AMMAN — Perhaps one of the most misguided assumptions about
e-payment platforms is that they only offer real value and return on investment
for larger, more established businesses.
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In fact, nothing could be further from the truth: For SMEs
and start-ups in particular, e-payment platforms may actually provide even more
value and ROI, for the simple reason that they allow these smaller businesses
to more cost-effectively optimize their operations — something that can be
truly invaluable when you’re working with limited resources and staff.
In particular, the data derived from
e-payment platforms is
a potential goldmine of information and insights that can help small businesses
become more efficient, profitable, and scalable.
Reducing room for error (and eliminating unnecessary loss)
Perhaps the biggest advantage of e-payments is that they
allow users to automate transactions and reduce the likelihood of human error
(or even theft), which is incredibly common when dealing with cash.
In the US
alone, retail businesses end up losing billions of dollars a year through cash
theft — and the majority of these losses aren’t experienced by large
corporations, but by small businesses. E-payments significantly reduce the
possibility for miscalculations, transactional errors, misplacement of petty
cash, and
theft.
The adoption of e-payments also helps automate and
streamline important accounting functions for businesses, reducing the amount
of time spent on manual data entry.
And for start-ups and SMEs that may not be
able to afford dedicated accounting departments, this enormously reduces the
burden of such time-consuming processes (to say nothing of the fact that human
errors in accounting can cause any number of major problems down the road).
And you don’t even need a physical storefront to benefit
from e-payments: Today’s e-payment providers offer an array of portable tools
and solutions (like Network International’s On-the-go Payment Device), meaning that
even if you operate a home or delivery-based business, there are ways to build
e-payments into your business model, diminishing the room for error that comes
with dealing exclusively in cash.
Business-optimizing insights at your fingertips
For large businesses and corporations, one of the biggest
advantages in their arsenal is being able to access and analyze large or
complex data sets.
After all, when you have robust resources — both in terms of
people and technology — it’s relatively easy to collect, process, and derive
insights from your operational data.
One of the distinct benefits of modern e-payment platforms
is that they provide these same sorts of data-driven insights — but for
businesses of all sizes.
By pushing away from a cash-based business model,
start-ups, and SMEs can get a clearer picture of their operations without
investing additional time, money, and resources in data collection, entry, and
analysis.
With Network International, for example, merchants enjoy
access to the SmartView Interactive Dashboards and Performance Reports.
These
tools are continuously updated based on real-time and cumulative e-payment
transactions, allowing users to analyze a wide variety of metrics and then
produce instantaneous reports that can help them make more informed decisions
about their business.
And with additional added-value e-payment tools, like Network’s
self-service platform, business owners can manage all their payment-related
issues directly from their mobile, from viewing and refunding transactions to
downloading comprehensive business reports.
For SMEs, start-ups, and other small-scale operations,
e-payments provide more than just another way for customers to pay: they put
critical data, insights, and oversight at your fingertips, making it easier
than ever to build and sustain a successful business.
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