Why Businesses Should Make Payment As Convenient As Possible
There are few maxims in business life that apply to every business situation. One of them is more likely that not to apply to almost every firm though – if you make it harder for customers and clients to pay for your services, well, you may be leaving money on the table.
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That doesn’t mean you should subvert your security of course, as a cashier checking to see if a note is legitimate might take longer but is worth focusing on. In this post, we’ll discuss some ways you can make payment as convenient as possible for your customers:
Offer Multiple Payment Points
Ultimately, customers want to pay, but do they need to wait in a long line to do it, or should they have to make an account as opposed to guest checkout? It can be worth trying to make this process easier. For instance, the best portable card machines for restaurants means you can just have your guests pay at the table, when they’re ready, and without having to wait in line or flag someone down. You should also make sure your business is compatible with all convenient payment types, although of course you might not accept cryptocurrencies or a cheque depending on the kind of business you run. For instance, if your online business accepts cards but not PayPal, that can be something to rectify.
Make The Payment Structure Clear
If a customer has to look at fine print or do mental gymnastics to figure out what they owe, something’s wrong. Hidden fees are never appropriate, neither are charges you add without expectation. Unfortunately we’re seeing this more and more in the UK, where restaurants add their service charge to the bill instead of allowing customers to make that tip themselves. People appreciate transparency, as few enjoy being hit with surprise fees, especially ifthey’re optional inany way. If the total price is laid out clearly from the start, it’s one less hurdle between them and a completed payment, be that online or offline.
Open Varied Payment Levels
Different customers have different budgets, so a little flexibility never hurts unless you’re running a high-end service or product line in which expenses is part of the appeal. For example, you might head to a restaurant and have full set menus ready for you, but you may also find that a more a la carte set of options allows people to piece their evening together according to budget and taste. You can apply that in different ways to how wider services function. That might also include offering subscriptions for an elite service or to help your loyal customers gain more for their money in the long run.
With this advice, you’ll be much more likely to make your business payments convenient. There’s almost no downside to reviewing your practices and making this the standard you operate from, not only because it helps you appeal to more people, but because if payment is easier, well, your customers are likely to pay more and more often.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(amazon author page) amazon.com/author/kenboyd
(personal finance book/ self-published) 34 Stories That Explain Personal Finance