Why Your Business Needs To Offer Multiple Payment Options


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It’s Good For Your Reputation(Image from picserver: http://goo.gl/veYZAz)

The way customers pay for things is very important. As a business, you should offer as many payment options as possible. Confused as to why you need to do this? Then maybe the article below will help you understand why:

Not Everyone Carries Cash Around

The simple fact is that not everyone carries cash with them every day. Personally, I rarely have cash in my pockets. My reason for this is that if I have cash, I tend to spend it. And, there are times when you can’t withdraw the exact amount you want. So, you end up with change, and that change gets spent meaning you waste money. It’s a lot easier to carry my bank cards and pay for things like that. I don’t end up with change, and I only pay for what I need. Lots of people are similar to me, and then there are people that worry about losing cash. It’s easy for loose change to slip out of your pockets, so it makes more sense not to have it. Plus, there’s the danger of getting mugged with lots of money in your wallet. If someone takes your wallet when you only have cards in there, then all you have to do is call your bank and cancel them. So, you don’t get any money stolen. If your company only accepts cash, then you’re going to miss out on lots of customers that only pay by card.

Offering multiple payment options can be great for the reputation of your business. Consumers love it when a business will accept credit cards and mobile payments, etc. It makes your company stand out and look good. Countless times someone will go into a store and ask if they accept card payments. If they say no, then the consumer will be disappointed. A disappointed consumer can be a real problem for any business. They can tell other people that this company isn’t very good because they only accept cash. Or, they’ll walk out the door, and you lose a customer. If you want to keep a positive reputation, then you need to offer various payment options to your customers.

Your Rivals Are Doing It

I’d bet a large amount of money that your rivals are offering multiple payments. I bet they’ve seen the benefits and decided to go ahead with it. So, this puts your company in a bad position. If your competitors are offering more than you, then why would anyone choose you? They’ll go to a different store that allows them to use mobile or card payments. As a result, you start losing customers and losing money. Don’t let this happen, don’t give your rivals the edge!

To put it simply, if you don’t offer various payment methods, then you’ll lose out on customers. Your business will miss out on lots of money, and it may start to fail. If you want your company to be as successful as possible, then you have to offer multiple payment options.