10 Ways To Expand Your Payment Options
Accepting different forms of payment could be a great way to boost business. But just which types of payment should you offer? This post explores 10 different payment options that could be worth considering.
Every physical store can benefit from also having an online store to help increase sales. Restaurants meanwhile can benefit from accepting online payments for takeout orders and deliveries. You can build your own website to accept online payments, or you can use a host platform like Amazon or Grubhub to accept online payments.
Credit and debit card
Still only accepting cash in 2023? Most people now prefer to pay by card and you could be missing out big time by only accepting cash. Mobile card readers have made it possible for everyone from taxi drivers to street entertainers to accept card payments. On top of debit card payments, it can be worth considering credit cards too. Credit card payments do result in fees for the vendor, but can make large purchases more affordable, which can help you to win over more customers.
When it comes to in-person transactions, it’s worth owning a card reader that also accepts mobile payments as more people are starting to use wallet apps for payment. There could be other ways in which people can pay by mobile phone too such as setting up an app at a restaurant that allows customers to order from their table.
Gift cards can be a very profitable way to generate more revenue. You get paid upfront for the gift card and then it is up to the recipient whether they spend the value of the gift card. If a recipient doesn’t use their gift card, that’s free money for you.
Allowing customers to collect loyalty points with every purchase can encourage return customers. These loyalty points can eventually be spent to get discounts of freebies. You can provide loyalty points via a stamp card, a digital points card, a loyalty points app or by getting people to create an account on your website (for online store purchases).
Coupons and vouchers can be another great way to attract customers. These can be emailed to loyal customers as rewards, or emailed to old dormant customer accounts to encourage them to use your business again. Alternatively, you can create cross-promotion strategies with other businesses (such as allowing a local gym to distribute coupons for your business to its members).
When it comes to large purchases, you can often encourage more customers to part with their money by allowing them to pay in instalments. These instalments could be with or without interest. Instalment payment plans can dramatically increase business for many companies, but you do need to be ready to chase up payments.
Fewer companies are now accepting checks, but there are still times when they can be advantageous. Some older customers are less comfortable using the internet or giving bank details over the phone – checks can still appeal to these customers. Of course, they are slower to process and can bounce, so they are not always suitable.
Looking to open up business to customers in other countries? Multi currency payment solutions can allow you to accept payments made in different currencies. This can be a great way to increase business if you own an online store and are looking for ways to expand your customer base.
Some companies are also starting to accept cryptocurrency payments. Cryptocurrencies are more volatile, but can be useful for online purchases, allowing customers from around the world to buy products without having to pay exchange fees.