Should You Offer Different Ways to Pay?

Subscription Billing Customer Retention

Should you offer different ways to pay?

September 05, 2018 ⎯ mins read

A successful business practice always has a recurring theme: to meet the needs of your customers. In today’s digital environment especially, the customer experience you offer and the level of service you provide is key.

Competition has never been fiercer than it is now. Your customers are always searching for businesses that can address their specific requirements and meet their demands, and they make buying decisions based on this.

Providing the right payment options is an important consideration for many. Here’s some insight into what you should be providing and how.

Every customer is different.

People today are used to a personalised service to guide their purchasing decisions. They have access to vast amounts of information online, which has allowed them to take charge of finding businesses that meet their needs better than others - and this includes the payment options on offer.

For example, some customers prefer recurring car payments, and they may even have a preference for a specific type, such as American Express, MasterCard or Visa. They may be accumulating points for a flight or are simply requiring a credit purchase. Others may choose to forgo credit for a bank direct debit payment, and with the internet connecting international markets easily, you may even find that your customers want to pay with overseas currencies.

In fact, many B2B organisations prefer direct debit payments from bank accounts when making or receiving payments. This means that they are actively looking for this option as a payment method when working with suppliers and customers.

This has meant that businesses have had to adapt to be far more accommodating to their customers’ needs, or risk being overtaken by competitors who better meet these demands.

Can your business adapt?

It can be hard for your business to cover such a wide number of bases when it comes to collecting payments from your customers for your products and services.

This puts you in a difficult position, as you want to offer superior customer service and ensure your payment options are suitable, but you don’t have the resources and capability to do everything.

So how do you meet your customer's payment requirements?

Some payment providers, such as Ezypay, enable you to manage and accept recurring payments across multiple sites, multiple payment methods and multiple currencies, all in one solution.

This means that your business can offer your customers a multitude of options to suit their needs, which keeps them happy, and prevents your business from being stretched in the process. This is a win/win situation for everyone.

After all, a customer is more likely to sign up for a repeat purchase when your business is offering them their ideal payment method.

It’s worth looking into the right subscription billing platform to find the one that offers a variety of payment options, but also helps you to achieve your business objectives.

Ready to set up flexible subscription payments for your customers?

Read about the key considerations to be made when implementing an automated billing solution with our series of free Subscription Billing for Small Business Checklists, to help you prepare for and roll-out subscription billing successfully in your business.