Do you know that fifty percent of shoppers would not make a purchase if their preferred method of payment was not accepted? In addition, research has shown that customers favor purchasing from those businesses that provide them multiple payments options.
Many new businesses lack providing alternative channels for payments. With the increasing number of customers seeking various payments options for shopping, it’s important to address the issue and provide multiple payments options to them. The checkout will make or break your customers’ experience, therefore you must integrate the most popular and efficient payment channels.
We’ll demonstrate why multiple payments options are not just important for customers, but can actually be a vital factor for promoting the growth of your business.
More Options Means More Customers
In today’s environment, several businesses provide a range of choices to customers for completing their purchase. If a business only has one payment method, it is considered outdated. Therefore, it is essential that you offer multiple payment options to your customers. When you provide customers with variety of options to make purchase, it will open doors to more customers.
The reason is that some prefer paying with credit cards or debit cards while others favor paper money. If your business only accepts credit cards and doesn’t take cash or vice versa, you’ll drive many customers away.
Professionalism
How many famous companies have you seen that only accept one payment method? None! When you offer multiple payment channels, it demonstrates professionalism and shows to the customers that your business is reliable. Customers will feel more comfortable in purchasing from your business when they know that you can be trusted.
Global Reach
Having multiple payment options appeals to the audience worldwide and enables you to handle customers that wish to make payment from other countries. For example, online merchants allow customers to pay through PayPal which makes it easy for people in different countries to purchase things. When you integrate this type of payment options, you’ll be able to increase your reach and grow your business.
Customer Retention
Many customers feel frustrated when their preferred method of payment is not accepted by a particular store. Imagine a customer goes to a store, fills up the trolley with the things he wants to buy and comes at the counter to make payment with his credit card, but finds out that the store doesn’t accept credit cards.
Just think how much frustrated the customer will become when he finds that the store is not processing credit cards. What would you do if you were that customer? Not visit the store ever again, right?
Such scenarios will never occur when multiple payment options are available to complete a purchase. Thus, customers will never be disappointed and keep on returning knowing that they are being provided the best service.
A Word to the Wise
If you haven’t set up multiple payment options until now, it’s time to make a move. You can start by first setting up your business to accept credit cards and debit cards and then move to other payments options like personal checks, mobile payments, bank transfers, money orders etc.
For assistance in setting up credit card payments, contact Empire NAB or visit www.MerchantAccountSaver.com. You’ll be provided all the essential information about credit cards like processing fees, merchant account, credit card processing, virtual credit card processing, merchant cash advance and anything else you wish to know.