How Having Several Different Payment Options Can Benefit Your Business

You might have noticed that having several different payment options has been an important part of creating a business that lasts long term. In the past, it might have been easy to develop a system where payments were made solely in cash or check. Now, however, customers tend to like having a few different options, and your business can easily fall behind if those options aren’t available.

Here’s why you should think about having a few payment options to make your customers feel comfortable with your business.

Different payment options encourage trust

Cash was once the major way clients could pay and feel good about security. Now, credit card fraud, bank hacking, and much more has changed the way people feel about sharing information and using methods like a checking account and plain dollar bills. Trust is usually an utmost concern for many businesses, and whether you are a new or old company, it’s likely you are going to see a change in how many customers return or are new to your business if you offer limited payment options.

Technology changes rapidly

Offering payments through credit cards is a solid way to start, but you’re likely already behind the game if you aren’t planning on employing any other methods. Credit cards have been a solid way to pay since the 70s, but with new technological revelations such as online payments and applications like Apple Pay, they are unlikely to remain around within the next few decades. While you’ll want to make sure to offer paying with credit cards as an option, make sure to also look to the future and see whether an online payment system might be more beneficial.

They are easy to track

One of the major problems that companies had in the past with old payment methods was the fact that they were hard to keep track of. It was almost given that you would have to hire an accountant to help with balancing the books and that it would take a long time to create a record of payments. However, with an electronic system, it makes it much easier for both the business owner and the client to have an idea of when payments were approved and whether any are owed. It’s much easier to look up and see if there are any details missing or some need to be added.

It’s easier to make invoices

Paper invoices are likely to get lost in the mail, forgotten by clients, or ripped or torn. With a payment system online, you’re likely to run into a lot fewer problems with your invoices. Options like Paypal or Apple Pay allow you to create personalized invoices that are delivered right to your clients’ inboxes, where they can address them promptly. It’s often the best way to get your payments on time (and it benefits your business as well as helping customers remember to pay you).

The landscape of how payments are made and how they affect the seller has changed over the past few years. With online payments and apps, it’s up to businesses to create a number of new ways for clients to pay. With a few minor changes, you can provide trust for your clients while also making your job much easier.

Guest article written by: Alex Schnee