As a business owner, it’s important for you to get the right merchant payment service for your organization. Although there are many card payment solutions out there, the one you choose has to be one that addresses all the unique challenges your business faces on a day-to-day basis.
There are many options available and a variety of factors to consider, but the bottom line is inefficient card payment solutions can and will hurt your business. Making an informed decision will only benefit you.
If You Don’t Accept Plastic, You’ll Be Left Behind
Reliable payment processing can help grow your business and part of this is keeping up to date with current methods of card payment.
Ultimately, consumers do still believe in the power of plastic, with debit and credit card transactions dominating contemporary spending. Despite the medium of shopping slowly changing (in-stores vs. online), customers are still using cards to buy products and services.
Businesses that choose to neglect these rudimentary payment methods risk alienating and inconveniencing customers, which will cause profits to plummet. The basic processing of credit and debit cards will help grow your company, so reliable payment processing is vital for your business to thrive.
You’re Not Thinking Global
Nowadays, your competitors are not just down the street or in a neighbouring town, they’re around the globe!
In today’s e-commerce landscape, it’s also important to consider that your business can operate on a global scale and, if you’re not equipped to handle global payments, you may be hindering your own growth. Part of this is understanding that different countries have different regulations and that local currency and payment options may help your business break into a certain market. If you don’t do this work, you may be left in the dust as other companies move in.
Economists say that millennials are becoming the largest consumer demographic. With that fact comes the need for merchant services and card payments solutions to evolve. Normal cash transactions are fine, but credit card use and even digital payment services are on the rise. Although these new methods benefit both the business and the customer in the long run, if you don’t let customers “tap” or have no idea what Apple Pay or digital wallets are, you may be in trouble.
Digital wallets are truly the sign of peak convenience in the modern global economy. In fact, for merchants, digital wallets can potentially reduce operating costs and increase cash flow since payments can occur virtually anywhere at anytime. On the flip-side, digital wallets can give customers peace of mind and convenience.
With that said, there are still hurdles to jump over before fully embracing digital payments. Certain customers don't understand how the technology behind the digital wallet works and are still overly concerned about security. On the vendor’s side, their current payment solutions may not be equipped to handle the new technology that digital wallets bring. If your business’ target customer base is less tech-savvy, it may not actually be worth investing into digital payments.
Regardless, it’s important that you identify the pros and cons of digital wallets and also realize that millennials, as a growing consumer base, will make up much of your eventual target audience.
How Do You Solve a Problem Like Millennials?
They say millennials demand security, speed, and convenience in their consumer journey, so it’s important that modern card payment solutions adapt to this growing market.
Millennials expect payments to be fast, convenient, and secure. Digital wallets are potentially the first step, but it’s your responsibility, as a business, to still provide multiple methods of payments. Despite the insistence on future digital payments, believe it or not, millennials still use cash too! So, it’s a tricky balancing act of evolving with the needs of consumers, yet ensuring that your business remains accessible to all and secure for everyone.