For most retailers, giving customers options is not an option. Of course, it only makes sense to give customers the ability to choose items based on their favourite colours, styles, sizes…you get the drill. You’re not likely to walk into any store and find only one item for sale. Options are what intrigue customers to take looks around. Browsing inevitably turns into shopping once a decision is made. A store without options, however, is a store without customers.
On MyCustomer.com, Anna Johansson explains the psychology of choice. “The traditional view of choice is that it’s a good thing, and that having more choices ultimately makes us happier,” she writes, “In some ways, this is true; having the power of choice in a work environment, for example, makes us feel more in control. Today’s customer lives in a world where expansive choice is the norm (thanks to the prevalence of online brands), and in general, customers expect to have multiple options available to them.”
The last thing you want to do is overwhelm your customers to the point where they get overwhelmed and confused. When it comes to payment options, however, the smart choice couldn’t be any clearer. In today’s world, it only makes sense to offer customers the option of paying with credit cards, debit cards or cash.
On Chron.com, Jared Lewis explains that not giving customers payment options significantly limits the amount of spending they can do. This is especially true for big ticket items. A store that sells high-end merchandise isn’t likely to move any inventory without accepting credit cards and debit cards.
“A cash and carry business model also makes it difficult for a business to offer any high ticket items, which can essentially be the bread and butter for many business owners,” writes Lewis, “The 2008 ‘Daily Beast’ article notes that consumers have a much easier time seeing the bargain element in a large purchase if they can pay for it over time. When those same consumers are told that they can only pay cash for that same high ticket item, a bargain suddenly becomes an expensive purchase that can wait until a later date.”
Giving your customers options will enable you to keep all of the ones who would prefer your business over its competition. The truth is that your customers can only be so loyal. Even those who would prefer to give you their business may leave for your competitors if those stores offer payment options and you don’t.
“One of the major disadvantages of a cash and carry business is that in utilizing this business model you may eliminate more than half of your potential customers,” affirms Lewis, “Carrying cash is not nearly as common today as it was in the past. Many people use credit cards and debit cards for many, if not all, of their purchases. Making it harder for people to make purchases may only dampen future business by discouraging those potential customers from returning.”
Let’s put it this way: If you’re not giving your customers options, they will not consider your business an option! At Canadian POS, we highly recommend the Poynt Smart Terminal for all of your payment processing needs. For more information, please don’t hesitate to call us at 1-877-748-2884 or email us at firstname.lastname@example.org.