“Since approximately 07:50 AM GMT today, 20thy AUGUST 2008, a technical issue is occurring with the payment service. We are unable to process payments at this time. We are working to resolve the issue urgently.”

Do you realize the consequences if all of your prospective customers visited your website or online store only to discover the above message? I’m sure you can imagine how much money and business you would end up losing. Many people will simply visit one of your competitors if they encounter problems with your payment system. The old adage “don’t put all of your eggs in one basket” certainly applies to payment methods. Make sure you retain customers by offering them a range of convenient payment options.

Protect Your Business from System Crashes

As much as technology is continuing to advance, errors and system crashes occur on a regular basis. This is why it is so important to offer a variety of convenient payment options. If one method of payment such as the online credit card system or PayPal happens to experience a crash, your customers can choose a different payment option. This is a much more suitable alternative than advising them to wait a few days and try to purchase the goods again. Many customers will simply click on to another website that offers them an instant payment system that actually works.

Expand Your Customer Base

Certain customers prefer to make payments using a convenient online service such as PayPal, Moneybookers, debit cards or e-gold. Others will use a credit card because they want to take advantage of features such as air miles, reward options or extended purchase protection. Some people may not even own a computer or may feel uncomfortable using an online method to pay for their purchases. Therefore, these individuals may prefer to use a traditional payment method such as sending a cheque by mail or providing their credit card information via the telephone.

You also have to remember that some of your customers may live in a country where PayPal or other online system is not even available as a payment option. The bottom line is that you want to attract as many customers as possible. This is especially true if you sell goods or services online to a global market. Offering a wide variety of payment options that appeal to many types of people is a great way to so do.

Increase Your Sales

The obvious end result of attracting more customers with different payment options is increased sales and revenue. The more people who are tempted to visit your online store or website, the more purchases will normally be made. If customers are able to use their preferred method of payment to purchase your goods or services, they will be more likely to buy more. You may find that you are losing sales to other competitors who offer a greater number of payment options than you. If you factor in the relatively low cost of many payment systems, you may discover that you can’t really afford not to offer them.

Convey A More Professional Image

Offering your customers a more varied range of payment options also helps to enhance the professional image of your company. Many people become wary if they visit an online store or website that only accepts personal cheques or cash. The same goes for companies that won’t accept a cheque or cash for the purchase of their goods. If you offer many alternative payment methods such as credit cards and PayPal, you will appear to a more legitimate business.

Don’t limit your payment options to one or two. You will attract many more customers, protect your business from system crashes and increase your sales by offering a wider range of options. You’ll also enhance the professional image of your company if you choose to accept cheques, credit cards, debit cards and online payments such as PayPal.

If you require assistance with implementing further payment systems in to your current website, you can visit www.effluxinc.com where we will be able to asses and advise you of your options.