In today’s competitive market, consumers want instant gratification and expect numerous payment methods. Therefore, ecommerce businesses that wish to stay relevant and expand cannot compromise on the billing function. They must cater to customers who purchase online but wish to pay via means that require an offline step, such as wire transfers and bank checks.
Don’t risk losing purchases because you’re unaware of these offline payment options, which a truly flexible billing and payment platform can support. Read on to learn about offline billing and how it works.
What Is Offline Billing?
When a consumer uses offline payments, they place an online order for a product but pay for it later using a separate interface. There are numerous ways to go about it.
For example, depending on your business operations, you may provide your customers with a billing option that allows them to print a transaction receipt, take it to a nearby convenience store, and pay the cashier for the merchandise, just like you would do with Boleto Bancário. The payment process between the time the order is placed and the time the payment is received may take as little as 15 minutes or as long as days or weeks, depending on the barriers that the consumer encounters.
Regardless of the offline payment method your business chooses to support, you must opt for the right billing software that is equipped to tackle offline payments and ensure safety and accuracy in all cases.
Benefits of Offline Billing for Ecommerce Businesses
Wondering if providing offline billing options to your clients is the right step for your ecommerce business? Here are some benefits of offline billing that may help you make up your mind.
- Less Private Information: Another advantage of offline payment is that it usually requires less private information saved, making it less appealing to hackers. In most cases, the only personal information saved is the customer’s email address (which is collected in any event during the order process).
- No Chargeback Wait: When the money arrives via offline payment, there is often no way to automatically retract the payment. Therefore, rather than keeping a cash reserve of up to six months to address credit card chargebacks, you can use the money received via offline payment right away.
- Customer Appreciation and Loyalty: Your product or service will be available to a wider population when you provide an offline payment option. Customers will appreciate the extra effort you’re making on their behalf, and you might even get a leg up on the competition.
- Banking on the Unbanked: With offline billing set in place appropriately, you can offer payment flexibility to customers who don’t rely on traditional banking, for example, cryptocurrency and mobile wallet users.
These are some benefits of offline billing. However, ecommerce businesses typically cater to a diverse audience. While offline payment options may be good news for some customers, others may still want to pay using online methods.
The best approach is to opt for a powerful billing system that supports all payment flows, including not only banks, hosted payment websites, and payment gateways, but also other payment methods, such as wire transfers. Kill Bill is the ultimate payment platform that offers all this and more.
Enjoy the Best of Both Worlds with Kill Bill!
Kill Bill allows you to gain the benefits of both online billing and offline payment options. It is an open-source billing and payment platform that supports subscription billing features. Plus, you can customize the system according to your business needs to streamline the invoicing function. For more information, visit Kill Bill.