According to Statista, 56% of American consumers prefer online shopping because it’s always available, day or night. And 27% of all online shoppers do so regularly, spending an average of $112.
With seven of every ten businesses having an online presence, maintaining a competitive edge and securing profit can become challenging. One of the ways to do so is by offering a wider variety of alternative payment methods to cater to a larger demographic of potential customers. Be sure to read this article to learn more about other merchandising strategies to drive sales.
Cashless Payments
Depending on the pricing ranges of your business, you may have some potential customers who would love to buy your goods or services but simply can’t afford to. This means you’re missing out on a demographic of customers who would support your business.
If you want access to these customers, consider enabling them to donate to you by sharing their idle bandwidth. With donating solutions like CareBuzz, you can add this alternative payment method to your business strategy.
CareBuzz’s transaction technology allows your business to receive cashless donations. Thanks to bandwidth sharing, your clients can contribute monetary donations at no cost. Contrary to other donation platforms, CareBuzz is a free global platform connecting millions of people worldwide.
Buy Now Pay Later (BNPL)
Buy Now Pay Later is a type of short-term financing that lets customers do precisely what the name suggests – buy something right now and pay the total price later. In essence, if your customers choose a “buy now pay later” payment option, they can make purchases and pay for them over time, usually with no interest.
Usually, a business will request a small down payment on the product they want to buy, like 25% of the total price. Then, the buyer will make small payments regularly to pay off the remaining balance with no interest, meaning it won’t become more expensive over time.
This alternative payment method is often used by businesses that sell expensive products or services, like transportation devices, technology, electronic gadgets, or more high-end clothing and apparel. However, as consumers’ buying power decreases, this is becoming a more popular payment method, even for purchases that aren’t considered expensive.
Cryptocurrency
Cryptocurrencies, like Bitcoin, are more than just a new form of money. They are transforming our financial landscape and the way we perceive the role of traditional intermediaries like banks. At the same time, cryptocurrency provides an opportunity for financial empowerment to the masses.
To meet the increasing customer demand, industry-leading payment giants like Mastercard, Visa, PayPal, Stripe, and Venmo have all started working with crypto companies, providing millions of users with access to crypto as a means of payment.
Most major retailers like Microsoft, Expedia, and Starbucks have also integrated cryptocurrency payments, enabling customers to buy digital and physical goods or services directly with cryptocurrencies. Moreover, other major companies that allow cryptocurrency payments include the famous streaming company Twitch, Etsy, and Burger King, amongst others.
Mobile wallets
A mobile wallet is a digital wallet that contains information from a consumer’s credit card, debit card, coupons, and loyalty cards on a mobile device. Mobile wallets allow these consumers to make in-store payments without carrying cash or physical credit cards.
The most popular mobile wallets in 2024 include ones like Google Pay, Apple Pay, and Samsung Pay. The digital wallets are pre-integrated into mobile devices, or users can download the application from app stores.
One of the most significant benefits of mobile wallets is their security level. The overwhelming majority of people have passwords, PIN codes, or biometric data to access their phones. This means that even if a phone with a mobile wallet is unfortunately stolen, the phone’s owner’s money and banking details are really safe because the thief can’t unlock the phone and spend the money in the mobile wallet.
Choose the Best Payment Method for Your Business
In today’s modern world, where digital commerce is at the forefront of business operations, deciding on the best payment method is vital for a successful purchase and, in return, profit. If you’re having trouble figuring out the correct payment method for your business, check out this article to learn about all the aspects you should consider before choosing.
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