Grow Your Business by Accepting Multiple Forms of Payment  

Relying on a single payment option allows businesses to operate, but it doesn't ensure success or growth. Read below to find out what works best for you!

Customer paying with contactless card at flower shop

Providing various payment options, whether for in-person cash payments, card taps, or online clicks, is a powerful business strategy. More payment options attract more customers, resulting in positive outcomes for both your business and its customers.

Types of Payments

  • Debit and Credit
    Using a debit or credit card is a common way to make a purchase. Paying with a card offers convenience and a smooth check out process to your customers.
  • Cash and Checks
    An advantage with accepting cash is how quickly you receive the payment and there are no fees associated. With checks, many customers still like using them, especially when making a large purchase. However, using cash and checks are becoming less common. So, if you’re a small business looking to increase your payment methods, consider adding new forms of payment to increase your sales. You can send and schedule electronic invoices, which gives your customers more ways to pay.
  • Mobile Payments
    Mobile payments, including digital wallets like Apple Pay, Google Pay, and Samsung Pay, are increasingly popular, especially among younger generations. These methods offer convenience and speed for both in-person and online transactions.
  • Online Payments
    Online payments, facilitated by services like PayPal and Venmo, can be used in both e-commerce and physical stores. These methods store credit and debit card information on mobile devices, making transactions quick and secure.
  • Digital Currency
    Cryptocurrencies, like Bitcoin, are alternatives to traditional payment methods. Although still niche, they are gaining traction among consumers as quick and secure transaction options.

If you’re a business owner, here are some of the advantages your customers will gain by offering multiple payment forms:

  1. Savings
    Some payment methods can be more costly than others. For example, service fees with credit cards or having to pay for a big purchase all at once. Offering additional payment options such as installment payments will give your business and customers an advantage.
  2. Security
    Because shopping online can be a danger, some customers might prefer using a certain payment method over others. PayPal and Apple Pay are making online payments convenient and more secure. Offering your customers multiple payment forms will ease their worries and make them feel more comfortable with making a purchase
  3. Convenience
    Some of your customers might prefer a different payment method than others. One might like to only make purchases using their digital wallet while another might prefer to write a check. By accepting multiple payment forms, your business will meet all of your customers' different preferences.

Advantages your business will gain by offering multiple payments:

  1. Increased Income
    By offering a wide range of payment options, customers are more likely to make a purchase from your business rather than not. Let’s say a customer visits your store but they forgot their wallet and the only form of payment they can use is their digital wallet on their mobile device. If you offer mobile payments, no problem. If you don’t, this customer will likely leave your store and not make a purchase.
  2. Customer Loyalty
    Customers who know they can pay the way they prefer are more likely to return to your store or website and make another purchase. Customers know when shopping at your business, the payment process is easy which will result in growing a loyal customer base.
  3. Maintained Cash Flow
    Different payment methods will settle at different times. A credit card payment might take days or weeks to settle while cryptocurrencies typically settle instantly. If you're a small business owner this could reduce some of your stress. Offering multiple payment forms keeps a regular cycle of cash flow and ultimately grows your business.

To learn more about accepting payments, feel free to contact us and we’ll help determine what’s right for your business.

The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.