More Payment Options Leads to More Sales - A Tiny Internet Marketing Trick That Yields Great Results

I read this post on one of the internet marketing forums.

This is the original post:

If I decide to start a side business (software development), I will want to run it debt free. Meaning that I don't use credit cards, and save up and pay cash for everything.

I think this is a good idea, as it allows the business to grow better, and more fiscally sound.

The hard part would be only accepting cash, check, or debit card from my clients. I know I would lose some customers due to this, but it might be for the better.

And yes, I know there are those of you out there who would say "but you need credit!"

To that, I say: In a small business, what can I buy with credit that I can't buy with cash? I could still buy computers, networking components, hardware, printers, paper, software, etc. with cash. And, I would have less risk, too.

I'd like to get everyone's thoughts.

This was my reply to this guy:

Don't know if you are posting such a controversial post just to stair up reactions or you really mean what you are saying. Let me be Clair with you. You will never make any money if you don't accept credit cards for your business.

I can assure you that. In fact if you miss just one payment method, you loose about 15% to 20% of your customers. read this article below to understand more

I have done some finance, it it is quit a good thing for part of your business to be financed by credit. cant go into the details here but take it from someone who has done finance up to the master degree level.

Article On The Advantages of More Payment options:

Have you ever refused buying something just because your merchant did not accept credit cards? It has happened to me so many times.

Some advertisers usually make this serious mistake of providing very limited payment options to their clients. If you ever want to be successful online, never you make such a mistake. My advice to you today is to provide as many payment methods (options) to your customers as you can.

Every payment method you are leaving out goes away with many potential customers. I would imagine that this is not what you want for your company. You want to sell more and make more profit, right?

I had made a test on one of my business when I added payment by PayPal, I increased my sales by 20%. I could not imagine that such a small change could make such a big difference. Since then, I don't make this mistake again. I make sure all the payment methods are listed and available for customers to make their choice on which of them to use. You should also be doing this for your business.

I also know of a friend who increased his sales in an offline store by 25% just because he put an indication outside his shop that stressed the fact that they also accepted payments by credit cards. Just that information alone brought in so many customers who before would not go in to buy since they did not know for sure if the shop accepted credit cards or not. Sounds easy to do right?

That is really how people are. The bottom line is that people turn to feel more comfortable when you give them the chance to choose between different options. The more the options to chose from, the better are your chances of selling your product to your customers.

More Payment Options Leads to More Sales - A Tiny Internet Marketing Trick That Yields Great Results