How Small Business Owners Can Stay Informed on Payment Trends

July 17, 2019

One of the most important aspects to structuring a business is to make sure that your customers are able to pay how they want to. As a small business owner, you should take it upon yourself to stay up to date on trends in the payment industry in order to offer your customers the options they prefer. Being aware of the different payment trends customers favour helps keep you and your business available for their needs. This is crucial for ensuring you do not miss any sales just because you do not offer more payment options.

Consider these different ways you can stay informed on payment trends to make sure your business is at the forefront of payment offerings:

Watch Your Competitors

If you find a trend but are not sure if it has already caught on, look to other businesses in your industry to determine how ahead or behind you might be. When you observe what others in your industry are doing and keep track of any discrepancies, you can use your information to keep your business in a competitive position. This could mean offering an option that no one else has or making sure that you are not missing any popular trends.

Engage With Your Customers

Be sure to ask your customers how they would like to pay and consider whether you offer the options they prefer. You can also request feedback from your customers in the form of polls and surveys through social media outlets to see your business from their perspective. Through these efforts, you can learn how customers feel while also encouraging them to have a voice in your business.

Utilize Your Team

The staff that make up your business play a big role in keeping you competitive. Speak with your team for insights on what other stores and restaurants may offer, as well as any payment trends or information they might know. Do not take for granted the knowledge your staff possess in helping to keep your business at its best, after all, you are paying them to push your business further!

Follow Payment News Sources

Just like any other genre of news, one of the best ways to stay informed is to make sure that you are keeping yourself aware of current changes and innovations. You can do this by following your favourite business influencers on social media and reading up to date articles on various financial news outlets. Be sure to keep updated with posts made here on Moneris Insights to stay in the loop on all payment industry changes and trends as they emerge!

For more information on how to keep your business informed on payment trends, check out The Payment Solutions That Make Your Business Future Proof and 4 Fun Features of New Payment Terminals.

The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed. 

Previous Article
What Does a Payment Processor Do?
What Does a Payment Processor Do?

Next Article
Tips for Thriving During Back to School Shopping Season
Tips for Thriving During Back to School Shopping Season