Electronic payments benefit you and your business by mainly by reducing your costs and extending your customer base. It is important that like your competitors, your business can offer a wide range of payment options. This way you will not need invoices, cheques and cash. Costumers may be allowed purchases that otherwise would be delayed. Even small discounts to encourage online purchases improve the perception. And rationally looked if you do not offer the full range of payments including the most popular online options but your competitors do, what would this say for you in the eyes of the costumers?
Electronic payments increase profitability because they remove administrative resources required by invoices, cheques and cash. They can use credit cards to enable instant purchasing. Payments at the time of purchase are reducing the well known pressure caused by long invoicing. You can enjoy the open payment channels via the phone, mail and Internet and at the same time increase your customer base. And of course more customers mean more revenue. If you match and beat the services of your competitors you would gain the edge.