Banking And Finance
When you run a small business, there are several different factors to think about when it comes to making the shopping experience as smooth and enjoyable as possible for your customers. And when it comes to making payments, this is one area where it is more important than ever to ensure that your customers don’t run into any problems. Issues with the payment process, such as a customer being unable to pay using their preferred method, could lead to lost sales and revenue over time. Accepting card payments was once something only offered by the big businesses, but it has become a bigger requirement for companies of all sizes today. More and more people are opting not to carry cash and the convenience of options like Apple Pay means that electronic payments are now expected to be the minimum standard. If you don’t already accept them, here are some of the main reasons to make sure that customers can make electronic payments to your small business.
Over the past year, cash has become even rarer. With the COVID-19 pandemic sweeping the world, the risk of infection gave many businesses the push that they needed to start accepting card payments. In fact, many companies made a switch to card payments only, or encouraged customers to make card payments wherever possible and only pay with cash if there was no other alternative. Cash isn’t just becoming an old-fashioned way of making payments - notes are also full of germs and bacteria. For many companies that take payments from customers in-person, card only payment systems have become just one more way to protect customers and employees against the COVID-19 pandemic.
Improve the Customer Experience
A customer that has to find the latest ATM to withdraw cash before returning to your company to make the payment is probably not going to have the best experience. It’s not convenient at all, and you might find that a customer doesn’t come back to your store if you let them know that you’re only taking cash payments. On the other hand, accepting electronic payment methods can enhance the customer experience in several ways, giving them more options when it comes to making a payment. Customers who use Apply Pay or Google Pay through their smartphone will have no trouble making a purchase even if they don’t have their wallet with them, and customers who prefer to do so will be able to use their credit card. In addition, electronic payments in-person are much faster since they don’t require cash to be counted, which can speed up the shopping experience and make it more enjoyable for the customer.
Improve Business Reputation
To improve your business reputation today, one of the main things to avoid is having your company viewed as being old-fashioned and behind the times. A company that appears dated is going to suffer in some way or another, as many modern customers might not trust a business that isn’t using at least some of the commonly used technologies. Most customers today are more than used to making payments using debit cards, credit cards, and their smartphones, and have come to expect this wherever they go – meaning that cash-only businesses are already failing to meet their customers’ needs and expectations.
Accepting all payments to your business in cash can not only be time-consuming, but it can also make your company a bigger target for thieves. When you only accept cash payments, this can make it clear to criminals that your business might be carrying more cash on-site than most. This creates further issues of its own, including finding somewhere to safely store the cash before you can take it to the bank. And there’s no way of hiding the fact that you only accept cash payments to thieves since all they will need to do is try and make a payment with a card to find out.
Accepting cash can be convenient when you’re just starting out and haven’t had the time to set up an electronic payments system. However, over time, it can create more work than is necessary for you. When your business only takes payment in cash, you will need to take regular trips to the bank in order to pay all that cash in and count it all before you can do so. Since storing money on the premises means that you’re at a higher risk of theft, this could mean a trip to the bank almost every day, which can quickly add up to hours and hours of your time. Instead, electronic payments will be deposited directly into your business bank account, cutting out the time spent traveling there. Find out more about how electronic payments offer simple and easy electronic payments systems for small businesses with no processing fee for credit card payments in this guide by Nadapayments.
Learn About Your Customers
Taking card payments for your business also allows you to gather additional customer data that you can use to improve your future business marketing campaigns. Unlike when a customer pays with cash, electronic payments leave a trail of data that you can use to find out more about who is shopping with you and gather information that you can put to use in the future to make more informed marketing decisions. You can use electronic payments data to find out more about the spending habits of your customers and other shopping trends that can be used to make more effective marketing decisions with a more specific target in mind.
Sync to Online Store
If you are running a brick-and-mortar business alongside an online store, your electronic payments can easily be synced together. This can be very effective for tasks such as tracking inventory or even learning more about which customers tend to shop in-store more often compared to those who prefer ordering online. Most good card merchant services offer both online and in-person electronic payment options allowing your business to streamline the process and more. If you’re not selling goods, you can easily use this option to take online payment deposits for the services that you offer.
Easy to Set Up
Last but not least, the good news for small business owners is that getting set up with an electronic payment system is easier than ever. Today, you can choose from several different options, so it’s worth taking the time to think about your needs, requirements and preferences as a business to determine which option is right for you based on its features. You can often get set up with an electronic payment system in just a matter of hours, and once set up you can start accepting payments via debit or credit card from your customers immediately. You can also choose from a range of different payment card readers to suit your business. Many businesses opt for a fixed reader at the checkout, but portable card readers might be a better fit for some companies.
Today, cash-only businesses might be viewed suspiciously for not keeping up with the times. It’s easier than ever to get started with taking electronic payments for your company, and there are many benefits of getting started with accepting credit, debit, and contactless payments.