Why Offer Alternative Payment Methods?

Alternative payment methods encompass many of the non-traditional ways that today’s customers are choosing to pay. They can include anything from near-field communication (NFC) payments like Apple Pay and Android Pay, to online payment gateways, mobile card readers and tablet POS systems.

Many of your customers are likely already adopting these types of alternative payment methods to make their everyday purchases. If your business is not already offering these ways to pay, you’ll want to consider many of the benefits they offer.

Consumers are Demanding Them

Attracting and retaining customers is made easier when you offer a wide range of choices in your payment methods. Your customers want to pay for their products or services how they want and when they want. If you are restricting your payment options to just one or two types, your customers might look to a competitor who does offer the types of alternative payment methods they want to use.

By offering a number of different payment solutions and technologies, you will make it more convenient for customers to pay – and that can give you the competitive edge you need.

They Offer Increased Security

With news of data breaches and credit card fraud everywhere we look, customers are becoming more concerned with payment security. If your payment methods do not appear secure, you could be missing out on countless purchases. By allowing customers to pay with the alternative payment method of their choosing, you are allowing them to select the form of payment they are most comfortable with. Many new payment technologies use high levels of encryption to prevent data from being intercepted, reducing your risks as a business owner and protecting your customers.

They Are More Flexible

Many alternative payment methods like online payment gateways, mobile card readers and tablet POS solutions offer increased flexibility when compared with traditional checkout counters. These payment methods are more mobile, allowing you to use them only when and where you need them. Whether you are a small business owner looking to increase your POS terminals during holiday shopping seasons, or provide services to customers on-location, most alternative payment methods can deliver the kind of flexibility you need.

They Are Affordable to Implement

The good news is that many of the most popular alternative payment methods already work with your existing POS technologies. Adapting to near-field communications, online payment gateways or mobile card readers can often be performed simply. Speak to your payment processing provider about integrating new types of payment technologies into your business so you can offer your customers greater choice.

To learn more about offering alternative payment methods for your business, contact the payment processing experts at Swift Payments today. We help Canadian small businesses like yours find the right payment solutions for their needs.




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