Many people would be surprised to learn just how much an online payment system (or “OPS”) effects the everyday operations of a company – especially when it comes to small businesses. In this blog entry, we will discuss some of the daily benefits of using an OPS, as well as the major issues that are often associated with using an OPS.
LOWER COST
Being a small business owner, I can definitely attest to the everyday benefits of having an OPS. When I was first getting started, I initially considered having a merchant account setup for my company… But then I quickly discovered how much lower OPS fees were in comparison. Businesses (both big and small) make transactions each-and-every-day, so having a cost effective payment system easily becomes an important part of one’s daily operations.
USER FRIENDLY
OPS is arguably the most user-friendly method of online payment that is available today – for both company owners and their customers. Unlike waiting for a card to clear (which, in some cases, can take a significant amount of time) or mailing in a check (which can also be a very time-consuming process), OPS allows customers to make secured purchases instantly, which is extremely beneficial for both parties involved. OPS prevents business owners from having to deal with notoriously complicated methods of payment, ultimately saving them the time and hassle of having to deal with these things every day that someone makes a purchase!
INCREASED MOBILITY
The daily grind of having to run the risk of accepting checks or even handling cash has essentially become obsolete with the emergence of OPS. OPS have a major hand in allowing companies who regularly participate in expos and trade shows where they are required to travel to receive online payments. For example: when making sales that are not online or in a store environment, owners (and consumers) are essentially confined to accepting cash or check payments, both of which can be extremely risky… But with an OPS, companies are able to travel and make sales DAILY, without method of payment being a concern.
SECURITY CONCERNS
Unfortunately, OPS is not a 100% fool-proof method of sending and receiving payments; it comes with its own set of risks just like every other everyday operation. On the consumer end, one may run the risk of their OPS account (such as PayPal or Google Checkout) being hacked – the same is true on the company end. “Two-factor authentication” has been created as a way of preventing potential break-ins; it does so by requiring account holders to to enter a six-digit code (in addition to their password) in an effort to eliminate any potential third-party scams.
With revenue (or receiving payment for goods/services) being the ultimate goal for all for-profit companies, whether a company is running their business solely online, or offers online sales in addition to having a physical store location, having (or not having) an OPS plays a major role in how they are able to conduct business on the daily basis. As a reader (and potential online consumer), how has OPS influenced your daily/regular shopping behavior?
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