Earlier this year, Morning Consult conducted a survey which revealed trends in consumer attitudes towards electronic payments and cybersecurity. Of the 2,000+ voters surveyed, 75% were in agreement that stores should be moving as quickly as possible when it comes to adopting new forms of electronic payment, especially those which will help to protect consumer data and information. Over six out of every ten voters stated that they believe stores and retailers should be offering a choice of different payment options to their customers, both giving customers what they want when paying for goods and minimising the likelihood of security breaches at the same time.

Wwoman paying

Consumer Choice

For decades, the key to good customer service was giving your customers what they needed, but today, this has moved on to the importance of offering customers the chance to choose from a variety of options. In order to improve customer satisfaction and make sure that your company remains competitive in a very fierce industry, it’s important to ensure that you’re not restricting your customers, for example, by only allowing them to pay with cash. Having the option available to make payments via credit cards, payment systems such as PayPal, or even using a mobile application such as Apple Pay, will ensure that you cater to all of your customers and their individual needs. For more information on setting up a credit card payment service, visit High Risk Pay.

Security

When paying electronically for their goods, customers need to know that their data and information is secure and won’t be making it into the wrong hands as a result of the transaction. Because of this, when selecting which payment methods you will be offering to shoppers, it’s important to make sure that you choose ones which offer a high level of security and minimise the risk of any potential breaches of customer information and data. For example, if you’re selling products online, making sure that your customers can choose to pay via PayPal, which is has a reputation for being one of the most secure and low-risk payment options, will make sure that your customers are happy and don’t feel that they should look elsewhere.

Choosing Payment Options

If you are just starting out with a new business, you may not have room for a selection of different payment options in the budget just yet. One of the most important things is to ensure that your customers are able to make payments via their credit cards, and then you can begin to add different options for payment as your business grows and makes more profits. But, when choosing payment options, doing market research first is essential to ensure that you’re not wasting your money. For example, if not that many of your customers use iPhones, offering Apple Pay could simply be an extra cost that doesn’t pay off. So, make sure to ask your customers what they really want when it comes to paying for their goods.

When shopping, how do you prefer to pay for things? Let us know in the comments.

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