Your customers are the backbone of your business. They buy your products, which enables you to restock with popular items or introduce new ones. Ultimately, they provide you with a profit, enabling you to justify the reason you went into business in the first place. But in order to maximize the potential of your business, you need to offer as many payment options as possible. You might have objections to some forms of payment, but you have to consider your customers and how they prefer to pay. Opening up as many payment options as possible translates into happy customers who buy products.
Facilitate Easy and Fast Payments Anywhere
It’s a guarantee that customers want to get the payment process over as soon as possible. They want to be able to make the exchange so their products are in their hands quickly. If you’re limiting yourself to checks and cash, you’re slowing down the payment along with restricting the amount of product a customer buys. This leads to fewer sales and lower profits.
When you give customers the option to pay with ACH/e-check, debit or credit card, or check draft, you give them the power to make stronger buying decisions. They’re also more likely to be repeat customers, post good reviews, and give positive word-of-mouth simply because you made it easy for them to pay. Take a look at BillPro and its merchant services account types to find out what works for you.
Increase Your Cash Flow With E-Checks
The sooner money comes in from purchases, the better. Ask yourself if you really want to wait for the check to arrive in the mail and then clear the bank. Chances are you will answer no. But instead of telling customers you don’t accept checks, provide the option to “write” an e-check or direct draft with an existing check. It works the same way as a written check does except for one distinction: it clears faster. It’s true there’s a delay for the check to clear due to security measures, but the funds are locked down the moment the check is transmitted to the bank. You don’t have to worry about a bounced check and potential overdraft fees.
Keep Your Customers Happy
The main idea behind offering multiple payment options is to tailor your checkout process to the customer’s expectations. When customer know they can pay any way they like, they’re most likely to use the same payment processes repeatedly. But this doesn’t mean you should drop the lesser-used forms of payment. You never know when a customer will decide to change his or her payment method. If the customer wants to change and expects that the options will continue to exist, he or she won’t be happy if an option goes away. Offering multiple payments keeps customers happy and returning for more.
The goal of accepting many different payment options is to make your business successful. Accepting credit cards and other forms of e-payments opens more doors than it closes while keeping your customer happy with freedom of payment.