When you run a business getting your payment methods right can lead to a lot of success. There are many options your customers can use to pay but you must make sure that they are in alignment with your goals and visions.
If you’re ready to enhance your customer care by making sure you’re using the best payment methods possible for your business objectives, you must have goals that are clear and well-defined.
What are you really aiming for? Do you want an increase in your revenue or have a higher rate of retention for your customers? Do you want to use a payment method that is high-end or one that is affordable for business?
All of these are valid concerns and they must be addressed quickly.
WHAT DO CUSTOMERS WANT
You need to find out exactly what your customers want. Your target audience may have varying ideas as to what they want to use as a preferred payment method.
There are so many methods out there you’re going to find that some of your customers prefer one over the other or they have a 50/50 preference for one.
Your job is to find out what makes them tick. The sooner you comply the quicker you get paid when they purchase your products or services. Always try to align the options available with what they like.
SECURITY & RELIABILITY
Security and reliability Are the cornerstones of any good payment system. If you can’t provide these rest assured that you will be put out of business very quickly.
You must make sure that you are taking the time to properly connect to those individuals who can ensure that you get great security for any payment processing you select, including your choice of a contactless credit card reader.
SIMPLIFY PAYMENTS
Having overly fancy and complicated methods for payment is literally the kiss of death when it comes to running your e-commerce business. You have to make sure that your customers can pay quickly and safely.
If you’ve ever been on an e-commerce site like Amazon you’re probably familiar with that one-click payment method on many of their products. This helps reduce friction between a customer and the purchase. This is a neat little trick to help increase conversion rates.
The less time your customer has to think and change their mind when they decide to make a purchase the better it is for you.
BE FLEXIBLE
At some point, you’re likely going to have to adjust your payment methods when this time happens to be flexible about it. Don’t spend your time hanging on to one method so securely that when your customers are ready to move on you don’t grow with them.
If you do this, you could be leaving money on the table down the line. So always practice from now, to be flexible. You can’t take the business world by storm, if you don’t know how to roll with the punches things will not always go as you planned.
Thank you so much for reading! – xo N
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this is a contributed post.
New Lune 
Well said!
I once worked for a Payment Solutions Service Provider, so I know for a fact, businesses offer payment options that work best for them and their customers. Back then, our virtual accounts were a bestseller.
They were quick and secure for customers and offered business owners instant settlement and reconciliation.
Great tips, thank you. I’m in the process of setting up my business. It shan’t be online yet but when it does (in the near future…) I will endeavour to keep these tips in mind.
Thank you so much for reading! 😊