Use alternative payment options in your business

Consumers can use a variety of payment methods for purchases in small, medium and large companies in Spain and around the world. Among the options are more traditional or conventional payment methods, as well as what is known as alternative payment methods.

Offering more payment methods to your customers could translate into more sales for you, so it might be worth considering what options attract your customer base the most. I defined an alternative payment as a payment method that is outside the market of traditional or conventional payment methods.

I believe that traditional/conventional payment methods are the most popular and currently used forms of payment in Spain and in global markets. This includes: cash or checks at the point of sale or sent by mail; credit or debit cards processed through landlines, wireless phones, computers or Internet terminals; and ACH and electronic transfers.

If you are wondering if other payment options would work for your business, here are some options you may want to incorporate to provide your customers with the best convenience experience at the point of sale.

Payment programs for consumers

This is a payment method in which, as a merchant, you can establish partnerships with several consumer loan platforms that can help you close larger sales with customers. You register with one or several consumer loan platforms, which requires approval, then when customers seek to make a purchase, say 2,000 Euros, they would fill a very short online loan application while they are at the point of sale in its location.

The approval (or decrease) comes from one or more consumer loan platforms in a matter of seconds. Once approved, the terms will be provided and the client may decide to accept or reject the terms, including how much interest they will pay. The loan would be used to pay for the 2,000 Euro product or service related to its location. This program helps you close the largest items and also offers greater convenience for customers, allowing them to spread payments for their products or services in terms of six, nine, 12 or 24 months.

Cash on delivery

For this payment method, a customer orders a product, but payment for that product does not occur until a mail provider delivers the items to the customer. The customer would pay in the delivery instead of paying in advance. This provides greater convenience to customers who want to inspect the items before making the purchase.

Some customers may prefer this type of transaction to credit or debit cards. However, keep in mind that by accepting payments to be processed, your payment is delayed. You should also consider the possibility of a higher rate of refunds or canceled orders. However, you may discover that the benefits outweigh the risks if this model is popular and makes sense to your customers.

Mobile payments

Electronic commerce has been one of the great IT revolutions of recent years, marking a before and after in the buying habits of Spanish citizens. In addition, these changes led smartphones to become the most used device not only to communicate, listen to music or take photos but also to make payments.
Mobile payments are the set of services that allow financial transactions through cell phones, either to buy products and services or to transfer money between two individuals – both online and personally in establishments. The latter is also known as proximity payments and can be done in different ways: by SMS, integrated credit cards or with a web browser enabled on a smartphone with NFC technology. However, most of the mobile payments made in Spain are made through browsers or web applications.

With NFC, you will have a contactless terminal that allows a customer to move their phone or Apple or Android device in front of the computer to process transactions. For in-person transactions, the company must set up a contactless payment terminal through its payment provider. The customer’s credit card information is already stored on their device, so the transaction can be processed without the customer having to deliver their card or having to carry their cards in a wallet or physical wallet.

Digital wallets are programs like Google Wallet, which are online programs that allow customers to register using their phone number or email. Once registered, the customer receives a PIN code and is allowed to enter their credit card information into the online program for storage. While on several merchant websites or in person, the customer can make payments using the digital wallet when checking these payments with their unique PIN code.

Cryptocurrencies

A cryptocurrency is an alternative digital currency that operates in a decentralized transaction database, which is a type of operation very different from traditional money, which operates in centralized banking systems. The acceptance of payments with cryptocurrencies provides greater convenience to customers who can carry this type of coins. Bitcoin (created in 2009) is the most popular type of cryptocurrency, with a market limit in the $ 12 billion range.

The acceptance of cryptocurrencies can potentially increase your sales, especially if your customers or potential customers prefer this payment method. The cryptocurrency market comes with its own special set of risks, particularly in terms of security and the volatility of the exchange rate. It is important to know well how to manage those risks before making this an option for your clients.

In case the client needs cash, alternatively, he can look for a personal financing, and if his question is Where to ask for a loan? You should know that Neopod can help you.

Cheap car loans

Car loan: Better cards when buying a car

The car loan is probably the most common form of financing since very few people have the financial means to pay for a new car out of pocket- check my source http://texastitleloan.net/dallas-title-loans/. Therefore, most buyers either choose a loan offer directly from the dealership or take an installment loan from an independent bank.

What should be considered when car financing?

Important for car loans, as with any other installment loan, is the comparison of the effective interest rate. The APR takes into account the costs associated with the car loan. Because a favorable interest rate does not help, if afterward still all kinds of fees are added. Although here some costs are charged extra. For example, provisioning fees or the account maintenance fee can result in a financial overhead. The borrowing rate, on the other hand, contains no fees and is therefore insufficiently meaningful when comparing the different offers.

Pay attention to the car loan on a realistic loan amount. Thus, the actual purchase amount of the car may incur additional costs. If, for example, you opt for special equipment, buy winter tires or other accessories, the amount of credit required to finance the new car also increases.

Pay with a car financing the car completely and save a lot of money

Anyone who acts as a cash payer with a car loan using a car loan can negotiate the best discounts. It is, therefore, worthwhile to separate the loan from the car purchase. Because most car dealers reward the cash purchase with high discounts and particularly favorable extras. 10 to 15 percent discount are possible, plus the special equipment at a bargain price. So strengthen your bargaining position by taking out a car loan.

Editorial Tip

Especially if the car loan covers a higher sum, a residual debt insurance can be worthwhile. This comes in when you can no longer meet the installment payments because of unemployment, or takes over the remaining debt, should something happen to you and protects your family from financial obligations through the loan.

Low rates – expensive car financing

Especially with a car financing, there is the model of the so-called balloon financing. In the process, comparatively low rates are paid, but at the end of the contract period, a high final installment is due. The vehicle is used as security. Benefits of this form of car loan for people who want to gain new vehicles, for example, in short intervals. You can then sell the vehicle on the open market at the end of the contract and thus finance the last installment. However, this always carries the risk that the resale value is lower than expected. The big disadvantage is also a relatively high-interest burden. Since the car loan is paid off only in very small installments, the interest in the majority of the loan amount is longer. Compared to a normal installment loan, this car loan can, therefore, be more than twice as expensive.

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