methods of payment

Today we discuss the impact different methods of payment have on customers and the way we do business.

Methods of payment and the experiences around them

We admit payment methods aren’t a sexy topic like unboxing or social media engagement. And that’s why this part of the customer experience is so often overlooked! But trust on this one: It’s huge.

So how do methods of payment fit in, and how much of an impact do they have on your customer experience? Would you know? From those holding up the line writing old-fashioned checks to those throwing a fit because they can’t use their AMEX, it’s typically your front-line staff that takes the heat. Have you thought of your payment methods as a driver for attracting or losing your best customers?

For larger companies, it’s easier to provide numerous payment options to help provide the best experiences for everyone. But many smaller and growing companies need to choose. It means striking the right balance between customer demands and making a realistic assessment of the resources you have to deliver. This could mean that you have to decide whether you want to open a high risk merchant account to allow credit and debit card transactions, keep accepting cash or discard it altogether, and whether there is a middle ground that gives all the various customers their choice of payment. You also need to consider how it affects your staff, especially in hospitality-based businesses where employees thrive on tips.

Is it worth the time, resources and risks involved to continue accepting cash, checks or special cards? And how can you keep customers happy if you decide to make changes? Will you get to the point when you decide to introduce a variety of payment methods such as PayPal (check out this Paypal fees calculator for more info) or cryptocurrency, or will you continue with what you know and hope for the best? When it has been put like that, I guess you could say it really is an important decision and one that could affect the success of your business going forward.

Maybe there’s an app that will help eliminate some of your biggest challenges around payment.

Listen in and decide (carefully) for yourself!

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