Not only can flexible payment options help you attract and retain customers, but it can ensure that you get paid more quickly. This is especially true when you accept PayPal instant transfers and online banking transfers. In addition, accepting a variety of online payment methods can appeal to millennial customers. A study found that 48% of customers prefer shopping at stores that accept multiple payment methods. Furthermore, 61% of customers prefer shopping at online stores that accept both debit cards and credit cards. Despite the fact that many companies still accept payment by check, it’s estimated that only around 7% of transactions take place via written check.
Consider Accepting Bitcoin
While Bitcoin was once almost exclusively associated with the underground economy, it has become much more common for people to use Bitcoin to purchase ordinary goods and services. Furthermore, there are major companies that currently accept Bitcoin payments. However, there are a few things that you should consider before you decide to accept Bitcoin payments:
- The value of Bitcoin can change rapidly, and you need to carefully consider if this is a risk that you are able to take.
- You need to be able to quickly liquidate Bitcoin payments. This means that you will have to become familiar with how Bitcoin is sold.
There are some unique advantages of accepting Bitcoin payments. Unlike credit card and PayPal transactions, all Bitcoin transactions are irreversible. Therefore, accepting Bitcoin may reduce the frequency of chargebacks. The fees associated with Bitcoin transactions are significantly lower than other payment methods.
There also are other cryptocurrencies that are becoming more well-known. While these cryptocurrencies are not as popular as Bitcoin, they could reach a similar level of popularity in the future. Therefore, some business owners have started accepting some of these cryptocurrencies as well.
Payment Flexibility Can Increase SaaS Retention
If your customers usually return to your business many times rather than just once, your company’s income will be much more stable than it would be if your customers usually just came to your company once or a few times. If you only accept a few payment options, you will lose customers when they switch to a different bank, credit card, or payment processor.
Consider What Countries Your Customers Come From
While customers from the United States often use PayPal and certain credit cards, customers from other countries often use credit cards that are not popular in the United States. Customers from certain countries often use payment methods that are rarely or never used in the United States. For example, customers from many eastern European nations and central Asian countries use a payment processor called Qiwi and customers from Germany often use a payment processor called ELV. In addition, banking transfers are not commonly used in India.
Payment Flexibility And Subscriptions
If you do not give your customers the option to subscribe, you should consider offering your customers this option. In fact, numerous customers prefer businesses that allow customers to subscribe. Payment flexibility is especially important for businesses that offer subscriptions. Most businesses that offer subscriptions should allow customers to choose from monthly billing, billing every 3 or 6 months, and annual billing. In addition, a study found that 55% of customers will not subscribe to a service that doesn’t accept the payment method that they prefer. In some cases, it’s a good idea to allow customers to pay for their subscription with a check.
Be Aware That Payment Methods Can Change In Popularity
New security threats emerge frequently. As a result, people are drawn to payment methods that are capable of protecting them from the new cyber-threats. Another reason why payment methods change in popularity is that new payment methods become available from time to time. If a new payment processor offers an improvement in security or convenience, it can cause the old payment methods to become obsolete.
Another interesting thing to note is that, sometimes, people lose faith in a system. Anything from economic and financial instability, inflation, to even full-scale crisis (such as the case with Venezuela currently) can lead to people losing their hope in institutions. Bank loans became hugely unpopular following the crisis in 2008, but gradually made a return (you can now easily check the loan-to-value ratio before you make a decision). All of this means that small businesses need to stay on top of their game when it comes to payment flexibility, and meet the needs and demands of their customers if they want to stay afloat and prosper.
While online payment methods are likely to become increasingly popular, payment via check is likely to continue to decrease in popularity in the future. Apple Pay and Alexa are likely to become increasingly popular. Furthermore, voice assistants are likely to become an increasingly popular way for customers to facilitate payment to e-commerce vendors.
How To Get Rid Of Charge Offs From Your Credit Report
There are several ways remove charge offs, and these are two of the best ways to do it:
- Pay Off The Debt
If the charge off is unpaid, you might be able to get it off your credit report by paying off the debt right away. However, you will have to convince your creditor to remove the mark from your credit report when you pay off the debt.
- Use The Advanced Method
If there are any inaccuracies in the entry, you can dispute the charge off. If the credit reporting agencies are not able to verify the information, the charge-off will be removed from your credit report.
- Ensure that your customers have access to multiple payment options.
- Consider accepting cryptocurrencies.
- Offering subscriptions can make your business more successful.
- The popularity of payment methods can change over time.
- Certain payment methods are primarily used in a specific country.