There was once a time when a business would offer two, maybe three options for payment: cash, check, and charge. The paper check has largely fallen by the wayside, but debit is still very much in use today. However, payment methods are changing along with the modern market – and businesses of all sizes must change with them.
Here’s what you need to know about offering multiple online payment methods for your small business’s goods or services:
It Makes All the Difference in Sales
In a study of online shoppers, researchers found that over half of those who pay for goods online will cancel their purchase or empty their cart if they find that their preferred method of payment is not available. In that same survey, nearly the same number of online shoppers expressed increased interest in companies that offered multiple methods of payment.
That should be a big motivator for today’s business owners to offer multiple avenues for consumers to pay. If that simple offering means the difference in purchases being made or over half of carts being abandoned at checkout, why wouldn’t you invest in a few additional payment methods?
It’s Easier Than You Think
Many small business owners believe that they can’t afford the investment of time or money required to offer their consumers multiple payment methods. However, Entrepreneur highlights just how simple it can be – especially when you partner with a professional. There are numerous tools designed specifically to assist small business owners in setting up payment methods to make sales easier and more efficient – and increase sales figures all at the same time.
For more informati
on about bumping up the number of online payment methods you offer your consumers, talk to the experts at your local provider of payment services. Your customers – and your sales figures – will thank you!