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Analysis / eCommerce

How To Choose Which Payment Method Is Right For Your Business And Customers

Payment Process

As things rapidly change and new payment methods are adding all the time, you might be wondering if you should narrow down your options as a business. It’s not always easy to know exactly what could work for you and the type of company that you run. When this is a concern, it can be overwhelming to decide which payment methods are likely to help your sales—and which are likely to harm them.

Here’s how you can know whether you’re choosing the right type of payment method for your business or not.

Is It Simple?

Many customers are hesitant enough to hand over information if the payment method process is smooth and with no problems. If you are running into issues with fulfilling those payments, then it’s likely that you might need a change. Cash might have seemed like the best way to go in the past, but it can be much harder to keep track of what is coming in and what is going out. It’s also much easier to run into problems with book-keeping later, as well. Try to find a system that is simpler and that makes your job easier too.

Does It Work With Your Industry?

Some types of payment methods succeed more in certain industries than others. Credit cards can serve as a great option for physical brick and mortar stores, while e-commerce stores can often benefit from online payment options. Knowing what your customers would be most likely to use and the most comfortable with can make all the difference when you need to narrow down the options. Chances are, if all of your purchases are made solely online, then it might be better not to offer a payment plan through check.

Is It Trustworthy?

Trust is a major component to figuring out which payment method is likely to work best for your company and the type of people who choose to purchase your product or service. Certain vendors tend to be more trustworthy than others, and potential clients can be hesitant to pay through a method that they don’t know. That’s why companies like Paypal have become so popular—they are well-known and provide buyers with a great customer service option in case things go wrong. You’ll want to keep this in mind when choosing which ways customers should pay and how you want to go about setting it up.

It Is Timely?

Getting payments on time isn’t just your concern as a business. It’s also important to your customers. If it takes days or even weeks for a payment to go through, that doesn’t inspire trust in your company—even if it’s not really your fault. Make sure you track these payments so you know they are being received on time and that clients can get refunds without waiting too long for them.

Finding the right payment method can take some trial and error, but it can also require thinking about what type of business you are running and who your clients are. With a little research, you can find a payment program that works for you and that helps you and your customers more than hinders.

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Alex is a travel writer, author, and businesswoman. She eats a lot of pizza.

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