Communicate with customers about payment methods
May 10, 2013

Consumers like to have options, including when it comes to purchasing methods. Communicating with customers about what types of payments they find to be the easiest can help companies identify the percentage of clients that enjoy integrated payment solutions. Businesses that accept credit card payments and electronic checks understand how accepting plastic increases customer satisfaction. Small- and medium-sized businesses may want to connect with customers one-on-one about their payment options to see whether the company should update technology to a single payment portal.

According to Tech Republic, an IT resource, talking with customers about what they prefer may help companies assess their payment options. Assuming one transaction method is preferred may not be the best strategy as many consumers are turning to plastic and mobile payments as their favored choice. The site suggests conducting a survey, either formal or informal, to collect information about purchasing behavior.

Companies often look to data recovered at the point of sale to identify which payment options are most popular, but many times customers' preferred purchasing method is not available and they must resort to other types of payments. Starting up a conversation with consumers about how they would like to purchase at the point of sale can reduce any confusion or misconceptions.

Adopting a single portal may be a great alternative to conducting long surveys or leading discussions about payment solutions. Investing in a purchasing system that includes all of the options, such as mobile payments and online credit card transactions, can help small businesses increase customer satisfaction and retention. Innovative payment solutions that offer all types of payment can decrease the chances of not being able to offer a favored purchasing method.

Nexus: G-WEBCD5