Find out Why Your Business Needs Different Payment Options

by Mike on December 6, 2016

Find out Why Your Business Needs Different Payment Options

Have you ever had a customer enter your shop, pick up some goods, but leave empty handed? Most of the time, the only reason that happens is if they had less money than they thought, or you weren’t able to accept their payment option.

If you’re still displaying a “Cash Only” sign on your front door then it’s time to upgrade. Almost everyone in the world prefers to use cards instead of physical money. It’s safer, it’s easier to carry, and it doesn’t bulge our wallets. But credit cards aren’t the only popular payment methods. Using online payments, phone payments, and even contactless payments are all the rage, and your business is doomed to fail if you don’t give your patrons more options to pay for your goods.

Buying Food

If you’re running a fast food location or supermarket, then you want your customers in and out quickly. People don’t come to your location to browse around for over an hour. They enter your store knowing what they want, where to get it, and how much they need. They’re busy people, they have things to do and places to be, and the last thing you want to do is hold them up while you fiddle with cash payments and change. There’s a reason people say “keep the change”—it’s because they don’t want to wait around to receive coins or find a place to put those coins in their pockets.

If you start to get long queues at your business, then people are less likely to come back. They’ll just go to any other location that serves food (unless your food is outstanding!). Make sure that your business can at least accept credit cards, and you’ll see your profits rise.

Buying Small Items

If your shop specialises in selling lots of small items, such as office supplies, then you can benefit by using alternate payment methods because you don’t want people to count up all of their expenses and make sure they have enough change or physical cash on them.

When people come in to buy office supplies, they want to throw all the stuff they need into a basket then hand you a card to pay it off. It’s easier, it’s simple, and they don’t need to head to the bank and withdraw change. Sometimes people come in just to buy a single pen or pencil. Instead of taking out a stash of coins, they prefer to pay with a simple and easy payment method where they can just swipe a card and be on their way.

Buying Expensive Items

Not everyone carries around a huge stack of money with them. If your items are large and expensive, then it helps to have financing options or at least the ability of paying with a card. Don’t expect your customers to go to a bank and withdraw loads of money just to buy your goods. They’ll go to a similar store and just pay with their card, and not have to worry about carrying physical money with them.

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