In this era when all the digital payments are taking over the payment method, but cash is still the king. However paper money continues to fall out of favour. In fact, people do not carry a lot of cash with them now. When shopping, they like to bring their credit and debit card. Easier and lighter. But even with plastic cards, your organization is just touching the most superficial layer. To reach more audience and expand your business development, you'll have to start exploring a larger mix of small business payment methods.
Moving on, what type of payment options should your business use?
Broadly speaking, an option to payment method portrays any medium of trade that doesn't straightforwardly involve paper money. It is difficult where to begin from when there are more than 200 options out there. Choose wisely! Fortunately, you don’t need to incorporate all of these options. What’s most important is, put more attention on most popular and most used retail payment methods.1. eWallets
eWallets link their mobile devices to banks or credit cards. With eWallets, customers need to just wave their smartphones across a near-field communication (NFC) terminal to initiate payment when buying something at pop up store. across a near-field communication (NFC) terminal to initiate payment. And done! Payment is settled.eWallet solutions such as Alipay represents the number one method for sending and receiving money. Alipay
2. Electronic Payments
Merchants and customers do not meet each other that often in this era. With electronic payments, everything becomes easy and very handy. For digital purchases, MOLPay is leading payment gateway in Southeast Asia. With the aid of many features provided by MOLPay, it will help both merchants and customers for buying and selling process.
Some of you still unfamiliar with Bitcoin but now customers start to use this cryptocurrency. The number rises day by day. The numbers of cryptocurrency users are estimated around 1.3 million to 15 million globally and demand is expected to increase moving forward.
The Advantages of Accepting Alternative Payment Methods
You must have experienced when a vendor declined your favourite credit card right? It happens all the time.
It could happen to your business if you accept a limited range of choices. Customers want to purchase whatever you're offering, but they will turn away at the last minute if you don’t support their preferred payment type.Fortunately, it’s easy to fix. By offering more payment options (both offline and online), you’ll be able to:
- Expand your reach
- Generate more sales and revenue
- Attract more customers
However, these benefits exist only if you:
Can safely ensure all incoming payment information are protected. Please choose wisely your payment processor and make sure it has PCI compliance and fraud management.
Can intelligently manage all incoming transactions. Payment integration can automatically capture, report and organize all new sales as they enter your business despite the tediousness of taking care of offers over various channels.
To discover how MOLPay can help you expand your payment options and increase sales, schedule a free appointment with our team today.