Lisa Gibson

Whether you consider alternative payment solutions everything and anything but cash payments, or you use a different definition of the term, there are plenty of options on the market. With so many choices, it’s easy to gloss over some of the options. You might not have considered these alternative solutions—and if you haven’t yet, you should probably think about them as viable options for your business.

Multiple Credit Cards

Some people consider alternative payment solutions to be anything and everything but credit cards, because credit cards replaced cash as the payment method of choice for consumers.

 

But even if you accept one credit card, you could probably consider expanding the number of options your customers have. Not everyone prefers the same card, and chances are you could be turning away some customers by not accepting their cards of choice.

Debit Payments

Debit payments are another staple in most business payment solution portfolios, and for good reason. Debit cards are almost as popular as credit cards when it comes to payment options. Some customers may not own credit cards, but they do own debit cards. Others simply prefer to use debit when and where they can. Offering debit payments gives your customers yet another option.

Multiple Currencies

Another payment option to offer your customers is choice of currency. While offering multiple currencies can be a bit tricky, it’s an excellent way to extend your reach into additional markets. When given a choice, customers opt to pay in their home currency almost every time, so offering them a choice of currency encourages them to shop with your business—and not your competition.

Pay-Later Options

Most business function on a pay-now basis: Customer pay when they purchase items, upfront. But with recent advances in technology, pay-later options are becoming more and more popular.

 

With these methods, customers can complete their transactions and have their productsdelivered before they pay. A pay-later solution makes for quick and easy checkouts, especially for those customers who are crunched for time.

Mobile Payment Solutions

Another increasingly popular option in the world of alternative payment solutions is mobile payment. This option is gaining steam for a number of reasons, not the least of which is more customers choosing to shop on their mobile devices.

 

Other developments have made it so customers are hoping to pay on the go. Merchants must be willing to bring not only the product or service but also a convenient payment option when they do business with a customer on a job site or away from the store.

E-Wallets and Payment Apps

Can your customers pay you at the click of a button? Do you offer an app to use? E-wallets and apps are yet more rising stars in the world of alternative payment solutions. With these options, customers simply sign in to their favorite apps—or even your own custom app—and pay. They add funds to their e-wallets or the app account beforehand, then they go shopping!

 

Since their information is already entered into their accounts, payment can be as simple as a single click.

One-Click Checkout

Even if your customers aren’t using an e-wallet or a payment app, you still want the payment process to be as painless as possible. One-click checkout is the solution you need. Busy customers don’t have time to tediously hop through pages and pages of the checkout process, while other customers may simply be frustrated and give up on placing an order with you.

 

A solution that allows them to check out with a single click makes shopping with you easy and frustration-free.

 

Merchant Services Survival Handbook: A How-to-Guide to Payment Processing

Lisa Gibson

Lisa is the Credit Manager of BNA Smart Payment Systems and has over 18 years of experience in diverse roles of credit and credit risk management. She graduated from the financial program at Boreal College and is an expert in personal loans and line of credit, mortgage underwriting, private label commercial credit cards, small business loans, and merchant account underwriting. Lisa is also an avid railfan and HO scale train modeler, and enjoys curling.
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