How Payment Choice Can Impact The Customer Experience

Many of us appreciate having choice about how we pay for goods and services. Maybe we like to put larger purchases on a credit card rather than a debit card. Or to use different payment methods for in-store purchases and online shopping. And perhaps we find eChecks handy for paying bills.

Offering your customers a range of ways to pay can have a positive impact on their shopping experience. Add in convenience and security, and you can be well on the way to building a loyal customer base and accelerating your growth.

Offer the payment types customers prefer

So, can offering different payment types make your customers happy to shop with you? Whether you sell online, in store, or both, you should try to offer the options that meet most customers' preferences. Your payment processing platform should allow you to accept:

• Debit and credit cards. Card payments are pretty much a must-have for both eCommerce and in-person payments. For in-person purchases, you'll probably want to offer customers the convenience of contactless card payments, too.
• Digital payments. Add more choice by enabling customers to pay using digital wallets like Apple Pay and PayPal.
• eChecks. Ideal for recurring transactions like bill payments and subscriptions, eChecks also offer faster processing and deposits than traditional paper checks.

 A smoother payment experience

As well as giving customers choice about how they pay, look for a payment processing platform with additional features that can positively impact the payment experience. In general, most people will choose options that require them to make the least amount of effort. This so-called 'principle of least effort' is widely applied to consumer behavior. So, it's worth considering ways to:

• Make things easier for returning customers. Make checkout faster and easier for returning customers by securely storing their payment information so customers don't have to re-enter their details every time they check out. 
• Simplify recurring billing. A great solution for subscription—and membership-based businesses—customers just set up their payment details once and are automatically charged at each billing cycle.
• Avoid the hassle of expired cards. Save customers the trouble of updating their stored details when they receive a new card. Use a service that automatically updates their card-on-file information to help avoid the friction and lost sales that can have a negative impact on the shopping experience. Source