With cash losing its role and eCommerce gaining more popularity, it’s high time you started accepting multiple payment types from your customers. Otherwise, you’re risking losing sales and revenue. That’s why more merchants are including peer-to-peer or P2P into their payment options. These payments are convenient to set up, contactless, and lower cost.
Payment Options: Peer-to-Peer (P2P) Payments
Peer-to-Peer (P2P) payments are a mechanism allowing users to transfer funds from their bank account to someone else’s account via the Internet or a mobile device. Thanks to P2P payments, users can quickly send funds, keeping their account details private.
Mostly, P2P payments are used to split costs with friends, pay rent, send money to family members, or purchase goods or services from private sellers. The fund transfer requires submitting only the recipient’s email address or phone number.
To choose the right payment services for your customers, consider working with a payment expert in the U.S. like eMerchantBroker.com.
EMB is voted the top high risk processor in the country and is dedicated to offering the lowest cost, safest, and most advanced payment options to both low and high risk merchants in the country. eMerchantBroker.com is also a business funding provider serving merchants of any type and size.
Peer-to-Peer Payment Advantages for Businesses
Businesses can enjoy more than one benefit when offering a peer-to-peer payment system. Specifically, this payment system accommodates quick and easy digital transactions. That’s why businesses love the convenience offered by P2P payments and consider it one of the biggest advantages of this type of payment system.
In addition, P2P payments offer ease of access and the ability to transfer to bank accounts. There is no need to use cash, which makes P2P payments a go-for option for many. On the other hand, P2P payments are also secure. After all, they’re encrypted and feature fraud monitoring capabilities.
Integrating P2P Payments as a Payment Option
The interest in peer-to-peer payments is growing. The P2P payment system allows customers to connect their bank accounts to a digital application. As a result, users can instantly send and receive funds with the touch of a button.
More merchants are integrating P2P payments among their payment options. Know who can help you.