Payment gateway providers will vouch for the fact that instant payments benefit any business. After all, instant payments serve both customers and merchants alike, making the payment process quick and easy. But, there are some business models which find that the instant payment made possible through a payment gateway is exceptionally beneficial.
This is not exhaustive in the least, but the following types of businesses are especially appreciative of instant payments.
Business Types that Gain Major Benefits from Payment Gateway Providers
Businesses with Large Stock Supply
Some businesses don’t keep a lot of stock on hand, and have to order stock from their suppliers to suit the orders they take from their customers. These businesses often prefer to fill an order before taking payment, just to be sure that they can indeed obtain stock from their suppliers. This way, they don’t have to worry about refunding customers for stock they could not obtain.
However, businesses with large amounts of stock on hand don’t have this issue. These businesses are able to fill orders as soon as they receive them, which means that they can take payment up front. For this reason these companies love instant payment.
With a payment gateway, a business with a large stock-hold can take payment for anything in stock and immediately start the shipping process. This means that the business has the cash in hand and can offer fast delivery, ensuring its ability to supply great customer service.
2. Businesses without Tangible Stock
Some businesses don’t have the issue of needing to keep stock on hand. These businesses tend to sell non-tangible products – which is generally products in digital form. These products could be digital music, movies, eBooks, and other forms of digital media.
There is absolutely no need for transactions of this nature to take a long time. Once the customer pays for the product, he or she is able to download it on the spot. For this very reason, instant payment is in the best interest of the customer and the seller alike.
These business models describe a great many businesses in South Africa. If your business operates like either of the ones we have described, instant payment is definitely the way to go. It will greatly increase your business’s ability to take payment and fill orders.
So, to expedite your business’s sales process, choose i-Pay – the best payment gateway South Africa has to offer!
Image credit: https://blog.iriscrm.com/p2p-instant-payment-options/