If you run a small business with an online or physical store, then it is important to take note of a host of divergent methods of payment beyond standard cash and familiar card terminals.
It is always worth looking into a multitude of different restitution and reward systems, as while technology grows and evolves, so should your business. Below are three ways your business can gain revenue and attention while at the same time increasing consumer convenience and satisfaction.
Prepaid cards
Prepaid cards for online payment are increasingly being heralded as a safe, easy and cost effective option for the general public – but merchants can also reap the benefits. A range of businesses are compatible with this particular payment method, including post offices, news kiosks, supermarkets, convenience stores and gas stations.
To cater for diverse customers who are perhaps too young for a credit card or even untrusting of them, prepaid cards such as paysafecard are fast becoming popular for use in virtual stores, namely with gaming, hosting websites, dating sites, sports betting, social media, online entertainment and telecommunications.
The pros of integrating these payment options into your business are clear. Retailers earn a commission on each card sold and your location and name is plainly visible and promoted on their website. Customer traffic is likely to increase with new types of consumers, as your business can grow into a dependable source for users who are likely to buy the cards on a regular basis.
Mobile payments
Companies like SumUp and PayPal are allowing even more convenience for the small business owner, eliminating the need for a conventional card terminal and riding the technology wave of smartphones and tablets.
With the choice to pay via mobile payment or with a card reader attached to your device, your business will benefit from low cost transactions and fast payments, and state-of-the-art EMV and PCI-DSS security. Additionally, there is also less need to carry cash in store. There are no monthly costs attached and only a small fee per transaction.
Loyalty cards for small businesses
We are all familiar with loyalty cards at coffee shops that offer the 10th coffee free, or something similar. There now exist online loyalty programs, such as Bonusbox and Perkville that are a great way to gain steadfast customers. At the checkout, whether online or in a store, these companies reward the consumer with points that can be used again in future sales, as well as attracting attention through social media.