Today’s world is rapidly moving towards a cashless economy. The cashless transaction theory is no longer just the power of large-scale organizations. Almost all organizations belonging to a wide variety of industries are transforming their preferences towards a plastic economy. Modern technology plays a key role in supporting and driving the popularity of cashless transactions in different parts of the world.
Thus, by refusing to accept card-based payments, merchants can easily lose a large percentage of their valued customers and consumers. As surveys show, brick-and-mortar sellers can miss out on about 30% of their customers. If you’re still confused, this piece will show you how adding alternative payment methods to your business can make your profits.
Table of Contents
Increase revenue and customer base with advanced features
Companies that have used alternative payment methods have often admired the flexibility of features in their experiences. By giving consumers the opportunity to choose between a range of payment options, they can be more satisfied, which can increase the customer base. Payment features are beneficial to merchants and consumers alike and have been a win-win situation so far. It also makes the entire buying experience more appealing to customers, leading to higher sales.
Implementing APM can also go a long way if your trading is based on an unusual but sought after product like kratom. With the right and reliable alternative payment method, both you and your customers can offshore credit card processing companies in the US.
Customers can also prefer different purchase methods for additional benefits such as later settlement of accounts, instant financing, preferential payment schedules, prepaid payments, e-wallet payment, etc.
Ensures high safety and security
This is the second major benefit that will find its way to you when you use alternative payment methods. These payment methods consider safety and security the top priority in their interface and processing. Payment methods that don’t require credit card information or too much customer detail better meet today’s demands. Fast checkout can also be helpful for store owners. In busy stores, checkout queues can be easily stopped, ensuring secure and correct transactions with advanced APMs.
Save on credit card processing fees
One of the key features of alternative payment methods also means potential savings for small businesses on credit card transaction fees. Over the past decade, credit card charges have risen significantly. While they are not a necessary evil for traders, they still represent a potential trench to your profit margin. The average cost varies between 1.43% and 3.5% from Visa to American Express. When you count the number of transactions per year with credit cards, this can quickly add up to many.
As more and more of your consumers start using APMs, you can expect to see some loss of margin lost on credit card charges.
Frictionless payments will boost sales
By making transactions safe, fast and easy, alternative payment methods can remove the barriers to selling. Research shows that over 60% of customers tend to abandon online purchases and shopping carts due to friction in transaction processes. Alternative payment methods can help you make these processes much smoother and prevent your business from missing out on sales.
Some APMs allow consumers to buy immediately or pay later. These methods have become extremely popular in recent years. A short-term cash flow crisis at home will therefore not easily prevent consumers from choosing the ‘Buy now’ button on your product page.
Get to know your brand with ultimate peace of mind
Reliability and peace of mind is what every merchant looks for in their payment process structure. Building and improving your brand’s visibility involves building positive relationships for consumers that drive them to return to you instantly. Alternative payment methods ensure that your consumers can pay quickly, easily and conveniently. They also provide peace of mind regarding safety and security, which is an important issue to consider as a trader.
More tokenization and encryption means alternative payment methods are more secure to use both on-site and online. In addition, the biometric authentication procedures required for mobile payments, such as fingerprint authorization, make alternative payment methods even more secure than debit card and chip transactions.
In addition, a payment aggregator that offers card access services processes credit and debit card transactions for online merchants. Today, many organizations, stores and businesses implement card acquisition that allows them to receive payments directly on the website. By giving consumers a chance to choose card purchases, your business can expect more than just fundamental benefits. In turn, the customer is given a suitable payment method.
It comes down to
Credit and debit cards are not just a way to pay for products and services at sea. Users of APMs say these payment methods can pay for purchases in ways that go beyond traditional bank cards. Innovative technologies encourage customers to take advantage of these easy and secure payment options from digital wallets, online banking, bank transfers, prepaid vouchers and smartphones. Now that you’re aware of all the pragmatic benefits of adding an alternative payment, it’s time to choose it and give your business a head start.
