It’s time for businesses to automate the cash flow through digital payments. The transition from cash to digital payments was a big move. Entrepreneurs embraced the change and integrated electronic payments in no time. As the world owned a smartphone backed by the internet, it became easy to incorporate digital payments in reality.
Digital payments come with enormous benefits such as instant fund settlements, safe and secure transactions, transparent and traceable virtual payments. The traditional financial systems took a twist in the processes and financial systems.
Driven by the coronavirus pandemic, the latest National Survey of Financial Inclusion (ENIF) said just over 40% of the population is banked in Mexico. At the same time, electronic commerce was estimated to grow by 32%, according to the “Report of ecommerce 2020” by Statista. To make it more precise, online payment sales exceeded $18 billion (4 billion more than in 20219).
In Mexico, the Mexican Online Sales Association (AMVO) states that electronic payments have become one of the key factors to the growth of commerce.
Well, here’s the point. Digital payments are adaptable, flexible, and faster than traditional payment transactions. A small fruit vendor to a medium-sized business can integrate digital payments into their businesses. Imagine entrepreneurs implementing digital payments to their daily business sales and cash flows; the more effective the processes, the more the profits are!
The entrepreneurs can definitely increase their processes at a high-speed, efficient, and cost-effective rate. This will also broaden the business visibility, develop the customer base, and enhance the business models.
On the other hand, the pandemic gave a boost to digital sales. As a result, two out of ten companies observed 300% growth in their business last year. The Boston Consulting Group also revealed that companies with digital platforms gained 1.8 times higher revenues when compared to the tiny digital development firms.
The SMEs are using payment automation tools to easy cash flow management as the manual billing systems are prone to errors and delays in the payment processes. These errors and other uncertainties will increase the processing time resulting in fewer market opportunities.
Hence, digital payments are a fortune to global businesses. There are numerous benefits to businesses, and e-commerce is expected to represent 30% of their total sales for two out of ten companies, as per AMVO statistics. It is also assured that the users who buy something for the first time on the internet will do it again, in a short span of time.
To conclude, by having digital payments onboard, entrepreneurs will gain various benefits along with an extreme increase in sales, fewer processing charges, instant solutions, improved customer experiences, and more extraordinary solutions on their platforms.
So, entrepreneurs, it’s time to unleash the digital revolution – it’s all yours!