In 2020, consumers have more ways than ever before to spend their money. There are simply a lot of possibilities between modern digital methods and good old-fashioned cash, and in all likelihood you have customers with preferences all across the spectrum. Given this, it’s a good idea for any business today to make an effort to support a flexible range of payment options. And doing so will ultimately benefit your business in more ways than one.
Making Consumers Comfortable
One of the most important things you can do as a business owner is to prioritise customer comfort. And while this can mean many different things, one of them is making it easy for each individual customer to pay how he or she would like to. As an example, you might assume that people are largely transitioning to cards and digital payments. But Consumer Affairs cited a survey that indicated this actually isn’t the case; 76% of consumers still carry cash, and many prefer to use it.
So, to make sure those consumers are comfortable, it stands to reason that your business should accept cash payments. From there, keep in mind that there’s someone out there who prefers just about every type of payment you could support — meaning that the more options you provide, the more comfortable consumers there are.
Most don’t think of payments as having much relation to data. But today, with a fair number of payments occurring digitally, they can actually be used to glean helpful information about customers. The info shared by FIS Global on payment-related data points out that the whole process can lead to insights.
Customers’ purchase considerations, decisions, and payment methods can all be of interest, and can produce the information a business needs to adapt. For instance, if you see that consumers are more likely to quickly and decisively purchase products when they can use a particular mobile payment service, you can take steps to emphasise that service.
Enhancing Your Social Presence
A post by Business Insider examined social commerce late in 2019 and found that a growing number of consumers view social media as being an important source of information for product purchases. And this has helped to drive a trend toward businesses actually enabling purchasing directly through their social channels.
This is on the one hand one more payment method you can support to make more consumers comfortable. But an additional benefit is that it makes your social presence appear modern and forward-looking — which is a good look for any business in 2020.
Embracing The Crypto Crowd
As a final point, you can also open your arms to the expanding cryptocurrency crowd by including cryptos among your payment options. We wrote about ‘Why Your Business Should Accept Cryptocurrency’ not long ago, and mentioned that one of the benefits is that customers are constantly looking for businesses open to new technology. So, by welcoming crypto payments, you’re not only exposing your business to a more global market — you’re also establishing a tech-forward reputation that the crypto crowd and many young people in general will be drawn to.