Small businesses thrive when more people spend money at their stores electronically. Digital payment methods are a boon for almost every business, as they allow you to accept multiple forms of currency from around the world, growing an international audience: an especially major benefit if you run an e-commerce store.
However, you can’t stick with the same, tried and true digital payment methods you may have relied on in the past. Instead, you need to evolve and grow your digital payment methods to provide more flexibility to your customers and more revenue streams for your enterprise.
Not sure which ones you should pursue? Let’s take a look at the digital payment methods you should adopt in 2022 and beyond.
Why Adopt New Payment Methods?
Simply put, because you’ll make more money. Indeed, recent surveys indicate that small businesses that offer multiple payment options can increase their revenue by up to 30%. That’s right – if you give your customers more ways to pay you, you could very well make more money in the long run.
Why? Generally, when you offer more digital payment methods, you open up your store to a wider audience than before. Imagine a scenario in which you run an e-commerce store that only accepts PayPal transactions.
However, you then open up your store to accept crypto transactions or transactions or other electronic wallets, like Skrill. Once you do this, individuals who previously wanted to shop at your store – but were unable to due to your limited payment methods – now can.
On top of that, new payment methods allow you to accept customers internationally. Instead of being limited to people in your local area or online customers in your same country, you can now cultivate a customer base around the globe, all with the convenience and security of modern digital payment methods.
By just adding new digital payment methods, you make it possible for more people to shop at your business. Plus, you add to your reputation as a flexible and customer-first enterprise, which can improve your brand’s appearance in the eyes of your target audience members.
With that said, there are five digital payment methods you should consider adopting ASAP in 2022.
Mobile Point of Sales Payments
Firstly, you should start allowing mobile point-of-sale or mPOS payments at the earliest opportunity. Mobile point-of-sale devices are integrated mobile solutions that let you scan and process payments from smartphones and similar portable computers.
In a nutshell, mPOS devices let businesses just like yours both accept payment and track inventory using a single, comprehensive device. They’re great payment methods for organizations that operate primarily as cash-only businesses, too.
Not only that, but many mPOS payment systems also give you instantaneous access to your inventory. In this way, you can quickly and easily track your sales in real-time and even adjust database inventory numbers as necessary. Just make sure you sign up for a good merchant services provider that adheres to PCI compliance standards.
Then there are biometric payment options. Biometric payment options use a person’s physiological attributes, like their facial geometry, their irises, or their fingerprints to authenticate them.
More importantly, biometric payments are easier than ever to integrate, even if you don’t have a lot of infrastructure set up at your business right now. That’s because biometric authentication is already a part of many smartphones, like iPhones and Android devices. This unique type of authentication lets users access their phones through the above-mentioned physiological characteristics rather than a password. Biometric access has already been implemented in other areas, too, like door locks, home security, and more.
As far as payments go, biometric authentication can be used to pay your business. For example, a customer can start using a mobile POS system, then confirm the payment with their biometrics. As a result, this digital payment method is very easy for your business to integrate, but you can still announce it as a major benefit for your customers through a poster, an online newsletter, etc.
Smart Speaker Payments
It’s also a good idea to start accepting smart speaker payments. In short, smart speaker payments are exactly what they sound like. They allow customers to order things using their voices rather than any other device.
Fortunately, you can usually integrate smart speaker payments through mobile devices, mobile POS platforms, and more. This works best for certain businesses that take a lot of “vocal” customer orders, like restaurants or cafés.
Imagine a scenario in which your small restaurant could accept orders directly from people voicing their desires to a speaker. It’s both convenient and enjoyable for your customers, who will be wowed by your technological capabilities.
Don’t forget electronic wallets like PayPal and Skrill! Basically, digital wallets are app-based payment methods. They require customers to first download an app, then link to another payment method, such as a bank account or debit card.
Once that’s done, though, they can quickly and easily make purchases, plus benefit from extra security. Many customers prefer digital wallets for businesses where they like to get in and get out or make transactions quickly since they don’t have to search for cash or fumble with their wallets.
Plus, many e-wallets allow customers to make transactions in e-commerce stores. For example, if you have both a retail location and an e-commerce platform, you can accept digital wallet transactions so customers can use the same payment method in both places without having to swap things around.
Electronic Payment Tracks
Last but not least is electronic payment tracks. Without getting too technical, electronic payment tracks act as digital records for consumer payments using a third-party, secure payment platform. As a business owner, this provides you with several key advantages.
For one, you can view all the payments you receive and categorize them by payment method, amount, or date. For another, electronic contracts are linked to your e-commerce platform or store. Even better, electronic payment tracks oftentimes let you send reminders or notifications to your consumers, like invoices.
Therefore, customers can easily make an online payment even if they forget to bring a wallet or credit card when they intend to make a purchase. You can encourage them to pay for items, remind them that they have an outstanding balance, and so on.
They’re a great digital payment method to integrate if you run a “tab”-style payment system for your visitors or if you offer personal loans, lines of credit, and similar financial instruments.
Ultimately, the more ways you give your customers to pay, the more money you will likely make. More digital payment methods usually translates to greater financial flexibility for business owners and e-commerce stores. Plus, there’s little to no downside, provided you sign on with a quality merchant services provider.
Why wait? Start adding some of the above digital payment methods to your small business today.