Why should You have Multiple Payment Options in Your Business?

As per a recent study, more than 50 percent of customer cancels their purchase if their preferred payment method is unavailable. Additionally, more than 40 percent of shoppers feel comfortable if an online merchant offers multiple payment options. As eCommerce websites started to gain popularity, the need for multiple alternative payment channels increased so much that it overtook card payment method recently. With all these reasons, there’s a host of other reasons why a retailer should offer their customers multiple payment methods. So, let’s have a look at the reasons below.
Providing a customer, a Brilliant Experience is one of the main targets of all business houses. As payment methods come at the time of checkout, it can impact a customer’s feeling about the overall experience so, POS systems that accept multiple payment methods are a very important tool in order to provide customers a better experience. With the whole world shifting toward electronic payment methods, there’s a huge number of people who are still sticking with a cheque as their payment method. So, to accommodate their need a retailer should start using electronic cheque processing equipment, which will eventually satisfy those customers who are still unwilling to let their cheque-book go. On the other hand, recently, payment methods have seen a tremendous shift as customers are turning towards the internet for their needs. With most of the purchase happening in mobile, devices need quick payment systems for better user experience. In addition to all these, social payments platforms that include Twitter and Snapchat are quickly gaining a lot of popularity and interest which needs to be addressed quickly. Brands like Samsung, Google and Apple have brought their payment systems and these are gaining popularity very fast.
Some of the payment getaways only work in few specific countries. Having different payment options always increase Global Reach and helps to deal with different currencies. Multiple payment options help to increase customer base across different countries and even across continents.
Most of the merchant know, how an online transaction can be frustrating. Failed transactions are one of the main reasons that lead to loss of sales and wasted time for both customers and the merchant. Not offering the preferred mode of transaction leads to abandoning of the shopping cart. According to statistics, providing newer and faster mode of transaction leads to Customer Retention, that can result to 95 percent of increased profit.
A merchant should include payment options with Modern Appeal. More than 90 percent of the consumers have expressed their concern about using outdated payment methods and technology and they also would consider moving to any other business with better and modern payment methods.
Offering multiple payment options also helps a store look professional and more reliable. Consumers always want to feel secure as he/she is spending hard earned money. So, with a Safe and Secured Merchant customers feel more secure while purchasing.
So, adding multiple payment methods is a bold step for any organization, with all other advantages of its own, it also helps to make your relationship with our customers even better. However, integrating multiple payment channels comes with its own number of challenges, sometimes it makes difficult to calculate key metrics and track business growth. Still, by adding multiple payment options most of the business houses have seen a surge of sales and profits.