Why specify Payment mode for all transactions?
we in Catalyst understand the importance of specifying payment mode hence specify payment mode.
- The most alternative methods of payment can be used by the customer thereby the transactions are made according to their convenience.
- When it comes to a global publisher base, It is extremely important for affiliate networks to support as many payment methods as possible, as they demand payment in various forms.
- The capability to provide any payment method for your clients can make all the difference in maintaining a smooth operation.
- The way that a buyer chooses to compensate the seller of a good or service that is also acceptable to the seller.
Importance of specifying payment mode to all transactions.
The most important reason to specify payment mode is to consider what payment method you will offer when you start a business.
Identify your customer preferred way of payment methods.
Tally your daily collections.
Tally your daily expense.
Benefits of specifying the payment mode for all transaction
1. It gives a clear picture of how the transaction has been done like cash, credit card, etc. The frequency with which a sum is paid, such as monthly, quarterly, or annually.
2. payment methods used in a modern business context include cash, cheque, credit or debit cards, money orders, bank transfers, and online payment services such as PayPal.
3. Customers usually had just one mode of payment – cash or credit card, when they shopped at a store or local shop. With technology taking over, gone are the days of waiting or carrying large quantities of cash or even waiting for the payment to get processed.