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. Read more of this post