define the best Payment Methods is a challenge, you need to think about both customer preferences and what’s best for your business. In this article, we explain what criteria you need to consider to make the best decision and present the main alternatives.
security and availability
When analyzing the main forms of payment you can offer your customers, you need to consider the following: set of factors, ranging from the security of the system to the fees that the trader has to pay. In addition, as mentioned above, there are consumer preferences, not always what is best for you, it will be what is best for him.
So if you want to increase sales, you need to pay attention the preferences of your customers. A restricted payment system (e.g. cash only) can drive consumers away or make them dissatisfied. On the other hand, offering different payment methods can attract customers, mainly those who have specific advantages in a certain mode.
The logic is easy to understand and includes a sales growth, although an initial investment is required. For example, imagine yourself in the role of an employee who receives a meal allowance from the company, but the money for it is on a special card. It is natural for him to prioritize establishments that work with the same agreement and exclude those that do not accept this form of payment.
In addition to availability and easy access for customers, you need to consider the following Fees for each systemto understand if the investment is worth it in the medium and long term. Generally, operators charge a percentage for each operation. These costs burden consumers, but can affect your competitiveness if the final price is higher than that of the competition.
Finally, it is necessary to draw attention to this the operational safety. For example, depending on the location of your branch, working with cash can be dangerous because you risk being robbed.
Choosing the best payment methods
For the owner of one small business enterprisethe most important payment methods are:
The debit card is convenient for customers (because of the practicability and installments) and for the entrepreneur, since the conditions are more favorable than with the credit card and the value is usually available more quickly.
Credit allows customers to buy with fewer resources higher quality products. This allows transactions to take place that otherwise would not take place. In addition, some consumers find advantages in making purchases with a credit card. Pay attention to the tariffs and negotiate with the operators to find the best conditions.
Despite the uncertainty, cash is still a good ally by consumers and traders. In some cases it is possible to negotiate discounts when paying cash, you must refer to your country, state and local laws to know for sure. The fact that you get the money is the main advantage.
Make agreements with companies or with operators benefit This can be a good idea, especially for businesses associated with the food industry. Study the demand and pay attention to the prices to find out if it suits you.
Finally, it should be remembered that this is necessary regardless of the payment method chosen communicate the decision Customers clearly before they checkout. It is ideal to inform the payment methods by means of notices, posters or special information signs and thus avoid problems.