Podcast Summary
Importance of accepting modern payment methods: Adapting to mobile and other modern payment methods can lead to more opportunities and a more inclusive way of doing business or making a living.
In today's digital world, accepting various forms of payment, including mobile payments, is crucial for businesses, entrepreneurs, and even individuals looking to make a difference, in order to not miss out on potential transactions. The speaker shared a personal experience of wanting to do a good deed by buying flowers and giving one away anonymously, but being unable to do so because the flower shop didn't accept mobile payments. This highlights the importance of adapting to modern payment methods and making it convenient for customers to make transactions. The speaker also emphasized that this applies not only to businesses but also to individuals seeking donations. In essence, being open to various payment methods can lead to more opportunities and a more inclusive way of doing business or making a living.
Make it easy for people to pay you: Offering multiple payment options and optimizing website load speed increases revenue by reducing friction and improving the payment experience.
Making it easy for people to pay you is crucial for increasing revenue. I discovered this during my attempt to donate to the Salvation Army using Apple Pay, only to find out they don't accept it. I also noticed this trend while walking around town, encountering various businesses and individuals who did not accept payment via phone. By making your website fast loading and offering multiple payment options, you can remove friction and increase the likelihood of receiving payments. Moreover, the faster and more convenient the payment process, the more likely customers are to complete their transactions. As a property owner, I've implemented this principle by making it easy for my tenants to pay rent automatically through their digital wallets. Ultimately, the easier you make it for people to pay you, the more money you will earn. Additionally, optimizing website load speed is essential to ensure a seamless payment experience. As I learned the hard way, money loves speed and hates friction.
Missing out on sales opportunities with cash-only businesses: Businesses that don't accept digital payments could lose sales to competitors, as consumers increasingly prefer the convenience and speed of digital transactions. Embracing digital payments can help businesses stay competitive and better serve their customers' evolving financial needs.
Accepting digital payments can significantly increase sales opportunities and revenue for businesses. The convenience and speed of digital transactions can help reduce financial friction, leading to more transactions and a stronger economy. However, many businesses in the center of town still do not offer this option, potentially losing sales to competitors. This was highlighted during a personal experience where the speaker attempted to make donations and purchases but was unable to do so due to lack of cash and the inability to use digital payments. Ultimately, embracing digital payments can help businesses stay competitive and better serve their customers' evolving financial needs.
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