With the rise of millennials and the digital space, it’s no secret that the time’s are changing. From online shopping, to credit cards and “Apple Pay”, there’s a new expectation in the marketplace now for businesses to accept all forms of payment options beyond simply cash. And for most small businesses, this change has been taken in stride.
After all, what’s better than a simple swipe and your customer’s preferred payment satisfied?
Still, for the few businesses yet to convert from the analog, it’s understandable why there might be reservations. Just thinking about all the systems that would have to be put in place, the added fees for each credit card transaction, the additional training to learn the new digital payment responsibilities…
If that hesitant business owner sounds like you, here are three very good reasons why it may be time to update your payment options.
Your Customers Will Love It
When it comes to the needs of your customer, in many senses, digital payment is much more convenient than traditional cash transactions.
Nowadays, everyone has their credit cards in their pockets and expects to use them, while less and less habitually carry cash on hand, and even then rarely more than a few dollars. It makes sense why – simple, sleek, holding much, if not all of their funds in an effortless swipe rather than having to lug around a fat wallet stuffed with cash…
Cards and digital payments are the new future of money, and it’s a very efficient and relatively secure one at that. Simply put, for a business to survive in the digital age, accepting online payments, utilizing a POS system, or at the very least having a card reader, is becoming a basic essential – and if that’s not enough, you can rest knowing that your customers will love you for it.
Your Sales Might Go Up
While there’s no getting around the small added fee each credit card transaction has, in the end, updating your payment options will more than likely pay for itself.
As mentioned above, not everyone carries cash with them anymore, and for a lot of businesses, not having a card reader can actually drive away customers who simply can’t pay, or don’t want to pay with cash.
And if that’s not enough to convince you, than maybe the opportunity to reach customers globally with your brick-and-mortar business, is. As web transactions and invoices are officially the new process, now customers who aren’t even local can buy from your business without a hitch through integration of secure online payment software like PayPal, Shopify and other systems.
Bottom line: while it may be costly to upgrade your payment systems at first, in the end, it’ll more than pay for itself.
Adds Legitimacy to Your Business
All things considered, for a business to not have digital payment processors integrated yet is incredibly out-of-touch with the current market and their customer’s expectations.
Even something as simple as boasting the logos of trusted credit card companies like Visa and American Express can give customers confidence in a business, while sleek, secure payment processors and POS systems further add legitimacy. It’s attractive for a business to be trending with the times and when it comes to paying digitally, it’s simply what your customers want – even expect.
Don’t let them down and miss out on all the incredible opportunities to expand your growth and sales in between; it’s time to update your business’ payment options!