As a business owner, you need to decide what kind of payment systems you will accept from your customers — and in 2022, there are many options to choose from. You want to pick an option that benefits both you, the merchant, and your customers.
eCloud4 is revolutionizing the mobile payment system by providing a robust and convenient cloud-based payment solution that benefits everybody.
But before we continue, let’s take a look at the meaning of ‘payment system’ and what options are available to merchants in 2022.
What Does Payment System Mean?
The term ‘payment system’ refers to an arrangement which allows customers, businesses and other organizations to transfer funds — usually held in an account at a bank or alternative financial institution — to one another.
Modern payment systems are used in lieu of tendering cash. Traditionally, payment systems included negotiable instruments such as cheques and letters of credit. Today, with the emergence of electronic communications, many alternative payment systems are available; concepts we recognize as debit cards, credit cards, direct debits, bank transfers, and mobile payments.
The ideal payment system benefits both the merchant and the customer — but does it exist?
Debit Card & Credit Cards
Debit and credit cards are the most widely used and recognized payment system. Most of us have them and understand how to use them. Most merchants accept them and have grown accustomed to this payment system instead of cash.
When a consumer uses a debit or credit card to purchase something, the transaction goes through a card network such as Mastercard or Visa to ensure purchases are not fraudulent, thus protecting both the merchant and the customer.
However, while credit cards allow customers to spread payments across time — using borrowed money that is later paid back with interest — as well as earn points and rewards for spending, accepting debit and credit card payments can pose consequences for the merchant. Firstly, these transactions often come attached with fees to cover areas such as processing equipment rentals, tracking down payment issues, and other costs that usually fall onto the business. Recent studies show the average cost for credit card processing ranges from 1.5% to 2.5% for Visa and Mastercard, and 2.5% to 3.5% for American Express.
For merchants, the primary benefit of accepting credit and debit cards is that it keeps customers happy and satisfied with your payment capabilities.
The Move to Mobile Payments
While merchants still often use bank transfers and direct debit payments, the only true competition for debit and credit cards in today’s market are mobile payments, such as mobile wallets, qr codes, and payment links. The mobile payment system is the newest form of payment system and, largely due to its convenience and level of security, is rapidly rising in popularity.
This plethora of choices means increased opportunity for merchants to cater to customer needs; helping to decrease cart abandonment and increase customer retention — but what else is in it for the merchant?
What Makes eCloud4 Different?
- Mutually beneficial for both merchant and customer: eCloud4 was designed with both the merchant and the customer in mind. While the customer benefits with cash rewards each time they make a payment, with eCloud4, merchants enjoy lower fees per transaction (2.3% processing fee) and a range of practical business tools that strategically connects merchants to an existing community of motivated buyers. eCloud4 offers the lowest fees in the market, because your success is the main objective.
- Installation is free and easy: eCloud4 can be quickly, safely, and seamlessly incorporated into your existing setup so that you can begin accepting payments from day one. Not to mention, it’s totally free for the merchant to install.
- Payments are safe: eCloud4 takes security seriously with advanced security protocols and a QR code system to ensure each payment is secure.
- Elevate your business with a tailored marketing campaign: Supported by an integrated design, social media, and advertising backend management system, eCloud4 offers a ton of sales, marketing, and business services for free when you become a payment partner. eCloud4 promotes your business with a tailored marketing campaign to expand the scope of visibility and, in turn, increase your sales.
- Allow your customers to find you: The eCloud4 app is equipped with geotargeting capabilities so that customers can find their favorite merchants with just the click of a button.
Get in touch with us today to find out how you can leverage your payment system and save money with eCloud4.
