Small businesses are increasingly realizing the need to offer a range of payment options to customers in this age where the world of commerce is fast changing, transforming the customer base. Accepting various forms of payment methods will not only pull more customers toward but improve their experience in the process of shopping. In this write-up, we will look at the five payment methods every small entrepreneur should consider adopting to remain in the competition and boost their sales.
Credit and Debit Cards
Credit and debit cards are still the widely used payment option for physical and online purchases. Because of such capabilities, businesses are able to cater for a wider range of sales by providing the customers with the option of paying for transactions using major credit cards including Visa, Mastercard as well as Amex. It is no secret that credit card acceptance impacts positively on small business sales. As consumers, use of a credit card to make purchases means the sales per transaction are likely to be increased as purchases tend to be larger.
Recommendation: ZilMoney for Credit Card Processing
ZilMoney is best providing small businesses with the ability to accept credit card payments at the most acceptable payment processing fees. It is hard most of the time to accept payments by credit card without incurring a large transaction fee that is common with credit card processors. ZilMoney offers clients favorable rates, security features, and integration into systems that are already in place. Businesses incur processing fees which cut down on their profit margins, thus making it hard for some businesses to offer an easy form of payment to their clients.
Mobile Wallets (Apple Pay, Google Pay)
There is increasing usage of mobile wallets because they are easier to use and safer than plastic cards. Apple Pay, Google Pay and such services allow customers to make payments by tapping their phones or watches on a checkout counter. When making purchases online, these wallets serve as a quick means of purchasing goods that might otherwise take time to complete the purchases. Businesses can accept mobile wallet payments for customers that are technology minded as well as reducing the risk of payments.
Bank Transfers (ACH Payments)
ACH payments are direct bank deposits but are specially designed to help companies collect funds from customers’ accounts directly. This type of technique comes in handy in instances of repetitive payment, such as for subscription services, utility services, and rent collection. Also, ACH payments are advantageous in that they have fewer transaction costs than using credit cards for payments. Having an option of making payment through bank transfer enables the businesses to cater for clients who do not wish to use anything else but a-bank transaction while at the same time, doing away with high processing expenses.
Buy Now, Pay Later (BNPL) Services
The use of “Buy Now, Pay Later” or “BNPL” as a retail installment payment option has become more popular with companies like Klarna, Afterpay and Affirm, particularly with people within the younger age bracket. Depending on the customer, it enables them to make purchases that otherwise they would not be able to make immediately by splitting them into a certain number of smaller and installment payments that attract no interest.
For enterprises, introducing BNPL is a surefire way to boost revenue since consumers are most likely to undergo their purchasing behavior through completion at their very own comfort of paying. Implementing a BNPL alternative in the payment means opens a new market of cost conscious customers for small businesses making it possible to raise the average order value as well.
Online Payment Personal-Account Sponsored by Paypal and StripePay
Both PayPal and Stripe are examples of online payment platforms that are safe, quick and good to both customers and businesses. For PayPal, many online shoppers appreciate the safety in transactions and the usability of the system. Stripe, however, is more prevalent among developers who help businesses come up with various payment options. Businesses providing paypal or stripe accounts gives their customers additional assurance especially for online purchases.
Conclusion: Accept Payment in Variety To Enhance Business Growth
In today’s business scenario, it is a matter of survival for small-scale businesses to include more than 2 modes of payment for increasing sales. Each of these modes of payment, which include credit card, mobile wallet, ACH payment, or BNPL services or even an online payment platform, has its own advantages which can enhance customers’ experience and consequently your sales.
On the other hand, if a business wants to accept credit card payments as it is without spending a lot of money on credit card services, ZilMoney is an excellent and practical option. ZilMoney will allow you to simplify and minimize expenses related to payment transactions as well as give your clients an opportunity to pay for their order in the most convenient way. Accept the future and their payment system, and your business will flourish!