Accepting different payments will help differentiate your business from the nearby competition. It also paves the way for more people to come and spend their money. Cater to everyone’s payment preferences and consumers are more inclined to pick your business as it provides the easiest way to pay. People hate it when a company overcomplicates payments – be honest, you’ve probably bought something from one business over another because they had a PayPal checkout to make life easier!
Keeping these thoughts in mind, here are some modern payment trends you should jump on and adopt in your business:
Mobile Payments
Most consumers will want to pay for things using their mobile devices. This includes contactless payments in physical locations, but it also involves mobile payment systems online. For example, you should provide Apple or Google Wallet payment options on your website. It lets users click a button and instantly pay for something using pre-loaded information via their mobile wallet.
You’ll see an immediate uptake in conversions and new customers because you’re making their lives far easier. We’d go as far as to say this should be the first payment you introduce when starting your business; it’s that important.
Crypto Payments
The mainstream media has gone quiet about cryptocurrency in the last year or so, but it’s still the preferred method of payment for many consumers – and companies. You should open a crypto wallet and accept payments via different cryptocurrencies. It offers a new way for people to pay, meaning you tap into a new market.
Businesses worry about cryptocurrency due to its decentralised nature, but you can make things easier by using tools like a Bitcoin or Ethereum explorer to manage payments. These blockchain explorers let you track payments via a specific cryptocurrency and view public wallets. It helps you see if payment requests are going through and keeps you in control of all transactions.
Buy Now Pay Later
The concept of buying a product and paying later is not new. Consumers were using credit cards to do this for decades. However, the rise of brands like Klarna is making it easier for businesses of all sizes to accept delayed payments. You can set up a “buy now pay later” payment system – either via Klarna, PayPal or someone else – and it gives your customers a new option at the checkout.
This is especially powerful when you sell expensive items. Furniture stores need this payment method, or most people wouldn’t be able to buy some of their goods. The same goes for technology companies, car dealerships and so on. Even a regular online store will benefit from this as you let customers choose how they want to pay. People will pick you over a competitor for this reason alone. You still get the money; it just gets paid at a later date. If you’re worried about cashflow problems, you could restrict this payment method to items or services above a certain threshold. It means that the more “affordable” goods can only be purchased in full.
Adopt these three payment methods to move your business into the future. Draw in more customers, secure more sales and watch your business thrive.
