How The Latest Trends in Payment Methods Can Impact your Bottom Line

How The Latest Trends in Payment Methods Can Impact your Bottom Line

If you’re a small business owner who doesn’t pay attention to trends in payment methods, now is the time to start. With technology making new payment methods available to small businesses all the time, customers have come to have certain expectations. Your small business may lose customers to the competition if you cannot provide at least the same options. Preferably, you want to offer customers even more payment choices than your competitors to keep their business. Below are some options to consider offering if you don’t already.

Loyalty Programs and Branded Credit Cards

Today’s customers expect to be rewarded for their loyalty to your business, and they typically belong to several loyalty rewards programs at the same time. These programs are usually points-based and allow customers to claim some type of small prize (such as a $5 gift card) once their points reach a certain level. Introducing a branded credit card and making special offers available only to card holders is another way to increase loyalty.

Consider the example of a gas station and convenience store that has two others on the same block. If one offers a few cents off each gallon of gas to rewards members or branded credit card holders and the others offer nothing, the first one is likely to get the business. It may not seem like a lot to you, but any amount of savings matters to customers.

Accept Mobile Wallet Payments

Although mobile payments have been slow to catch on in the United States, financial analysts predict that people will eventually see the convenience of this payment method and embrace it. In the meantime, make sure that your small business is ahead of the pack by upgrading your technology to accept mobile payments. The option will be there for those who want to use it and its availability can prompt more reluctant customers to consider using it.

Ensure Your Customers Have a Modern Point of Sale Experience

If your business has physical locations where customers purchase items directly, they will expect a smooth and helpful experience as your associate completes the point of sale (POS) with them. For example, does your current POS system guide your customers one step at a time through the payment process, including the option to pay with the above methods? If the checkout process at your business takes more than a few minutes, there’s a good chance your customers will decide to shop elsewhere.

Digital Currency

As with mobile wallet, Americans have been slower to adopt this technology than expected. Even so, accepting cryptocurrency could be an important way to distinguish your company from its closest competitors. You will attract customers who enthusiastically use Bitcoin and other types of cryptocurrency while improving your image as a trendsetter at the same time.

Ready to Take Action?

These are just four of the popular payment trends in 2019 so far. If your business needs to update how you accept money from customers but you’re unsure where to start, request a meeting with one of us today.

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