Businesses rely heavily on their customers for success. After all, they cannot operate without customers purchasing their products. However, customers are much more crucial for small businesses compared to bigger companies. If your small business loses even just a couple of customers, this will make a dent in your revenue. This is why gaining customers’ satisfaction is important, and one way to do so is by providing them with the best possible service. This includes accepting different payment methods for their preference and convenience. With that said, below are 4 payment methods your small business should consider.
Card payments are convenient because it doesn’t require customers to carry a number of bills in their wallets. For this reason, you will most likely encounter customers who prefer paying by card. Accepting card payments is easy as long as you have portable card readers, which use a wireless internet connection to make transactions. They’re battery-operated as well, so there are no wires to fuss about, and they’re easy to bring around a store. The best card readers are PCI-DSS compliant, meaning they pass certain standards that ensure the safety of card information and transactions. Offering card payments is one way to satisfy your customers who mainly pay via card.
Today’s mobile phones have advanced to do certain things, including making payments. Apple Pay and Google Pay are famous examples, enabling users to have digital wallets on their devices. Your small business can start accepting mobile payments with a mobile POS system that wirelessly accepts payments from digital wallets via internet, but some can also work offline. The best mobile POS systems are those with cloud-based subscriptions that offer low maintenance costs. Quick implementation is another benefit of using these POS systems, letting you accept payments on the go without too much trouble. This allows for a better-paying experience for your customers.
Cryptocurrency has taken the world by storm in the past few years. These digital currencies are often used for investments, trading, and buying goods and services. For accepting this type of currency, your small business will need a crypto payment gateway, which is a payment processor for digital currencies. These let you accept digital payments and receive fiat currency on the spot. The best crypto payment gateways offer benefits to the businesses that use them, including protection from chargeback fraud. This safeguards your finances from malicious intent like refund requests after the exchange of goods has already occurred.
With technological advancements in finance like digital payments, cash seems to have gone extinct. However, don’t ban cash payments just yet because over 5 million adults still rely on cash. This makes it the preferred payment method for 21% of the population. In order to keep your customers who belong to this percentage happy, keep cash registers in your establishment. Make sure to always have bills and coins to give as change. While more modern forms of payment are thriving, don’t forget to cater to customers who have limited or no access to digital payments.
Small businesses must keep their customers pleased with their service to keep them and ensure business success. Accepting several payment methods including card, cash, mobile, and crypto is one way to do this, catering to all sorts of customers and their financial preferences.
Until next time.