Have you ever been disappointed by having numerous abandoned carts or cancelled orders on your online business? Most probably, you have. One of the reasons why this happens is because your potential shoppers couldn’t pay for their items through the payment methods you have provided. Online business is booming in today’s digital world; you cannot afford to limit your sales because of a lack of payment methods available to purchase your goods or services. Its important to understand who your customers are and what are the most convenient payment options that are most suitable to to mitigate them leaving your website and going to a competitor. With many options and payment service providers to choose from, its important to make sure you conduct due diligence to make sure you have the very best partner on your side that will help you scale your business.
We take a look at some key benefits of providing multiple payment options to your customers.
1. Enhances Customer Service Experience
Some customers may not have access to different payment methods, but it is your responsibility to ensure each customer can use at least one option on your online business. Be flexible by including multiple payment methods. It is a way of improving customer convince and hence excellent customer service. They will be happy to know they have the option of choosing how to pay for their items.
2. Boosts Customer Attraction and Retention
As an online retailer, you may have a good marketing strategy and you are getting good traffic to your website, however the question is; are providing necessary support or functionality to not only make the customers buy from you, but also retain them to grow repeat purchases? One of the ways to do this is by providing more than one payment method – more specifically direct debit software or accept credit card payments. Customers will come back to purchase from you if they feel comfortable paying using their preferred method before. If they had to borrow a card or a PayPal address from a friend just to buy from you, next time they will consider buying from a different merchant who is providing more convenient options.
3. Supports Your International Reach
If people can only buy from you through a specific payment method in your country, then it will be hard ever to grow internationally. Apparently, you have no excuse for not expanding your business globally. The Internet is all over and easily accessible, and globalization is also making things easier for you. Therefore, as long as you have several payment methods on your website, then your market reach will be tremendous both nationally and internationally. Make it easy for customers to buy from wherever. The good thing is that the customer usually pays the shipping fee and yours is to make sure you deliver on time.
4. Increased Sales
Sales increase had to make it on this list. With multiple payment options, you will have less abandoned carts and fewer cancelations. This means that people did not only choose the items, but they also paid for them. Your sales graph will start rising as more customers get satisfied. The good thing is that you will also retain these customers as said earlier, which means no sales fluctuations due to payment method frustrations.
Every online entrepreneur wants their business to succeed, and for this to happen, you’ve got to take care of all crucial details. Partner with different companies to be able to provide multiple payment options. It makes you more reliable anytime someone wants to buy something. Your customers will be happy, and happy customers mean more sales and income for you. If you only provide one option, always remember your competitors are working to better themselves.
About the Author
Pay Advantage is a leading direct debit providers Australia, offering a number of convenient and flexible payment options to small and large organisations. Whether you’re looking for a reliable direct debit company, custom virtual terminal, upgrade your billing with BPAY or ability to accept credit card payments, they can provide it all backed by their PCI compliant technology and award-winning service.
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