4 Ways to Keep Your Customers Satisfied with Payment Options

Payments are usually not the most exciting part of the business cycle. However, the payments process presents a number of great opportunities for businesses to strengthen their reputations and connect with customers. Convenient payment options, communication, and flexibility can go a long way to improving the customers satisfaction.

The pain of paying is understandable in behavioral economics concept. Customers enjoy buying products and services but having a hard time to hand over the money. That is why it is common among businesses to use credit cards since this method helps to mitigate loss aversion and direct the user’s focus on the actual value received.

However, by making payment processing easier, secure and faster, it can eventually reduce the pain of paying.

Below are four ways businesses can enhance the payments process to maintain customers’ satisfaction.

1. Invest in payment security

Credit card fraud affects everyone, especially the customers. The number of fraudulent activities increases day by day and it has becoming a threat to businesses and also the cardholders. So, it is worth to invest in secure payment processor and make the customers feel worry-free while they shop. Commonly, payment security uses these facilities to secure the payment process:

• PCI- compliant processing (PCI DSS)
• Tokenization
• Point-to-point encryption (P2PE)
• Fraud management filters
• 3-D Secure
• EMV credit card processing

2. Make Payments Faster

Customers do not enjoy waiting in line for a very long time. It’s no fun. Use the technology like Apple pay and Samsung Pay which customers can just wave their phones across a reader instead of swiping old school credit cards. Speed up the payment process by using mobile payments. Cashiers can roam throughout the store and process credit card payments securely through POS-enabled smart devices.

3. Offer variety of payment

Different customers prefer using different payment methods, and it’s impossible to guess these preferences in advance. Though by expanding the number of payment options you accept, you no longer have to guess. In addition to cash, credit and debit cards, you may want to consider accepting ACH, Apple Pay, Samsung Pay or PayPal.

4. Use Recurring Billing

Want to reduce the pain of paying as much as possible? Make all future payments automatic with recurring billing. Your customers will never have to “think” about another invoice again. The money is instantly deducted from their account whenever the next bill is due. By using an account updater service with your recurring payments schedule, you’ll reduce declines for cards that expire, are replaced or upgraded. The service works seamlessly in the background to keep your customers’ payment information current and reduce the risk of lost revenue.

Merchant-Side Benefits of “Painless Payments”

By implementing the strategies above, it becomes much easier to keep your customers satisfied — and happy shoppers are always good for business.