The importance of offering a variety of payment options can’t be overstated. A flexible, seamless checkout process will improve the customer experience and help your company generate the cash flow it needs.
Fortunately, it’s easier than ever to accept a variety of payment methods, whether you run an online or brick-and-mortar business. Here are five payment methods your business should offer.
5 Payment Methods to Offer Your Customers
1. Apple Pay
If you run a brick-and-mortar business, you should accept Apple Pay transactions. Apple Pay is a digital wallet offered by Apple, and it uses near-field communication (NFC). Customers can pay by scanning their phone over the payment reader.
Mobile wallets like Apple Pay are becoming increasingly popular among younger generations like millennials and Generation Z. But surprisingly, many businesses still don’t offer Apple Pay transactions to their customers.
Accepting mobile wallets like Apple Pay will help your business seem more forward-thinking. You can also incorporate Apple Pay on your company’s website.
You may have noticed that in addition to offering credit and debit card payments, many sites also provide the option to pay through PayPal. Instead of entering credit card information, customers are rerouted to PayPal and will choose which connected account they want to pay with.
As a business owner, there are many advantages to accepting payments through PayPal. Many customers prefer this payment method, and you don’t have to set up a merchant account to receive payments.
3. All major credit cards
There is nothing more annoying than getting ready to pay for a product or service only to discover that the merchant doesn’t accept your payment method. Historically, some merchants have been picky when it comes to what credit cards they will accept though this is starting to change.
As a general rule, it’s a good idea to accept all major credit cards, which include Visa, Mastercard, Discover, and American Express. By refusing to take any of those, you risk alienating a certain percentage of your customers.
4. Subscription billing plans
If you offer a regular service to your customers, then a subscription billing plan may be the way to go. A subscription billing plan allows your customers to leave a payment method on file so you can charge them every month on the payment due date.
This saves your customers from having to remember to pay you on time. And for most customers, subscription billing plans feel much less invasive than ACH payments.
5. Contactless cards
Similar to digital wallets, contactless cards use NFC. Your customers wave their card above the reader, and the payment is conducted wirelessly. These transactions are faster than chip cards because customers don’t have to sign anything or enter a PIN.
The U.S. has been slow to get on the contactless payments bandwagon, but don’t be fooled; it is coming. In the coming years, more customers will start to expect that you accept contactless payments.
To your success!
Written by Brian Johnson