In a small business landscape, the ability to change is a make-or-break reality. As shoppers change their tastes and where, how and why they choose to pay, businesses must adjust if they want to keep up with target audiences. Imagine when a shopper is exploring aisles, actively picking up the products, and anticipating the item’s use or consumption, and the sale is lost when the shopper cannot pay how they want to pay. They leave the cart and likely never return. While it may be just one part of hundreds or thousands in a month, too many of these scenarios can mean the difference between a thriving small business and closing the doors for good.
Adapting to the New Payment Landscape
How customers want to pay has changed. We mean it. Digital wallets, contactless, and cryptocurrency — we’ve surely come far in payment options in this country. No small business owners want to be left in the dust, so American business owners need to know about customers’ changing whims and how to offer them.
The truth is these customers are looking for convenience and availability. The ability to buy at any time and any place. Many of the compiled data also show that a business that adapts to these US payment trends and offers customers a variety of ways to pay closes more deals. And customers come back for more.
The Power of Payment Options in Customer Retention
For example: a local café recently enables new digital payment options for businesses. Their business customers love the efficiency and ease of a contactless payment, so they keep coming back. They’re returning for the next few months, and the business owner has noticed. Everybody is happy because the payment process is easy and secure. There is no need to worry about extra work to pay the bill.
Navigating the Challenges of Integration
How do you introduce the desired payment options? “It is too expensive,” some claim. Others, “It is too hard to integrate the new technology.” Let us not forget about the security issues that immobilize business owners everywhere.
If you are immobilized, you are not growing. According to the Xero small business payment trends report, if a small business takes a leap of faith toward the future of a cashless society, customer payment experience and revenue will grow.
Customers demand it, and it is no longer a ‘nice-to-have’ thing. It is a must-have. Read on how you can leverage the new customer payment experience and the available technology to grow your revenue before someone else does.
Embracing the Future of Payments
Small business owners need to drive the change around these trends. They cannot just keep taking credit cards. They have to take digital wallets, buy-now-pay-later, and even cryptocurrencies.
By starting this small journey, you are making a company of tomorrow and focusing on customers, which is the recipe for long-term growth and success. Start with your own evaluation. What are the methods of payment you are currently asking for? Is there a gap? Is there a product or service customers always want, but you don’t provide it easily? Any company that is looking at these and figuring out and taking action is future-ready.
The Road Ahead
The game in the whole payment world will always change and adapt. The customers lead the way, and the technology is enabled by solution providers. A small business that can think through the feet and make that happen can attain high levels of success.
