Want to increase your revenue by 29%: Try these payment methods
Today we will focus on making you money! Yes, we are going to provide four payment methods that have been proven to increase small business revenue. Using mobile payments, text to pay, and credit cards have all been proven to have the ability to increase revenue by up to 29%.
Mobile Payments:
As can be inferred by the name, mobile payments are payments made digitally, typically by using smart phone, tablet or smart watch devices. The way that this works is by using one of these devices and tapping it or holding it over an near-field communications (NFC) terminal that interacts with your device by using radio frequencies. The reason this method often causes increases in revenue is because it increases speed, convenience, and security of payments. Giving your customers the opportunity to use this method of payment will give them more incentive to buy and make it easier on them. Some of the most popular ways of using mobile payments include: Apple Pay, Android Pay, Samsung Pay, Microsoft Pay and more!
Text to Pay:
A recent survey has found that 62% of customers under age 35 and 35% overall interested in making payment via text when shopping with small businesses. Convenience is at the foundation for why this method is so popular, especially among younger consumers. The way this method is performed involves sending your customer a text message stating the balance of their purchase along with a secure link where the customer can enter payment information. In some cases, a balance may not be due right away, but due within 48 hours. So, if a customer has not paid their balance, you can send them a friendly reminder to make the payment by the deadline. Some platforms even involve HIPAA compliant communication which is even more convenient for medical offices.
Credit Cards:
Accepting credit cards is a necessity if you want to be competitive in the 2020 business environment. Not only do you increase your profit with every customer who pays on time, but you also expand your customer base and make them more likely to return. Analyzing your credit card processing fees is a great way to see how well you’re pricing your products and services. You can also compare it to other comparable small businesses in your area, to see if yours are competitive or overpriced. It may even help you reach out to other customers who otherwise wouldn’t have been aware of your business but may be looking for the best price.
In conclusion, using any of these methods for collecting payment from your customers has been proven to increase the amount of total revenue your company will bring in. With convenience being at the root of this upgrade in revenue, using these methods will improve the customer experience as well!
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