The Benefits Of Offering Multiple Payment Options

Many small home-based businesses, web enterprises and medium-sized companies limit their payment methods to one or two because they feel that it’s easier to process and track sales that way even though payment flexibility offers more convenience and value to their customers. However, modern technology makes multiple payment processing just as easy for and it can increase business.

Here are some reasons why offering multiple payment options can help your business:

1. People not only like choices, sometimes they need them. Analysis of shopping cart abandonment rates for online retailers shows that the major reason that consumers stop short of completing a transaction is limited payment options. Offering flexibility increases customer satisfaction and sales.

2. Using only an online payment service or only credit card payment options forces customers who don’t have one or the other to either create a new account or use a vendor that accepts their preferred payment method. Anything that sends a customer elsewhere or introduces extra steps in order for them to complete a transaction is going to affect your sales and customer relations.

3. Offering a number of options elevates the perception of your business in the eyes of your customers. In the real world a store that only stocks a few items seems small and dated, whereas a store that offers a little variety seems more modern and prosperous. It’s the same with flexibility in payment methods. In a world where perception means a lot, offering your customers variety makes you seem like a bigger, more forward-thinking operation.

4. Variety opens up your business to more potential customers. When you increase the ways that people can do business with you, you increase the number of people you can do business with.

Accepting multiple payment methods and invoicing doesn’t have to complicate things, if you have a good program that can handle the details. Zoho Invoice software is an example of the type of electronic payment and invoicing system that can help a business get paid, accurately and on time. Such software makes it easier for businesses to accept online payments and keep track of them electronically. This paperless approach is also beneficial for streamlining and integrating all of your financial and other business transactions.