Purchasing habits of consumers have drastically shifted in the last few years.
The standard practice of exchanging a physical check or cash for a product or service is outdated and arguably nearly extinct. Major e-commerce players such as Amazon, Instacart and Uber have been influencing our purchasing habits and it’s undeniable that we have been moving steadily toward online payments as a standard.
In the last 16 months, COVID-19 and the pandemic have supercharged consumers’ willingness and expectance to pay online by 5 years. So why is it any different in the business of interior design? It’s not.
What does this mean?
It’s quite simple. As the business owner, you need to offer your clients the option of online payments. You need to stop making excuses why you haven’t and adapt to your client’s needs. Not offering online payments due to transactional fees is not a viable excuse. These fees are the cost of doing business and can be absorbed into the total cost of your product or service. By not offering online payments you’re essentially adding friction into the purchasing process.
Check out this graph to get an idea of how much each category stuck to their holiday budget, spent more than their budget, or didn’t have a budget at all. Are you missing out on additional revenue by not accepting credit cards? Need more convincing?
When you take your business from a cash-only operation to one that accepts credit, ACH/ e-transfer and checks, your potential customer base broadens significantly. Gen X and Millennials typically expect and prefer to pay with credit cards. The more customers you attract, the more likely you are to make additional sales.
Many design firms and boutique shops offer multiple online payment options. By not, you’re essentially taking your business out of the running from lack of convenience.
Clients like to have the ability to quickly pay an invoice without having to write a check. Invoices can be paid anywhere at any time. Studies have indicated that clients are likely to spend more when they’re paying with credit cards.
There are fixed costs with running your design business such as office rent, insurance, software licenses. Credit card and ACH fees are fluid business expenses. They are dependent on the design services or products being sold. The processing fee can and should be built into the price of the service or product you are selling. The convenience to both you and your client out way the minimal costs and offering credit cards will likely increase your sales.
Depositing cash and checks is inconvenient. Online payments are processed electronically and automatically deposited into your account.
Want to sell a consultation in advance of a client meeting? Have an e-book, “shop the look” or gift certificate to sell? These digital goods require instant payment. You don’t have time to wait for cash or check. Offering online payment is essential to selling your design services online.
Have you ever paid a vendor before a client check has cleared? If the check bounces prior to clearing, you are responsible to track down your client for payment while floating the payment to your vendor. Did you know that credit card transactions are screened as they are processed? Mydoma Studio uses Stipe, the leading online payment provider to get you paid quickly and keep your personal and payment information secure.
Clients want to use the payment method that’s not only convenient but also most beneficial to them. Cash and checks offer not to benefit back to the customer. Credit cards are easy to use and many offer bonus point incentives. ACH / e-transfer are equally quick and convenient without the bonus points.
At Mydoma Studio we take the frustration out of taking online payments whether you’d like to use credit card or ACH. Within a few hours you’ll be set up to offer online payments to your clients. You’ll get paid faster and make your customers happier.
There really isn’t a good reason not to offer online payments to your clients. Interested in learning more?
Sign up for a free trial of Mydoma Studio and we’ll show you just how easy it is!