How Can Online Payments Boost Your Revenue Generation Efforts?
One of the best ways to generate additional revenue from your marketing efforts is through online payments. But simply taking online payments isn’t enough. These days, payments have evolved well beyond typing your credit card number into a website.
People are swiping, tapping, scanning, clicking and using a wide range of methods to pay for goods and services, and the companies that take advantage of these methods will be the ones earning the most profits.
Do You Need to Add Another Form of Payment?
Look at the payment methods that are most popular for your industry and area. In the U.S., people are moving away from cash and embracing debit, with credit not far behind. What are industry leaders in your specific niche or product area using?
It’s worth it to consider the investment needed to make sure your online payment infrastructure can take on additional methods. It’s entirely possible that by NOT taking certain methods, you’re missing out on a big chunk of sales. How many times have you abandoned a shopping cart because the retailer didn’t take PayPal or wouldn’t accept a bank transfer?
And you’re not alone. Sites that won’t take a certain payment provider (beyond for competitive reasons — Amazon knows full well it won’t be accepting PayPal any time soon because they are a competitor) are potentially missing out on big chunks of revenue and may not even realize it.
Now, that’s not to say that you should accept every payment provider under the sun. Some are extremely regional and only operate within certain countries. Others are little-known outside specific industries or are only designed for certain devices or platforms. In short, use the ones that make sense for your industry and your audience.
Should You Offer a Payment Plan?
Another way to increase your revenue that has been a resounding success for businesses post-pandemic is offering payment plans. With the pandemic and an uncertain economy taking a bit out of people’s incomes, every dollar now has to be stretched farther than before.
For some, that can mean putting larger purchases on hold. A payment plan can help make those purchases possible. And the best part is, you don’t have to uproot your entire payment system to make payment plans a part of your customer retention. Programs like Affirm and AfterPay in addition to many others make it easy for you to offer these services to your customers, helping improve overall conversion rates and boost sales.
Strategies to Generate More Revenue
Although offering more payment options and offering a payment plan are two great ways to boost revenue (not to mention attract and retain more buyers), nothing beats a customized strategy. For that, turn to the experts at Workdom! Our proven methods for revenue generation have helped a wide range of industries increase revenues and grow their financial outlooks. We can help you too! Contact us today to learn more!