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10 Ways to Expand Your Payment Options

Accepting different forms of payment can be a great way to grow a business. But what types of payment should you offer? This post explores 10 different payment options to consider.

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Online payments

Every physical store can benefit from having an online store to help increase sales. Meanwhile restaurants can benefit from accepting online payments for takeout and delivery orders. You can build your own website to accept online payments, or you can use a hosting platform like Amazon or Grubhub to accept online payments.

Credit and debit card

Still accepting cash only in 2023? Many people now prefer to pay by card and you could be missing out big time by only accepting cash. Mobile card readers have made it possible for everyone from taxi drivers to street performers to accept card payments. In addition to debit card payments, you may also need to consider credit cards. Credit card payments lead to merchant costs, but they can make large purchases more affordable, which can help you win more customers.

Mobile payments

When it comes to in-person transactions, it’s worth having a card reader that accepts mobile payments as more people are starting to use wallet apps to make payments. There may be other ways people can pay via mobile phone such as setting up an app in a restaurant that allows customers to order from their table.

Gift cards

Gift cards can be a very profitable way to make extra money. You are prepaid with a gift card and it is up to the recipient to use the value of the gift card. If the recipient doesn’t use their gift card, that’s your freebie.

Integrity points

Allowing customers to collect loyalty points for every purchase can encourage repeat customers. These loyalty points can ultimately be used to get free discounts. You can give loyalty points through a stamp card, a digital points card, a loyalty points app or by having people create an account on your website (for online shopping).

Coupons/vouchers

Coupons and vouchers can be another great way to attract customers. These can be emailed to loyal customers as rewards, or emailed to old inactive accounts to encourage them to use your business again. Alternatively, you can develop marketing strategies with other businesses (such as allowing a local gym to distribute your business coupons to its members).

Installment payments

When it comes to large purchases, you can encourage more customers to part with their cash by allowing them to pay less. These installments can be with or without interest. Installment payment plans can greatly increase business for many companies, but you need to be prepared to chase payments.

Checks

Fewer companies now accept checks, but there are still times when they can be useful. Some older customers are less comfortable using the internet or providing banking information over the phone – checks may still appeal to these customers. Of course, they are slow to process and can jump, so they are not always suitable.

Foreign currencies

Want to open a business to foreign customers? Multi-currency payment solutions can allow you to accept payments made in different currencies. This can be a great way to grow your business if you own an online store and are looking for ways to expand your customer base.

Cryptocurrencies

Some companies are also starting to accept cryptocurrency payments. Cryptocurrencies are highly volatile, but they can be useful for online shopping, allowing customers from all over the world to buy products without paying exchange fees.