion implications. Convenience: Electronic payments ensure that the store is open for business globally, 24-hours a day, seven days a week. Efficiency: The following points contribute to its efficiency: (a) Electronic payment systems leave behind an electronic documented audit trail, streamlining the auditing and accountancy processes. (b) Bank wires are cumbersome and expensive. (c) Accepting payments online streamlines the buying cycle. By making the order, stock, purchase, payment and dispatch processes electronic, from website to back office, one don't have to re-key order data. (d) Shopping site software can be easily integrated with popular back office packages, such as Sage, to automate ordering, stock control, invoicing and accounting systems. Reduced costs: Accepting online payments means that many banking processes become automatic. Increased customer base: Online payments take advantage of impulse buyers. 95 per cent of electronic purchases are by credit card. If the website doesn't offer payment by credit cards as an option, than that website could lose out on this market. Real Time: Electronic payments are real time in nature and allow businesses / users to realise the payments almost instantaneously. Traceability: Since the electronic payments are online it is easier to track the low of money and to audit in case of any issues.