Why? Because your customers have to pay you. The reason is quite plain and needs no padding. Payment has moved from what it used to be a few years ago, and the movement has not stopped. Plus people are responding to this move differently. While some are picking up fast, some are okay with the ancient ways.
Whichever their choice, the task falls on the business to provide options that accommodate every customers’ preference. And that suits the business type. For some, that means insisting on no cash payment because it is risky to keep Cash on the premises. For others, it means Cash payments only for purchases below a certain amount because Cash at hand is needed to keep the business running. Here are four more reasons you should keep up with payment trends.
Government policies: the government is very interested in how much money is circulating in the economy for many reasons, good reasons. And to ensure that everything keeps running and remains under their control, regulations and policies flow out as needed, even when it appears they are not. It is necessary to know what the latest is and adjust your payment terms accordingly.
Industry-standard: while prices can be regulated, payment channels cannot be forced on a business. That is a decision for each company to make. However, with widespread acceptance and usage in the industry, it is not the time to 'dare to be different.' Having that same payment option reassures the customer that you belong to the industry and can be trusted to deliver. It is not about the customer’s experience with your product but rather the overall experience with your brand, your company.
Emerging technology: with technology, the world has been moving a little faster than it used to. Money can literarily travel across continents within minutes. Things are going out of use rapidly with new ones rising in their place. You have to keep up or be left behind. Consider the new options and make them available before it becomes a challenge for customers to pay you because of an outdated process. You also have to be on the lookout for how to do it faster and in a more convenient way.
Expansion: expanding your business would mean a higher payment volume than you are used to and can handle. Keeping up with payment trends informs you of options to explore to manage your new volume. And that is one thing ticked on your list of concerns in setting up new branches, going global or adding new people to the team.
Running a business is demanding, and often we ignore the other things on the sideline because all our focus is on having a great product and an increasing customer base. We forget how much the other things contribute to overall success. You are probably concluding already that payment is a lot to keep up with. But what is needed is your interest. And it pays to keep up.
However, a better way to stay on top is having a payment partner. Their primary concern is payments, so they provide the best collections and settlement options for your business and operate within prescribed boundaries. They also keep you updated with the latest developments within the payment space.
At Redbiller, our monthly newsletter serves as a medium to inform you of the latest developments on our platform and in the payment space at large. We believe there is always a faster and better way. Hence, we continue to work on developing new features and creating better options. Redbiller is suitable for businesses of all sizes to grow and expand. And we have additional products you can leverage to increase your sources of revenue and manage exposure to fraud. Click here to learn more - Why Redbiller?