Do you want to increase your customer base and retain them? One way of doing so is by pushing payment methods that are both convenient and secure for customers.
In today’s digital age, customers expect a seamless experience when selecting a payment method. With the abundance of digital payment options, it might be difficult to select the one that will benefit your business the most. The best way is to opt for a payment gateway in India.
In this blog, let’s discover how to attract and retain customers by pushing payment methods. Read the entire blog to know about the different payment options available and strategies to attract and retain customers by pushing payment methods.
What are the different payment methods?
Cash, cheques, debit cards, credit cards, mobile wallets, net banking, prepaid cards, UPI, IMPS, and NEFT are the different payment methods commonly used in India.
- Cash is the most traditional form of payment method in India, and it is still widespread where people do not have access to electronic payment systems. Cheques are also a popular payment method, especially for larger amounts.
- Debit cards and credit cards are widely used in both online and offline transactions. These cards are issued by banks and can be used to withdraw money from ATMs or make purchases at POS transactions.
- Mobile wallets have gained popularity in recent years, especially among younger generations. They offer a convenient way to make digital payments using a mobile app.
- Net banking is another popular payment method that allows users to transfer funds from their bank account to another bank account using the internet.
- UPI is a real-time payment system that allows users to transfer money between bank accounts instantly using a mobile app.
- IMPS and NEFT are other electronic payment systems that allow users to transfer money between bank accounts. Both these payment methods are widely used for online transactions and bill payments.
How to Offer Multiple Payment Methods
Make sure you have a variety of options available:
Offer as many payment methods as possible, including credit cards, debit cards, cash, checks and other mobile banking. This will give your customers the flexibility to choose the option that works best for them.
Promote your payment options:
Make sure your customers are aware of all the different payment methods you offer by promoting them on your website or on other platforms.
Offer discounts or rewards:
Give your customers some offers, discounts, or rewards for certain payment methods, as it encourages them to try and gain their attention.
The Benefits of Offering Multiple Payment Methods
Offering multiple payment methods is a great way to attract and retain customers. There are various advantages to offering multiple payment methods, and here are a few:
- Making it easier for customers to pay for your product or service.
- Increase sales and customer satisfaction.
- Helps to build trust with your customers.
The Risks of Offering Multiple Payment Methods
Offering multiple payment methods is often seen as a way to attract and retain customers. However, there are some risks associated with doing this that businesses should be aware of.
- Businesses need to be careful about the payment methods they accept, as wrong decisions can lead to financial losses. For example, credit cards typically involve fees with each transaction, and if a customer decides to return an item, the business may not get their full money back.
- Offering various payment methods can complicate your payment system, resulting in confusion and mistakes for your business. Moreover, it might need additional resources to look after the payment options.
- Providing multiple payment methods comes with its own set of security risks. It is important to be careful in each payment mode to avoid fraudulent activities and data breaches.
Strategies to attract customers by pushing payment methods
There are many strategies that businesses can use to attract customers by pushing payment methods.
- One common strategy is to offer discounts or rewards for using certain payment methods. For example, a business might offer a 10% discount for customers who pay with cash, or a 5% discount for customers who use a credit card.
- Another way to attract customers by pushing payment methods is to give them more options that are more convenient. Giving customers more flexibility makes it more likely that they’ll find a payment method that works for them.
Strategies to retain customers by pushing payment methods
There are many strategies that businesses can use to retain customers by pushing payment methods.
- One common strategy is to offer discounts or loyalty rewards for customers who use a certain payment method.
- Another strategy is to make it easy for customers to use their preferred payment method by offering online or in-app payments.
Making the transactions seamless for businesses and customers
With over 100+ options, NTT DATA Payment Services offers the best and most seamless payment gateway services. NTT DATA Payment Services render multiple payment methods, making the transaction process more convenient, secure, and fast.
There are many strategies for attracting customers and retaining them. Pushing payment methods is one method that can be used to drive sales, increase customer loyalty, and streamline ordering processes.
It requires understanding customer needs and current trends in order to properly implement it. Pushing payment methods is much easier to adapt with the right approach and can help you attract more customers while keeping them loyal to your business in the long run.