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To succeed in the business world, you need to work like your customers do – and that means understanding how they want to pay. That's why selecting the right payment platform can be a pivotal decision that will no doubt impact your business's profitability. In fact, there are several reasons why choosing the right payment platform can dramatically impact your bottom line.
1. Expanded modern payment options
The last decade has seen a boom of modern payment options; gone are the days of cash, check or credit card. Here are some of the modern payment acceptance methods in the ever-evolving payment landscape. Utah EZ Pay will get your business up to speed and become compliant.
Your business's payment platform of choice shows your customers just how dedicated you are to staying modern and relevant. By offering a diversity of payment methods, you're illustrating your commitment to growing with your customers. From the classic credit and debit cards to digital wallets and mobile NFC (near field communication) payments like Apple Pay, Google Pay, and Android Pay, today's payment options are broad to say the least. According to a 2022 report by McKinsey, nearly 9 in 10 Americans are using some kind of digital payment method.
Catering to this ever-increasing preference helps businesses attract a larger customer base because of convenient payment options. More choices, higher sales volumes and increased profitability means a win-win all around. Plus, it gives your business a modern, trendy appeal that's essential in today's face-to-face transactions.
2. Reduced payment processing costs
Secondly, it's never unimportant for businesses to cut costs when they can, so reducing payment processing costs is always advantageous. With that in mind, not every platform is created equal, as they come with varying fee structures and transaction costs.
A platform provider like Utah EZ Pay, for instance, features options like the Mt. Timpanogos 0% Dual Pricing or the Mt. Olympus 0.35%. Selecting a platform with competitive rates can significantly diminish your payment processing expenses. And, as Forbes asserts, more revenue retained always equals a direct increase in business profitability.
3. Streamlined operations and efficiency
An adept payment platform like EZ Pay's Payments Hub can seamlessly integrate and automate a wide array of tasks such as invoicing, recurring billing, payment reconciliation and reporting. Automation translates into time saved and reduced manual intervention, freeing your team to focus on more strategic initiatives. And of course, enhanced operational efficiency results in cost savings and increased productivity, contributing significantly to profitability, as highlighted in a Deloitte Study.
4. Loyalty and rewards
Using the right payment platform also empowers you to benefit from offering your customers incentives and rewards for choosing your business. With a system like Enroll & Pay, customers can connect their cards for loyalty rewards at the time of payment. Offering such rewards not only fosters customer loyalty but also promotes repeat business, thus amplifying profitability. In fact, a report from Accenture revealed that loyalty programs can increase overall revenue by 12-18%.
5. Outside rep support & guidance
Finally, in an ever-evolving digital payments landscape, outside rep support and guidance are invaluable. A robust payment platform offers this essential service, ensuring your business stays on top of the latest industry trends and technological advancements. They serve as your navigator in the fast-paced digital payment realm, helping your business integrate the latest developments and benefit from what's currently trending.
Choosing the right payment platform can wield a significant impact on a business's profitability. From broadening payment options and slashing costs to enhancing operational efficiency and cultivating customer loyalty, the right platform serves as a linchpin for boosting profitability. As the digital payments world continues to undergo rapid changes, businesses must remain agile and informed – and that means adopting a payment platform that can deliver the maximum advantage.
Start with a local company
As with any service, it's best to choose local. Not only will that help keep your money in the community, but it means you have immediate support when you need it. Utah EZ Pay is equipped to help you find the best fit for your business, whether it's big or small.
To learn more about your point-of-sale payment collection options, visit the Utah EZ Pay website.
