If you’ve been considering how you can bring new customers into your small business, then you might want to think about how you make your transactions. In the past, accepting cash or check was often enough to keep a business running. However, with new online payments available and the fact that paying with credit card is so simple, it’s easy to see why many small businesses are thinking about these as options.
Here are 4 reasons to consider adding additional payment methods to your company.
1. It brings in new customers
Many times, not having enough credit card payment options can cause some clients to choose to walk away from your business. In fact, some clients won’t even consider working with you unless you have their preferred method of payment. Adding some other options can encourage those who would have not used your business to check it out over the competition. New customers are often what keeps a business running, and by adjusting your payment methods you can go a long way toward bringing in new people.
2. It helps you as a merchant
Many businesses might not consider using a variety of payment methods because they are concerned about fees and the complications that come with having more to keep track of. However, there are a lot of benefits that come with adding other payment methods, including merchant services that can help you with late or incorrect transactions. When you use credit cards or online payment methods like PayPal or Venmo, you will also have an easier time keeping track of what has been paid.
3. It helps your clients feel comfortable
It can look highly unprofessional to only accept cash or check in this day and age. When customer trust can make or break your business, it can be incredibly important to make clients feel as though you care about their concerns. Other payment methods also offer support for customers in case something goes wrong, which can give them an extra layer of assurance when they are putting down a payment. Working with your company can be an unpleasant experience if customers don’t trust you, and additional payment methods can go a long way toward creating a positive relationship.
4. Opens up market options
As a business, you have a very limited market when you only accept cash or check. You are limited to local customers and those who would like to pay in that way. However, when you accept credit cards or online payments, the world is your oyster. You have the option of reaching clients from the world with an ecommerce store or selling your product or service on various platforms. If you foresee yourself growing as a company, then at some point you will need to have other payment options available.
Having a few payment methods offered can help your business grow in ways that you might not expect. They are often easy to implement and they can provide you plenty of benefits as a company.