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Make doing business easy with these four common business Internet payment methods

by , 25 July 2014
Everything in the world is fastpaced these days. Anything that doesn't operate at that speed goes in the old and out dated bin. This applies to business too. So if your business doesn't run at this speed, you're in trouble.

This speed must apply to your production, customer service and even your financial management. Imagine you have to pay in a deposit to secure a certain asset, but you have to go down to the bank to pay it. Before you even get there, someone else has already paid the deposit and you lose out.

Don't let this happen to your business! Rather use these four common business Internet banking payment methods...

*********** Hot off the press  ************
Two out of five South African businesses fall victim to fraud every year... Don't become a statistic!
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These four common business Internet banking methods will help speed up your financial management

 
The days of going down to the bank to make a deposit or posting a cheque are long gone. If you want your business to survive, one of these four common business online payment methods:
 
1. Electronic Funds Transfer (EFT)
This is the fastest and most secure method of electronic payment. The reason is it sends the funds directly from one bank account to another and there's no chance for any interruptions. Just ensure you have the correct banking details and that you enter them correctly otherwise you're paying the wrong person.
 
2. Credit/Debit card
This is when you have to enter your card information on a separate site. This is easily open to fraud because, if that information lands in the wrong hands, fraudsters can use your card information to make their own purchases. If you're going to use this method, ensure it's a secure site with 'https'at the beginning of its URL.
 
3. PayPal
This is a relatively new method of making online payments. This is best if your client is making a once-off payment and not a regular debit order. This is quite a secure method because it doesn't link directly to your bank account. This means no third party can get its hands on your banking information. 
 
4. Virtual/Digital Currency 
An example of this is something like EBucks. Your clients can earn this kind of digital currency through rewards programmes and they can use the points to buy services or products. This is extremely secure because no real money changes hands.
 
So ensure your business stays up-to-date along with your financial management by using these four business online payment methods. Just remember to always be on the lookout for fraud to protect your business.
 
*********** Product endorsement  ************
Are you spending TOO MUCH on accounting costs?

The truth is you could pay less accounting fees while at the same time prevent fraud, save on tax and Vat costs and keep up to date on changing legislation.
 
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