When it comes to payment, the critical moment is usually reached when it becomes clear whether a customer actually wants to complete the purchase or not. Even customers who are convinced by a product sometimes drop out at the last moment because they don’t like the payment method. The simple solution: offer more payment methods. We explain why you can reach more customers with different payment methods and which are the most common payment methods.
Attract more customers with different payment methods
Do you know this situation? You go into a store, want to buy something there and at the checkout it turns out that you can only pay with cash. Silly, because you only have one card with you. You have to leave the store empty-handed. Perhaps you then simply walk across the street to a competitor where the product is also available and you can pay by card.
As you can see, it is important to offer different payment methods in order to make more customers happy and ultimately sell more. Even if it is often more work for you as a seller to offer different payment methods, you should spare no effort. In order to sell successfully, you need to respond to your customers. And no two customers are the same. You should therefore offer your customers a wide range of payment options. This way, every buyer can pay easily – according to their preferences and habits.
How can the payment method generate more sales?
The payment method plays a major role in closing a sale, as it lowers the purchase threshold. If you offer the buyer several payment options, they can choose the best one for them. These are often the payment methods that the customer is used to. Familiar processes create trust and ensure that the customer does not hesitate or start thinking about alternatives before making a purchase. This allows you to close the sale quickly and the customer doesn’t drop out at the last minute.
The most common payment methods at a glance
The most common payment methods are cash payment, payment by credit card, EC card, on account (also via PayPal) or financing through leasing or installment purchase. In the online sector, PayPal, instant bank transfer and direct debit are also the most common payment methods. The payment methods you should ultimately offer your customers depend on your business model and whether your customers are in the B2B or B2C sector. Tailor the payment methods to your target group. Carry out a target group analysis to find out how your customer group likes to pay. Then offer at least these payment methods in order to sell more to your customers.
We are happy to advise you
As experts in financing, we will be happy to advise you without obligation on how you can win more customers and achieve more sales with sales financing and leasing. Talk to us. We will also be happy to call you back.
