Right next to my job is a convenience shop that sells snacks, non-alcoholic drinks, and little things you may need like chapstick and band-aids. One day I had a sweet tooth so I went next door to buy goodies to munch on throughout the day. After getting my items, I pulled out my debit card to pay. But, I walked out emptyhanded. Why? They only accept cash.

The sad part about this is this merchant didn’t have to miss a sale. There are way too many payment options available to merchants. In today's growing world of technology, there are a wealth of reasons a merchant should accept multiple payment options. Let's review some:

Revenue Increase

Revenue will be increased in adding just one additional payment method. In addition to attracting the customers who enjoy paying their preferred way, you will also attract impulse buyers just because you accept their preferred method of payment. As a result, you can avoid the hassle of chasing down NSF check payments and turning away clients who wanted to pay via credit cards. By accepting more payments, you gain more business and subsequently increase revenue because you offer more ways to pay, which leads to the next reason…

Profitability Online

Consumers cannot pay for items online with Cash, so having ACH and Credit Card payment options are a prime way for consumers to sign up for monthly subscriptions, or pay for products and services. If you currently only accept cash or checks, this reduces the amount of times you have to spend balancing your ledger and making trips to the bank for deposits as you don’t want to have too much cash on hand at one time, allowing you to devote time and energy into other aspects of your business. With the acceptance of multiple payment options through a provider like Cloudswipe, you are able to receive the funds directly into your account within a matter of days. As a result, your money is working for you and not you for it. Let’s touch back on how this benefits the consumers…

Customer Service Improves

The most important part of the customer service experience is the payment process. Friction should never occur there. If a customer remembers that you declined the multiple other ways they wanted to pay other than cash; that could be a deal breaker and can leave a bad memory in the back of their mind. You may have lost the sale right on the spot, and possibly their business in the future. However, if you offer additional payment options, the last thing that consumer now remembers is that they had multiple options to pay. Happy customers lead to more visits and more money.

Collect More Analytical Data

Certain payment gateways have different capabilities and can provide a range of analytical data. One payment gateway may allow you to segment consumers based on their country, currency, payment method, etc. This additional data can help when it comes to making more informed business decisions and provides insight on how you can optimize every transaction.

Leveled Playing Field

Competition exists everywhere and is steadily growing. Cab drivers once only had the competition of Uber. However, ride sharing has become more common and has been very profitable in recent years. As a result, Uber now faces it's own competition from ride sharing companies such as Lyft, Postmates, Via and Waze, etc. Everyone has competition, but one way to level the playing field is by accepting credit cards. If you don’t offer one of the most convenient payment options, then losing out on revenue is a given. Why bother being inconvenienced when trying to make a payment when your competitor next door accepts my preferred payment method?

If this has inspired you to consider multiple payment options...give Cloudswipe a try…

About Kendall

I am a Financial Specialist with 10+ years in the industry and a sustained desire to help people manage their finances and grow their wealth. I specialize in financial literacy, planning and promote better money habits to help you become financially savvy.

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