Payment methods are something that SMB’s sometimes take for granted.
Too often, it’s a quick check:
- Do we accept major credit cards? If yes, proceed to 2
- Do we accept debit? If yes, get on with business.
…and that’s the problem.
Times are changing, and quickly.
Customers have come to expect services like subscriptions with free-trials, buy-now-pay-later, loyalty-point program integration, and location-of-service/time-of-service payment systems.
If you haven’t considered at least these items, it’s likely that you’re falling behind your customer expectations, and possibly losing either the initial or the subsequent sale.
Benefits of a well-aligned payment system include:
- Higher average basket – research indicates that smaller payments ease the financial burden of making a high-dollar purchase
- Higher conversion rates – 30% of consumers indicate that payment flexibility is a deciding factor
- Ability to expand customer base – BNPL has been widely accepted by GenZ and GenX.
- Improved customer experience, by offering an additional payment option.
- Improved customer loyalty – happy customers are likelier to return
- Increased web sales – by easily integrating with Apple Pay and Google Pay
We have payments specialists who can get your payment system up to speed, so that you can take advantage of these benefits.