“Payment declined” is perhaps the most dreaded phrase for retailers and consumers alike. Today, online payments have paved their ways into almost every retailer’s financial strategy, regardless of the business size. However, with such technological progress comes the added responsibility of ensuring these payment modes’ success and convenience. Consequently, retailers must provide their customers with advanced payment options that consistently facilitate successful transactions. Here’s a glimpse at some ways in which retailers can increase their payment acceptance rates at their stores:
- Allow Payments Through Third-Party Finance Apps
Today, with the advent of smart third-party payment apps like Google Pay, PhonePe and Paytm, transactions of any amount are possible at one’s fingertips. In such a scenario, accepting payments through these applications opens up a new world of opportunities for retailers. Moreover, allowing users to pay instantly through UPI scan codes, these applications always come to the rescue in case of an issue with the customers’ credit or debit cards.
- Install Superior-Quality POS Swipe Machines
Today, card-swipe machines are to retail transactions as salespersons to sales – they are indispensable in ensuring a speedy payment process. Premier card-swiping machines are equipped with world-class features such as in-built IMEI and barcode scanners, instant receipt generation systems, integration with the retailers’ billing systems, etc.
Such equipment facilitates efficient and instant transactions and contributes to a paperless economy. While selecting a card-swiping machine for your store, shortlist the ones offered by reliable brands with features discussed above. Taking these measures can help retailers identify the best POS swipe machines for their stores and eliminate the chances of payment decline.
- Buy Now, Pay Later: Offer Flexible EMI Options
Customers are often deterred from purchasing expensive products when they cannot afford the lump sum payable amount at the time of the purchase. Pay later EMI offers customers the flexible option of paying the amount in fixed instalments over a predetermined period. This facility encourages customers to take the leap and make the purchase without having to worry about falling short of funds at the moment. It is also beneficial for retailers as a “buy now pay later” option increases their sales turnover rates and establishes trust among their target groups.
- Install Portable, Wireless In-Store POS Devices
While you might extensively use your POS swiping devices within your store, you may want to be able to carry the device from one place to another easily. Portable, wireless card swiping devices enable retailers to use the machines even outside of the store premises. Moreover, they also allow retailers to offer the ‘card on delivery’ option to customers as these devices may be easily carried to the customers’ locations.
- Offer Efficient Scan and Pay Solutions
Today, most third-party transaction apps offer the QR code payment method, allowing users to scan QR codes and transfer the amount instantly. Retailers can significantly increase their payment acceptance rates by providing scan and pay options for all major applications.
- Contactless Tap and Pay Credit and Debit Card Options
Sometimes (especially in the wake of the COVID-19 pandemic), customers may be sceptical about inserting their cards into the swipe machines. In such cases, the “tap and pay” option allows customers to tap the card against the device instead of swiping it. Such a contactless means of payment ensures increased safety levels in every way and facilitates faster, more secure transactions.
- Purchase Devices Compatible With Cards From All Major Banks
Another significant determinant of payment acceptance is whether your machine accepts payments made by account-holders of all significant authorized banks. Different customers may have accounts in various national and international banks; consequently, the POS machines should be equipped to accept payments from each.
Conclusion
An increase in the payment acceptance rates makes lives incredibly convenient for buyers and sellers alike. Today, with an unprecedented expansion in online payment methods and systematic payment strategies like EMI calculator online, the only need of the hour is to ensure safe and efficient payments. And by exercising specific measures and purchasing payment machines from reliable brands, vendors can ensure instant and secure transactions at their stores.
