Creating quality relationships with customers is what running a professional company is all about. It’s up to you to make clients feel comfortable using your product or service while knowing they will be treated well. Having several payment methods available can help to solidify this relationship and keep buyers returning to your business again and again.
Here are some reasons why having a few payment options can help your business and connection with clients thrive.
It creates trust
If you do not take the time to establish trust with customers, then it is unlikely that you will be able to develop the kind of base you need in order to keep your company afloat. Working with a variety of payment methods shows potential buyers that you can successfully partner with other companies and that you care about your clients getting the best service they can have. It can take time to develop trust with your customers, but offering their favored payment method can go a long way toward showing that you care.
It can help with disputes
Not all transactions will run smoothly, and you might need to cancel an order or issue a refund at some point. Merchant services offered by credit cards and online payment companies can serve as a middle man and can provide both you and clients support if something goes wrong. If payments are solely made by check or cash, it can be much harder for you to track the overall expenses, know what should be returned, and provide additional support for your buyers if they need it.
It brings new customers in
Nearly 50% of clients will choose to cancel an order if their preferred option is not available, and many more won’t even consider your business if you don’t have that option at all. When customers know they can use their favorite credit card or online service, then they are more likely to consider what you have to offer and choose you over the competition. They are also more likely to go through with the purchase of an item in their cart when they know they are dealing with familiar customer service support.
It widens your customer base
You might be able to work with buyers in your own country when you choose to accept only cash or check, but you are also eliminating a whole other set of buyers. Credit card and online purchases can be made anywhere in the world, and there might be those in foreign countries who would consider using your product or service. When you have a few payment options available, you can market to a new audience that you might not reached before. It will also be required to offer these options if you ever choose to transition to an ecommerce store, as well.
Having a few payment methods can help your business to grow in ways that you might not expect, and it can also help you to connect with clients. This way you can develop relationships with a new base or strength the ones you already have.