Why you need multiple payment options for your business

Business Tips - August 23, 2022

They say never put your eggs in one basket, then why will you as a business owner, rely on one method to accept payment? imagine you get a deal of 80,000 naira today, and the person wants to pay with a card and you say you don’t have POS, that person will leave. 

As a business owner here are 3 reasons you need multiple payment options.

Why is accepting only cash payments such a bad thing?

1. As we mentioned already, accepting only cash limits you to only the money your customers have on hand

2. When you accept card payments, it helps you have less cash at hand and reduces your chances of being robbed

3. Recording cash payments is something that can easily be fabricated and gives devious employees a chance to commit fraud

So what are the benefits of having multiple payment options?

  1. They take your business beyond borders.

In this digital world, the biggest winners are the business owners who showcase their brick-and-mortar businesses online. When you have multiple payment options, your customers can pay for your goods and services via transfers or web payments from anywhere in the world. 

  1. They increase the chances of sales.

When you have multiple payment options, customers are more likely to pay for things they didn’t initially plan for. Why? Because you’ve made paying so convenient, checking out more items seems like the logical thing to do. Get the most out of this by offering special deals and discounts for your customers to encourage them to make even more purchases. 

  1. They increase brand perception.

Experienced business owners know that how customers perceive your business is super important. Not only does a good perception of your business mean they would come again, but it also means they’ll refer you to anyone willing to listen. You can secure high favour with your customers by offering several payment options to make checking out a more seamless experience.

  1. They decrease the chances of losing customers

As we illustrated in the beginning, customers would walk away from their purchase and never return to your business if they don’t have enough cash and you don’t offer any other ways for them to make payment. Minimize or even eliminate the chances of this happening and have guaranteed sales from each customer by providing multiple payment options.

Now that you know why it’s so important to have multiple payment options for your business, what are these essential payment options? Besides accepting cash, your business should accept payment through; POS card and transfer payments, Web payments and bank transfers.

You might already be thinking about where you would get all these payment options for your business. You might also be wondering when POS terminals started accepting transfer payments. You’d be pleased to know that you can find these solutions at Moniepoint. Giving you safer and more secure ways to accept payments for your business is just one of the many benefits of being a part of 300,000 strong community of business owners. Still want to learn more about why you should use Moniepoint’s payment options for your business, click here for more great reasons. 

Reach out to us on support@moniepoint.com for any questions.

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