Today, in the business world, your success and cash flow depend on how many payment options you have.
Thankfully, we have today`s technology, as you don`t need to have a physical wallet anymore, you can simply pay with your e-wallet, or with a virtual credit card, along with many other virtual options.
As a business owner, it’s important to understand that your clients and customers probably have many different ways to pay, as well. As a result, you need to be sure that you offer enough payment options.
What are Multiple Payment Options?
My favorite bakery accepts only cash. I, on the other hand, only accept and carry credit cards, as I rarely carry cash with me.
So, you guessed it, when I want to go to the bakery, I have to go out of my way to take cash from the bank or a Mac machine, which is a pain for me, because my bank is not near my home or the bakery. Therefore, I don’t visit the bakery as often as I might, otherwise.
This is a loss for the bakery. Do you see what I mean now about the importance of offering multiple payment options? It could mean more business for you.
When you limit payment choices for your customers, you make it more likely that they will go elsewhere, especially if they are looking for convenience, like I do.
Payment Processes and Multiple Options
With the technology that we have today, you can use one payment processor with multiple payment options, like Sighted.
This way, if you prefer PayPal payments, and your client does not have a PayPal account, he can pay you with a credit card, and you will still get your money on your PayPal account.
I also like Google Wallet, as it`s easy for me to use. I can just add my email, and that`s it. I don`t need to remember other numbers and fill in endless fields of information.
Start from your own point of view ─ would you shop at a store that has a one-click payment method or do you prefer entering in an endless amount of information? If you are like me, of course, the first choice is the answer.
So, think about that when deciding how many payment options you will offer and how to add them.
Increasingly, businesses are also adding P2P payment options to their capabilities.
Allowing someone to pay you with Venmo can make a lot of sense, especially if you want instant payment and you don’t want to have to worry about the equipment that comes with swiping.
P2P payments are more and more popular now, especially with options to pay using Facebook, and it makes it convenient for your customers, as well.
Also, cryptocurrency can be considered as P2Ppayments, too. People are using Bitcoins more and more, and you can readily accept this kind of payment if it fits your company.
Offering Too Many Payment Options?
I don`t think that this could be a problem. Again, start from your own perspective. If you want to pay with PayPal and a restaurant only takes cryptocurrency, will you open an account and pay with Bitcoin, something that is not familiar with you?
Of course not, as you will use payment options that are familiar to you and that you already use.
Final Thoughts with Sighted
People want everything fast and hassle-free these days. That’s a fact.
Offering many payment options can increase your chances of getting paid and having a bigger and more regular cash flow.
As for your clients, they will appreciate the possibility of paying with the payment method that they already use.