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Offering flexible payment options will increase turnover

payment options in retail

The practice of ringing up sales has been a vital part of brick and mortar retail, and like most things in the market, the checkout process is evolving. Emerging payment options like mobile payments and buy now, pay later services will probably get more traction this coming year.

It might behove you to research these options, especially in case you cater to younger shoppers — i.e., millennials and Generation Z. If your clients want to pay using their mobile device or if they’re looking for more flexible payment options, then research the various payment types you may offer.

Besides providing a better service, embracing quicker and more flexible payment options can boost your earnings and growth. Research has shown that fast-growing businesses are more inclined to accept mobile payments, in contrast to slow-growth ones.

Billy Parry, Head of Sales — SMB in Afterpay, states that retailers who’ve Afterpay in-store see higher average order values than what they see with Afterpay online. Giving your customers the option to pay for their purchase over time means that they could purchase more of what they need while having the ability to budget.”