The retail industry is growing tremendously, despite the recent public health emergency. According to statistics, in 2020 the retail sales in the U.S. grew by 6.7%. Furthermore, as per the U.S. Bureau of Economic Analysis’s report, retail trades contributed approximately 4.8 trillion to GDP in 2020. In this article, let's see in detail about various retail payment options.
Even with such a considerable growth rate, many retailers, especially the newbies, are facing issues in increasing their sales.
Why?
Well, providing only limited payment options seems like one of the reasons. As per a recent report, 50% of the customers choose NOT TO PURCHASE from a shop that offers limited payment options.
Surprising, isn’t it?
That means you are probably missing out on almost half of the potential customers. That’s why it is essential that you learn about all the payment options available to accelerate your business growth!
Top 5 Retail Payment Options of Business Growth
Now explore the top retail payment options to opt to accelerate your business.
1. Cash Payment
The first and most obvious option is cash. Yes! Cash payments aren’t dead yet! Instead, approximately 14% of Americans still prefer to pay in cash. This percentage varies from state to state. Even so, having cash in hand is essential for businesses to cover daily expenses. Moreover, there are a few benefits of cash payments as well.
For instance, it is instant. That means you need not worry about payment getting stuck or delayed payment. Plus, you do not have to bear the transaction fees.2. Debit And Credit Cards
If your target customers are millennials, and gen-Z, having card payment options is necessary. In fact, if you are planning to expand your transactions internationally, you should consider implementing innovative payment solutions that help in resolving regular payment issues.
According to the experts at HPS-Worldwide.com, using omni-channel solutions helps cover the entire payment value cycle. Undoubtedly, it will benefit your business to a great extent. It will also facilitate issuance and management of payment in all formats such as debit, credit, and prepaid.
Read: International PayPal Alternatives for Bloggers & Online Marketers
3. ATM Systems
Another option available to you is to use ATM systems and networks offering a range of services. For instance, bill payment, cash withdrawal, deposit/mini statements, and many more. To put it simply, using an ATM switch system is like creating a comprehensive self-service solution that helps businesses to maximize their services.
Believe it or not, it is a great way for businesses to make the most of their ATM system and networks. And ensuring safer payment as well.4. Mobile Payment
Customers nowadays are using mobile payment more than ever. In fact, according to the statistics, mobile payments will reach approximately 150 million by the end of 2020. And, this is only the U.S.-based consumers. So, imagine how high your sales will go at the international level.
You will surely avail countless benefits by adding this to your retail business. It will add flexibility to your operations while supporting various options for cash in and cash out.
Key Takeaway!
These are some payment options or solutions that you must start using to elevate sales. Understand that the better and more options you’ll provide to your customers, the better will your relationship be. Needless to say, good customer relationships help in business growth.
