Study: Small Businesses Offering Multiple Payment Options Increase Revenue by Nearly 30 Percent
Only 16% of small businesses offer more than three payment types--cash, check & credit card
Weave, the complete business toolbox for service-based businesses and one of the fastest-growing companies in tech, announced new research illustrating how offering multiple payment options can help boost sales and increase conversion rates for small businesses.
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Weave commissioned an independent study of both small business owners and customers on how best to remove friction during the payment process for both sides of a transaction–for those making a payment and for those collecting the money.
Most small business owners don’t realize that offering various payment options can be a powerful business tool in addition to adding flexibility in uncertain times. Weave Payments enables businesses to keep collecting payments even with the recent changes to everyday life as a result of COVID-19 and social distancing rules. Features like Text To Pay, manual card entry, and the Weave payments dashboard make it easy and convenient for business owners to charge customers, collect payments, and manage outstanding balances even while working remotely.
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“As a business owner, the more convenient you make it for your customers to pay you, the more often you will get paid. While this seems evident, a lot of small business owners today still only accept cash, check and credit card payments,” said Jeff Lyman, Chief Product Officer at Weave. “Now more than ever, in the midst of this pandemic, we’re faced with the reality that payments are the lifeblood of a business. Yet even with this new host of simple and remote digital payment options, we’re still seeing a delay in their adoption from small business owners. Adopting these newer technologies like text-to-pay, Bitcoin, and digital wallet services like Venmo or Apple Pay speeds up the rate at which these businesses get cash in the door and saves them dollars due to typically lower processing fees associated with these more modern solutions.”
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