When it comes to business, the aim of the game is to sell your products and services for a profit – it’s the only way your company can remain viable. So making it easy for your customers to hand over their payment is an important consideration, the last thing you want is to lose sales at the last minute where your customer wasn’t able to pay in their preferred way. Here are some things to think about.
Cash payments is one of the oldest and most traditional forms of payment. Accepting cash payments is simple and straightforward, special equipment isn’t required, and no transaction fees need to be paid. However, accepting cash payments also have some drawbacks. For one, cash can be lost or stolen, and cash transactions can be challenging to track. Additionally, cash on hand may not always be available to customers, leading to lost sales. As we move further and further towards a cashless society, many customers wont’ have cash on them so if this is your only way to accept payment you will almost certainly lose some sales.
Credit and debit cards are the most popular payment methods among consumers today. It’s convenient for customers, and it also helps increase sales. To accept credit and debit cards, you’ll need a credit card reader, which can be either a standalone device or a mobile app that connects to your smartphone or tablet. It can be quite simple to get started these days meaning just about any trader from market stall holders to large shops are able to accept payments in this way. There are fees associated with accepting credit and debit cards, but these fees are often worth it because they help increase sales and reduce the risk of lost sales due to payment issues.
Mobile payments are becoming increasingly popular, especially amongst the younger generations. Apple Pay, Google Wallet and Samsung Pay allow customers to make payments using their smartphones or smart watches. Many credit card readers will also have the option to accept payments from customers in this way, so do your research when you’re looking for a card reader for your business.
Online payments are another essential payment method for small businesses. To accept online payments, you’ll need a payment gateway, which is a secure online service that connects your website to your merchant account. Online payments are convenient for customers because they can be made from anywhere, at any time. They also help increase sales and reduce the risk of lost sales due to payment issues. Bank transfers, PayPal and card payments like Sage Pay are all useful, and its advisable to offer a number of options. Using an invoicing service like Invoice Simple can make it even easier to provide your customers with a seamless online payment experience.
When it comes to preventing lost sales at the last minute, making payment easy is crucial for small businesses. If goods or services payment becomes difficult for customers, purchase abandonment can be caused due to frustration (we’ve all been there as a customer and abandoned a purchase as the company made. By offering multiple payment options and making payment easy, the likelihood of completing a sale and building customer loyalty can be increased. As much time doesn’t have to be spent on manual payment processing, the workload on staff can be reduced by easy payment methods.
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