Ways to provide credit for your customers

In the current business climate, attracting and retaining customers is more critical than ever. To be able to compete, you have to provide them with what they want, as well as looking after them. A part of that is giving them as many ways as possible to pay. The easier you make things for your clients the better.

Let people pay with their credit cards

In most cases, investing in a chip card reader will be beneficial to your business and customers. People are moving away from using cash. They like paying with their card because that makes it easier for them to keep track of where their money is going. The younger your customer is, the more likely it is that they use a budgeting app on their phone that is automatically updated when they pay with a card. 

Plus, of course, the coronavirus crisis means that fewer people want to handle notes and coins. A trend that is likely to continue even after the virus situation is under control.

Find ways to offer your customers credit

Understandably, many business owners are not particularly comfortable with offering their customers a line of credit. Of course, taking this approach complicates things. It also opens up the chance that you will not be paid in full. 

However, in certain situations, it is something that is still worth considering. For example, if you operate in a place where unemployment is so high that people cannot afford to make big purchases, offering credit makes sense. It could be the only way to sell certain products and services. 

When done right, extending a line of credit to your customers is usually a win-win. You can learn about the best way to set things up by clicking this link

Work in collaboration with a retail finance provider

Working with a retail finance provider is one of the quickest ways to set up proper credit facilities for your customers. Payment firms like PayPal are prepared, for a fee, to pay you in full for a product or service. While letting the customer that bought from you send them the cash in several installments through them. It is a form of credit that virtually everyone can qualify for. You can find out more about how this setup works by clicking here.

Let people pay you in installments without involving a credit provider

If you want to keep things simple and minimize the risk, offering people the chance to pay in installments but not giving them the item immediately can work well. Retailers can potentially take weekly payments from a customer and only give them the product once the cost of buying it has been met. The further payments that your customer makes are the profit. This form of credit may not be used much today, but it certainly was in the past. It worked well then and still can today.

As you can see there are plenty of ways to make it easier for your clients to pay you.