If you are in business and want
to attract as many customers as possible a key priority should be to make the
task of buying from you as easy as possible.
Offering great prices and great service are positive aspects but right up there amongst your list of favorable attributes should be a setup that offers customers a seamless and painless buying experience.
Here is a look at why customers love the convenience and what you can do to fulfill that requirement, including why credit card acceptance matters, what multiple payment options can do for your business and cash flow, and how you can compete online with the right approach.
1- Credit Card Payment is Essential
Paying by credit card is firmly
entrenched amongst the buying public as a preferred method and the convenience
of using a card to pay for your purchases is something that the vast majority
of your customers will expect to be able to do.
Setting your business up with a
facility like CBD merchant accounts will mean
that you can make it easy for customers to complete their transaction with
ease, whether they are paying online, in-store, or over the phone.
Some industries are considered more high-risk than others when it comes to credit card payment processing and it can be difficult for new businesses to get a merchant account, but there are normally a few viable options that should mean you can get accepted and start taking card payments.
Convenience is a big motivation
for customers and that’s why being able to accept credit card payments is so
essential.
Without the ability to accept
cards in your armory you could definitely be limiting your chances of
converting a customer’s interest into a confirmed sale, and you run the risk of
a potential new client turning to a competitor instead.
2- Increase Your Turnover
There is often a direct correlation between how many different payment methods you offer and increased revenue. You don’t ever want to face a
scenario where you missed a sale because you couldn’t accept the preferred
payment method that your customer wants to use.
Being able to accept all major
credit cards is a prime example and your revenue should increase by a healthy
percentage when you never have to say no to a customer when they are trying to
pay.
3- Better Customer Service
Another key issue to consider is
that when you make it as easy as possible for customers to pay you that should
enhance your business reputation as a result of giving them great service.
4- Repeat Business
If the customer has enjoyed a
positive experience with your business they are far more likely to return again
to spend some more money with you.
When you give your customers the
star treatment and allow them to pay you in any way they want it will very
often encourage them to think of your business when they are in the market for
another item that you sell.
5- Plan Your Business Expansion with Confidence
Any smart and modern business
owner knows that the world of commerce is evolving rapidly and that means there
are new ways to pay and different payment options being developed all the time.
Not that long ago it would have
seemed inconceivable to be able to use your phone to make payments but that is
just one example of how payment services are responding to customer convenience
demands.
The last thing you want for your business is to get left behind by not offering as many convenient ways to pay as possible. By showing a willingness to
accept multiple payment methods it should help you to get in with the task of
expanding your business with a degree of confidence that you have payment
options covered.
6- Raise Your Profile
What is amazing about online commerce,
in particular, is the fact that a small business owner has the opportunity to
compete on a much more level playing field these days than they could have done
in the past.
Thanks to business tools like
social media your business can compete for customers without having a massive
advertising budget.
What adds to your credibility is
the fact that advertising you accept all major credit cards shows that you are
a merchant that can be trusted.
7- Reassurance for Your Customers
Another compelling reason why it
is good to be able to accept multiple payment methods is the fact that when
offering methods such as Apple Pay,
for instance, you don’t have to store a customer’s credit card details.
This can be a big selling point
for people who don’t like the idea of handing over sensitive data that might be
stored in a database.
It is not just card security that
persuades some customers to do business with you, there is also the ability to
enjoy a fast checkout that can also seal the deal.
8- Great for Cash Flow
If you have been running a
business for any period of time you probably won’t need reminding how important
cash flow is to your business.
You need the cash flowing as
smoothly and quickly as possible into your account so that you can pay
suppliers and fund your future business plans.
A big advantage to accepting
multiple payment options is that it allows for cash to come in from various different
sources. In addition, technology now means that money can be in your account
almost immediately in some circumstances.
If you want to maximize your
business cash flow one of the main solutions to this requirement is to be able
to accept payment in all sorts of different ways, from cash, to credit cards,
and anything else that means the customer is never inconvenienced when they
want to pay you.
The Bottom Line
Don’t miss out on the opportunity
to boost your credibility and professional image, open your mind to all the
different ways that you can accept payment for your goods or services and see
what a difference it makes to your turnover and future prospects.
