5 Signs You Need To Expand Your Payment Options
Every single retail store will have a different client base, and with different client bases come different preferred payment methods. While most clients will be fine with just having cash and credit options, some customers will want to see more methods of payment if they’re really going to go all out on shopping. Here are some signs it may be time to expand your payment methods to suit your clients’ needs.
- People keep asking you if you accept a certain payment method. This is the most obvious sign that you might need to add that method to your retail profile. The most common ones that people add include PayPal, Bitcoin, and automatic deposits.
- You don’t accept the standard kinds of payments in your industry. If your industry regularly gets e-checks, automated payments, or Apple Pay, you might want to invest in accepting it. Otherwise, people may not take your company seriously or will opt for another vendor.
- You don’t even accept all the major credit cards. This should never happen, no matter what industry you are in. For each major credit card that you don’t allow, you are losing out on a huge chunk of potential profits. Sometimes, the potential loss amount can be as high as 5% of your gross income per month. Don’t do this to your company – expand your payment options.
- People have called your company old fashioned when it came to the payment methods you offer. This is never a good sign – even if you do enjoy an old fashioned kind of business ethic. Today’s consumer always prefers a more convenient, automated way of paying for services. If they are telling you it’s old fashioned or behind the times, they’re basically telling you that it’s inconvenient for them. You may need to catch up with the times if you’re hearing this.
- Your client base prefers a form of payment you don’t offer at the current time. When you aren’t catering to your client base’s preferences, you’re losing out on money. You’re also subtly telling them that what they like doesn’t really matter to you. If you want to avoid alienating your customers, you will make sure to work with the payment options they like. Otherwise, you shouldn’t be surprised if your clients end up choosing a competitor because it’s better suited in terms of payments.
The bottom line is that most people will have a clue about whether or not they need to add a new payment option to their arsenal. If you need to expand your payments, give NMS a call. We will be happy to set you up with the best options in your industry.