Why you should be providing your customers with different payment options
As a retail business owner, it is important to understand the need for a wide range of payment options for your customers. Flexible payment systems make the retail customer experience more convenient and easy. Besides improving the customer experience, it also enhances customer loyalty. Making big purchases like furniture and home repair, auto repair and elective surgeries, consumers look for flexibility in the payment options. If your retail business does not provide that, read along to learn why it should.
For giving your customers a seamless experience, you need to add more value to your services. By offering several modes of payment, you make it easier for your customer to pay in the way that they want. More often than not, customers turn to other businesses when their preferred payment mode is not available. With the advancement in technology, you need to upgrade your retail business and incorporate the latest payment options.
Financing Companies
People are turning to financing options more and more these days. Especially if the big purchase they are making is out of necessity instead of simple want. The amount of disposable income is dwindling and customers are looking to fill their needs with flexible payment options. If you’re a retail business in search of the best consumer financing programs, Financing Your Way can help. They can create a financing waterfall that can help you capture the revenue you might be missing for those customers that want your product, but have no way to pay upfront.
EMV credit cards
More and more retail businesses are embracing the new technology of EMV chipped credit cards. EMV technology allows smart payment through cards which help in reducing fraud at the point of sale. Deceptive transactions cannot be made with the usage of these cards. This technology is of a global standard which is in practice in most countries of the world. The three companies which created this standard are Europay, MasterCard and Visa and that makes up the name EMV. The card can be swiped or detected from a close distance by the reader, for making the transaction.
Mobile Wallets
One of the fastest and the most efficient ways of payment is achieved by mobile wallets. Mobile wallets work fast, and flawlessly. There are many popular mobile wallet services such as PayTM, Apple Pay, Android Pay and more. As a retail business owner, you are at the advantage of saving more time using this method of payment because this works much faster than EMV card transactions. More specifically, according to a study, the transaction time is 63% faster than cash transactions and 53% swifter than card transactions. It also improves the quality of customer service.
From a customer’s point of view, it offers benefits like flexibility and hassle free mode of payment. Besides that, people are less likely to forget carrying mobile phones than cards.