There’s one thing that you notice immediately when you decide to launch your own business: For the first time, it’s not the pay cheque at the end of the month that matters; it’s how much your customers pay you. Consequently, it’s in your business’s interest to make it as easy and straightforward as possible for customers to pay. Do you remember how catalog orders used to work some thirty years ago? First, you’d order a catalog by post; then you’d send your postal order with a cheque, and within three weeks you would receive your items. Remember this as an example of what not to do. Customers want a simple, speedy and effective payment method. It’s no wonder that AI devices such as Alexa and Amazon Echo are hugely popular: They can order and pay for your items at the same time so that all you need to do is to take in the delivery on the next day. All you need to do, as a business owner, is to make your customers’ payments go as smoothly as telling Alexa what you want for dinner.
1. Easy And Practical In-Shop Payments
Even though digital wallets have been around for a few years, they still haven’t fully caught on in the shopping world. In fact, only 25% of small businesses say they accept smartphone payments. But similarly, while merchants are the slowest adopters, only 16% of consumers are using digital wallets. Currently, the preferred payment methods remain credit and debit cards in the majority, with a preference for cash in small food and drink shops. However, over 40% of merchants believe that they should be accepting digital wallet payments within the next five years. Your best bet is to join the digital wallet adopters early with merchants.services reviews and tips on its implementation. It’s your job to be ready when the American society takes another step towards a cashless future.
2. Click-And-Pay Functions Online
With more and more purchases occurring online, you can expect customers to be used to the swift and effective online payment methods available. As the majority of your customers will tend to buy from large companies such as Amazon, they are likely to know the click-to-buy approach. While you may not have the possibility to implement such a time-saving order process, you can definitely ensure that your eCommerce site supports the preferred payment methods identified by statista.com. You should also ensure that you provide customers with a secure https:// payment page to protect their data.
3. Automated Invoicing System
If your business works in a B2B environment, you may not need a variety of payment methods. Instead, you can work with a billing and invoicing software solution that has an automated system as well. Admittedly, while automated invoices make it easier for you and your customers to keep on top of payments, they don’t force a customer to pay. But thankfully an invoicing system makes it easier to send reminders and keep track of unpaid invoices. They also provide sufficient information, including dates, the amount due and communication with the customer, to undertake legal actions and recover your money.
Businesses and payments go hand-in-hand. Naturally only a judge can force your customers to pay you. But you can make it easier on them by maximizing payment methods online and in shops, and keeping track of due invoices.