What Payment Methods Should Your Business Offer Customers?
Whether you own a small start-up business, a pop-up location independent stall, or an online store, the types of payment methods you offer say a lot about your enterprise. Although cash and cheques have become somewhat outdated, there are many technology based solutions from which to choose.
Customer satisfaction is essential to all businesses, whether large or small, and choosing the right payment method can help to define their experience and opinion. Your payment process should be quick, simple and efficient, leaving customers satisfied.
Here are some of the best payment methods to consider utilising in your business.
Card Payment Systems
Paying with cash has become somewhat old-fashioned, with credit and debit cards now being one of the most common form of payments. Smaller businesses can be wary of using this method, particularly due to worry of upfront purchase costs. However, companies like Card Cutters Limited offer rented terminals, so you can offer card payments to your customers without the expense.
Tip: if you own a restaurant or a business that is frequently on the move, consider a mobile terminal that uses wireless technology to accept payments.
Contactless technology is the new way to pay and is it a trend that is rapidly on the rise. While contactless card payments are now in their billions every year, transactions using mobile phone apps are on the up, with experts predicting 148 million mobile users at the close of 2016.
When you look at the statistics, it is easy to understand why contactless is such a popular choice. On average, contactless cards outperform their chip and pin counterparts, with transaction times as little as 4.2 seconds. Contactless technology is definitely worth considering, as such a fast and smooth transaction will keep customers happy.
Although chip and pin cards and contactless mobile phone payments are a great option in person, if your business operates online, they are of little consequence to you. In terms of online shopping, there are a number of options.
Many retailers simply allow customers to enter their card details. While this is an effective method, it can be time consuming and poses security risks. As well as using this method, consider the benefits of using a third party payment company, which can provide a quicker and safer shopping experience.
Essentially, when it comes to selecting payment options for your business, while it is necessary to consider price, remember the importance of convenience and customer satisfaction.