5 Payment Methods You Should Accept to Boost Sales
When sales are low, the first thing you might think is that something is wrong with your products, or that you should take another look at your marketing strategy. In reality, the problem might be much more technical in nature, and much more related to the way people pay as opposed to the overall experience.
In fact, your brand might be the best in the business currently, but if you’re not enabling customers to pay on their own terms, you won’t be able to increase sales.
Payment flexibility is what the modern customer is after, and different customer groups demand different payment options.
Growth-oriented brands need to focus heavily on payment diversification in order to appeal to every age group, considering that younger generations might prefer mobile and bitcoin payments, but older generations might prefer credit card payments of third-party platforms.
Today, we are taking a closer look at this problem and highlighting the five payment methods you should start accepting in order to boost sales and retention.
Consider using APMs to appeal to customers
Alternative payment methods (APMs) is a broad concept that encompasses a variety of payment options that differ from traditional cash or credit card payments.
It’s important to remember that millennials and Gen Z-ers are using credit cards to shop and pay for goods and services much less than the older generations.
There are many reasons why this is the case, but a very big one is that the younger generations are scared of credit card debt as well as the theft of sensitive credit card information.
While you might have the most secure servers and payment processing software, this will still not appease many of your millennial or Gen Z customers. You have to, instead, turn to APMs to let them use a different payment method that they deem more secure and cost-effective.
In 2019, APMs accounted for nearly 55% of global Ecommerce payments, and the trend keeps on growing. With that in mind, you should consider accepting bank transfers that the customers can pre-approve, as well as cash-in cards that come pre-loaded with funds.
Ride the buy-now-pay-later trend
Buy now, pay later is a big trend that has been gaining traction all around the world in recent years. Again, people demand more flexibility when shopping around and deciding whether or not they can afford something.
Imagine the sales opportunities you missed just because a customer decided that they cannot afford a product or service right now, chose to wait, and ultimately forgot about it or found a vendor that allowed them to pay later.
This is the type of flexibility that literally shapes the consumer mindset and creates a sense of higher financial freedom and stability.
Integrating a buy now, pay later system into your sales process will allow you to attract more customers and create a sustainable revenue stream while giving them what they want immediately.
Start accepting bitcoin and altcoins
The cryptocurrency industry has had explosive growth over the last decade, and there is no denying that more and more people are farming bitcoin and investing in altcoins every year.
Now that people are increasingly investing in bitcoin mining hardware and getting their hands on cryptocurrency, they want to be able to spend their earnings at their favorite online shops and service providers.
This is a golden opportunity for you to expand your company into the cryptocurrency sector and attract thousands of shoppers from all over the world
Accepting bitcoin and altcoins is not only a great way to build a new revenue stream but also to boost word of mouth for your brand and become popular in the crypto community.
Partner up with third-party payment platforms
For older and younger generations, third-party platforms like PayPal or Payoneer are still viable options, mostly because these types of platforms promote better security and promise to safeguard the customers’ personal data.
If you are still accepting only credit card payments, you should consider partnering up with these third-party platforms to allow people to seamlessly pay for goods and services without ever having to type their credit card information into your site.
It’s a simple yet effective way to get more people to buy from you.
Mobile payments are on the rise
On a final note, don’t forget that mobile commerce, also known as Mcommerce is continuously rising around the world. In fact, as much as 72.9% of all Ecommerce sales are expected to go through mobile payments in 2021, meaning that you need to enable mobile payments as quickly as possible.
People want to be able to pay for goods and services directly via their smartphones and dedicated payment apps instead of having to type their data into your site.
Remember, they won’t bother manually paying through their phones, buy they will authorize a quick mobile payment through their banking apps, so be sure to capitalize on this growing trend.
Payment versatility is what gets people to buy nowadays, but also inspires them to keep coming back for more. Be sure to start accepting these payment methods to push your brand forward in 2021 and the years to come.