Want more customers to buy from your business? Of course, you can spend a lot of money on advertising, offer sales promotions, and offer more products. But one of the simplest ways to get more buyers is to provide more payment options.
Although customers want more ways to pay, many businesses are reluctant to provide them. Offering easier methods for customers to pay for your products or services can help you beat your competition. Here are some ways you can give customers greater payment flexibility.
Ecommerce is one of the fastest growing industries right now. Customers love to be able to make purchases from the comfort of their home. Having a professional business website with payment options is a good way to increase your profit margins.
There are many services which allow you to take online payments. PayPal is a fast and efficient way for people around the world to make purchases. There is also shopping software you can implement on your website. Keep in mind that online payments are often considered risky, as they’re more open to credit card fraud. It’s worth looking into getting a high risk merchant account for taking payments online.
Be sure to make your online payment services smartphone friendly. Many people these days like to shop from their phone, tablet or other portable devices.
Contactless payments make taking purchases in-person easier than ever. Major credit card companies such as Visa now offer contactless cards, fobs, and smartwatches to make quick payments.
Ensure that you have a payment terminal capable of taking contactless payments on your premises. Customers with contactless payment devices will be appreciative. For businesses that have to serve customers fast, such as bars and shops, this can be especially helpful in speeding the payment process up.
For companies who sell expensive products or services, long-term payment plans can be very helpful. This involves taking a deposit from a customer as initial payment. They can then pay off the remaining cost over a number of months, often with added interest, to complete the payment.
Payment plans are often used for buying cars, as they’re often too expensive to pay for in one instalment. They’re also widely used for things like electronics, furniture, and appliances. Consider letting customers pay monthly to increase the sales you make.
Offering your own branded gift cards in exchange for cash is another smart payment option. Not only do they offer a payment alternative, but they’re also great for bringing customers back. If customers have money on a gift card, they’ll be more inclined to purchase from you again. Many people also buy gift cards for friends and relatives, giving you new customers.
Some companies offer fixed-amount gift cards which can be used for a one-time payment. However, some businesses are beginning to offer private-label credit cards with their own balance. These act the same way as regular credit cards, but can only be used with the company that issued them. Customers who make payments on private-label cards are often given incentives for repeat purchases.