The number of businesses processing payments, filing invoices, and completing transactions online is increasing tenfold. If your business has not considered using an alternative payment provider that deals with online and digital transactions, then you are far behind your competition.

Alternative payments offer customers more payment options over that of cash or credit. The surge in online and mobile shopping is spurring the need for businesses to have more alternative payments available, such as eWallets, micro-payments, and mobile and online banking to name a few.

If you’re a small business owner, it may seem much less of a hassle to collect cash rather than seek out and pay for a payment service. However, consumer behaviour is changing, and it is rare for people to carry around an abundance of cash. Instead, cash is being replaced through varying forms of digital assets. For example, trends are showing that more transactions are being made with debit cards, credit cards, and through company websites.

Wondering how and why offering alternative payments can really benefit your business and increase sales? These pointers may help convince you.

Meet Consumer Expectations

If you are not able to meet the ever-changing habits and needs of consumers, you may be losing out on significant potential sales. Keeping up with the latest consumer trends helps you meet your customers’ needs and expectations, and lately almost every consumer trend seems to be pointing towards digital.

As digital transaction become more popular, consumer are becoming more comfortable paying online. The ease and general seamlessness of paying through a website removes the hassle for consumers to make special trips.

If you’re a consumer and are momentarily inspired to sign up to a company listing, want to register for an event, or make a donation to a worthy cause, you want to do it effortlessly. In fact, many businesses that are unable to meet such expectations can often be seen as inefficient and are likely to lose potential customers to competitors.

If you are not considering using an alternative online payment service, then it is likely you are missing out on potential sales.

A Better Online Shopping Experience

Using an alternative online payment method can help you boost sales directly to your company website. For instance, optimizing your payment page with an alternative payment solution means you are able to offer another avenue for customers to pay you conveniently.

If they’re browsing your company website, you are more likely to convert their interest into a sale, especially if you have an easy-to-use payment solution at the ready.

Most customers often abandon online shopping carts because of complicated checkout processes. As such, another consideration to increase sales should be the manner in which you collect payment. The majority of online stores will ask customers to pay immediately; however, this can contribute to drop-off rates, especially for mobile consumers shopping on the go. An alternative payment solution can help resolve this issue by offering a simple, streamlined checkout process and pay-later options.

Accept Multiple Currencies

Marketing your business to an online shopper base means you can reach a global audience. As such, the larger reach means the potential to make more sales, as long as you have a payment solution that is able to accept global currencies.

An alternative payment method can save customers from high conversion fees, which may deter them from making a purchase if you only accept a single currency.