There is no particular formula for ultimate business success but there are several ways you can grow your business effectively. And offering your customers multiple payment methods is one of them. Cash and credit cards are the basic methods of getting paid by your customers. But if you rely on these two methods to accept payments, you could possibly be turning away modern customers and missing out on opportunities to build strong relations with your existing customers. Thanks to technological advances and mobile devices, modern consumers expect greater convenience when it comes to buying something either online or in-store. Providing them with plenty of payment options is a superb way to allow them to pay for purchases in any way they want.
The best choice for business owners is to accept payments in as many methods as possible. Let’s have a look at the common payment options you can accept in your store to boost cash flow and attract more new customers.
Cash
Cash is the most basic and common payment to get paid by your customers. there is no need to spend money on payment processors or POSs when you accept cash payments. Since the recent COVID-19 pandemic has shifted payment behavior, cash payments reduced by 16% in 2020 all around the world. But allowing your customers to cash payments is important because most local customers prefer paying via cash when they are shopping in a local market.
Debit and Credit Cards
Debit and credit cards are other common payment options you can accept in your store. People normally use credit cards instead of debit cards for payments and purchases because a debit card is directly linked to a bank card. While credit card comes with a particular credit limit to keep the fraud risks lower. The best credit card also allows customers to enjoy enticing perks and benefits like cash bask, discounts, free reward points and 0% APR period, etc. So, you must accept debit and credit card payments in your stores to entertain your customers in any way possible.
Mobile Payments (Contactless Payments)
Mobile payments are experiencing rapid growth in the recent couple of years. Mobile payments are also known as contactless payments and can be done by using mobile and web-based apps. Apple Pay, Google Pay, and Facebook payments are some popular mobile payment options available these days. Modern consumers prefer mobile payments nowadays because these payment options are secure and protected with no involvement of cash. Mobile or contactless payments are easier and faster to pay for anything anytime even while on the go.
Cryptocurrency
It is a digital currency that comes with greater protection of cryptography which is a highly secure communication method to transmit information and data with encrypted content. Cryptocurrencies exist on a decentralized network known as blockchain which makes them impossible to counterfeit. Bitcoin and Ethereum are the most popular cryptocurrencies around the world. Giant organizations and businesses like Whole Foods now accept payments via Cryptocurrency. You can also provide your customers with cryptocurrency as a payment option so they can make payments via digital coins like BTC.
Gift cards
Gift cards are not a popular payment method but it is one of the best ways retailers can build long-term and loyal relationships with their customers. Gift cards are just like a store credit that a cardholder can redeem for purchases made through the store. Gift cards are widely used as corporate or custom gifts so the receiver can shop for his/her favorite things without using cash or any other payment method. Some companies also offer their customers gift cards to strengthen customer relationships and keep them coming back for more. Apart from your business and store type, gift cards can help you increase customer retention and loyalty.
Conclusion
Providing customers with flexible payment options makes them come back and spend more. When they are offered several payment methods, they can choose the right one that fits their financial needs and interests. This helps brands build customer trust by improving the overall shopping experience. doing proper market research is the best way to choose the best payment options for your business and customers. You can also spy on your competitors to see what payment methods they offer to customers and how you can differentiate yourself to stand out.
