Grow Your Business by Accepting Multiple Forms of Payment
Businesses who only have one payment provider gives them an opportunity to run a functional business, but it doesn't always make them successful or able to grow their customer base.
Whether a customer is paying in-person with cash, a tap of a card, or online with a click of a button, offering a variety of payment options is a powerful business tool. More payment options lead to more paying customers. Offering multiple payment options provides positive outcomes for both your business and customers.
Types of Payments
Debit and Credit
Using a debit or credit card is a common way to make a purchase. Paying with a card offers convenience and a smooth check out process to your customers.
Cash and Checks
An advantage with accepting cash is how immediately you receive the payment and there are no fees associated. With checks, many customers still like using them, especially when making a large purchase. However, using cash and checks are becoming less common. So, if you’re a small business looking to increase your payment methods, consider adding new forms of payment to increase your sales. An easy way to start is with an invoicing and payments solution, like Bank Central’s Autobooks. You can send and schedule electronic invoices, which gives your customers more ways to pay.
Mobile payments use mobile devices, such as a smartphone. Mobile payments include a variety of payment options such as payments made through digital wallet apps and money transfer apps.
Online payments transfer electronically and aren’t restricted to online businesses. Online purchases can be made in brick-and-mortar stores using digital wallets or apps that store credit and debit card information on a mobile device, such as PayPal or Venmo.
Digital currency, or cryptocurrency, only exists in an electronic form. This payment method is becoming more popular as it is being used by a younger customer base.
If you’re a business owner, here are some of the advantages your customer will gain by offering multiple payment forms:
Some payment methods can be more costly than others. For example, service fees with credit cards or having to pay for a big purchase all at once. Offering additional payment options such as installment payments will give your business and customers an advantage.
Because shopping online can be a danger, some customers might prefer using a certain payment method over others. PayPal and Apple Pay are making online payments convenient and more secure. Offering your customers multiple payment forms will ease their worries and make them feel more comfortable with making a purchase
Some of your customers might prefer a different payment method than others. One might like to only make purchases using their digital wallet while another might prefer to write a check. By accepting multiple payment forms, your business will meet all of your customers' different preferences.
Advantages your business will gain by offering multiple payments:
By offering a wide range of payment options, customers are more likely to make a purchase from your business rather than not. Let’s say a customer visits your store but they forgot their wallet and the only form of payment they can use is their digital wallet on their mobile device. If you offer mobile payments, no problem. If you don’t, this customer will likely leave your store and not make a purchase.
Customers who know they can pay the way they prefer are more likely to return to your store or website and make another purchase. Customers know when shopping at your business, the payment process is easy which will result in growing a loyal customer base.
Maintained Cash Flow
Different payment methods will settle at different times. A credit card payment might take days or weeks to settle while cryptocurrencies typically settle instantly. If you're a small business owner this could reduce some of your stress. Offering multiple payment forms keeps a regular cycle of cash flow and ultimately grows your business.
To learn more about accepting payments, feel free to contact us and we’ll help determine what’s right for your business.
The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.