Top Payment Methods Retail Shop Owners Can Use
The way shoppers can pay for purchases is evolving quickly. They switch between cards, digital wallets, and third-party payment tools, choosing contactless payments whenever possible. As a retailer, accepting only cash or card as your payment options can turn new customers away and miss out on opportunities to strengthen relationships with existing ones. So, even if you’ve taken out a business loan to spruce up your shop, it’s not enough to attract customers. You also need to offer a variety of payment methods. Here are the popular ones:
One of the simplest forms of payments, cash is often favored for its convenience and versatility. When people pay you with cash, you have it in hand instantly; plus, you don’t need any third-party involvement with cash. It’s a direct transaction between the customer and you. All in all, cash has no drawbacks and is still a preferred method.
Nearly everyone today carries around a bit of rectangular plastic in their purses or wallets. Both debit and credit cards are faster, convenient, safer, and flexible. As a retailer, one of your primary advantages is that no one thinks twice when spending with a card, and usually, the swiping amount is typically higher. As a retailer, don’t forget to invest in a card machine and offer multiple payment modes to the customers for convenience.
Mobile and smartphone payments
Akin to how business loan interest rates play a deciding role in loans, smartphone payments are for customers. Over the last few years, especially after the pandemic, contactless payments via smartphones have become an all-time favorite. Again, it’s super quick, easy, barely takes any time, and can be done from anywhere. So, if you’re in the retail business, it’s crucial you set up such accounts to ensure you keep your customers coming back for more.
Gift cards, store credit, and discounts
To ensure you make timely payments towards your business loan EMI payment, you must make the best of your available resources. This includes methods like gift cards, store credit, and discounts.
Such methods give customers the option to easily pick up credit or card as well as introduce new people to your store. Gift cards also encourage more spending as people usually go over and above the specified limit. Another creative way to use store credit or gift cards is in the form of returns. Instead of cash, use one of these methods, which gives customers the flexibility to purchase what they want and makes sure they buy something from your store.
The customers of today are looking for everything on the go, and this includes payments as well. When you offer flexibility, not only do they have a better shopping experience, but they come back, will spend more, and even become one of your loyal customers. So, when you’re thinking about your business loan eligibility, also take factors like payment methods into consideration.
Chetan Sharma is a blogger and digital marketer by profession. He handles a network of multiple websites like selina concise & various others. He helps clients all over the world to achieve digital success.