So, you want to start your own eCommerce business and thinking about getting an online finance platform where you can manage your invoices, analyze your costs, and make strategic decisions.
Well, let me tell you one thing. You are on the right path to success.
Getting an online financial management platform is crucial, especially when we talk about an online eCommerce business. Can you imagine running a global eCommerce brand without being able to access your funds online or make some changes?
Oh wait, we have 10 orders today, let me go to the bank. It will be a nightmare. This is where online finance platforms come in handy.
Most people think that online finance platforms are just for managing your withdrawals and deposits, but they are much more than that. Some of the top online finance platforms allow you to open an e-commerce merchant account that unlocks many perks that can be useful for your business.
From providing a safe experience for your shoppers (which is crucial), to direct connection to your business IBAN, and fast payments, these are some of the things that can make or break your eCommerce business.
But, let’s talk more about the benefits of using online finance platforms for e-commerce businesses and what will they get.
Benefits of Online Finance Platforms for E-Commerce Businesses
Online finance platforms give corporate debit and credit cards in addition to checking accounts. Numerous cards provide cash-back rewards, large credit limits, and other incentives.
In the language of eCommerce users, such platforms unlock Pandora’s box of payment gateways. In other words, you can provide your potential customers with many different payment options from PayPal, Credit/Debit cards, and even apps like Cashapp.
Every client wants a smooth checkout procedure and a positive experience. Of course, you should be responsible for improving the smoothness of the user interface and experience; but, the more payment alternatives your clients have, the more likely they are to complete the purchase if their chosen method is accessible.
Aside from expanding the number of feasible payment alternatives, the use of digital finance platforms enables an e-commerce firm to pay bills electronically via a system known as EBPP, as well as send electronic invoices to consumers and partners alike.
E-commerce is rapidly expanding, but so are fraud and cyber threats. To keep you safe from credit card theft, loyalty and refund fraud, account takeovers, and social engineering, digital banks have put in place a clever set of measures that you may employ.
Virtual account numbers (VANs) are one of them. They are temporary and can be updated with each transaction or after a certain period of time. A one-time debit card number can be used for several payments. This prevents identity theft, and even if someone obtains your information, it will be useless to them.
Saves Potential Fixed Costs
It’s one thing to have to rely on pricey accountants and accounting software to determine whether your finances are in order. Another advantage is having a digital financial app on your phone that may provide you with all of the information you need in a couple of seconds.
Sometimes, getting your funds from your eCommerce store (Shopify) transferred to your business account will take time, especially if you are not using an online finance platform.
This is why these platforms are the first step to building your eCommerce business. Most of them provide you with easy and fast settlements allowing transfer of funds instantly to your business account and vice versa.
Open Multiple Accounts
There are many reasons why eCommerce business owners want to open multiple accounts. Some might be personal accounts, other savings accounts, and of course a business account.
Managing them can be a real nightmare, especially if they are not on the same platform. On top of that, analyzing the data can also be hard since they usually will provide you with different formats.
However, online financial platforms can help you do this from one place by opening multiple accounts.
Better User Experience for the Customers
It can be a real problem when you see that users are actually putting items in their cart, but nobody has made a purchase.
This might be a problem with your user interface (complicated checkout) or a payment gateway problem.
But don’t worry, we’ve all been there. There is an easy solution for this problem and it is through online finance platforms like Genome.
They provide seamless usage with their custom payment pages that are clean and simple. On top of that, they provide you with most of the popular payment options, and last but not least, have card data tokenization. This is very important, especially for recurring purchases and increasing conversion on your eCommerce store.
The idea with this system is to save the user’s card in your website by encryption, and every time they want to make a purchase again, they can just click “Pay” without providing additional information.
This simplifies the checkout process even more, which is very useful for eCommerce businesses.