MAKING MONEY

7 Unusual Yet Innovative Ways Your Customers Can Pay You

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There was once a time when cash was the preferred payment method for most retail goods and services. However, that’s no longer the case today, thanks partly to shifting trends caused by the COVID-19 pandemic.

Today’s consumers favor convenience in many aspects of their lives, and how they pay for things can impact their spending habits. In short, if you don’t offer a payment method they prefer, they’re likely to spend their money elsewhere.

If you run a business, you might like to learn more about the following seven unusual yet innovative ways your customers can pay you:

1. Pay By Phone

Today’s smartphones can do all kinds of cool things, but did you know that people can buy stuff using any type of mobile phone – even classics like the Nokia 3310?

For example, if you like to play casino games online and don’t want to use standard payment methods for privacy reasons, paying with phone credit is a realistic alternative that you can consider.

2. Pay By Personal Data

It’s no secret that companies like to know things about their customers as it helps them to shape the products and services offered. One innovative way consumers can buy things is by sharing personal data about themselves with the company in question.

A supermarket may offer free products or discounts if customers tell them more about their shopping habits. A website might provide free trials of exclusive services after determining a customer’s suitability.

3. Cryptocurrency

It should come as no surprise that some consumers hesitate to give businesses information about themselves. Thankfully, cryptocurrency like Bitcoin is one way to make anonymous online payments.

You could accept cryptocurrency payments for anything from a cup of coffee to a Sony PlayStation 5 and some games!

4. Microtransactions

Do you offer services through an app or game on smartphones and tablets? If so, you likely know the different ways to provide and charge for those services.

One popular option for consumers that offers plenty of financial flexibility is the offer of microtransactions. In a nutshell, these can be “add-ons” like premium features or extended subscriptions.

5. Augmented Reality

A fun way to get your customers to “work” for freebies or discounted items is with augmented reality.

For example, you could have an app to gamify specific tasks by overlaying a cartoon character next to a famous landmark. Once that image gets uploaded to your business, you can automatically or manually authorize the customer’s “reward.”

6. Pay By Exercise

Businesses in certain niches like health and fitness could encourage their customers to keep fit by tracking their exercises. Logging the amount of steps taken, for instance, could unlock premium content on a fitness app.

7. NFC Payments

Lastly, most people are familiar with using contactless debit and credit cards to pay for physical transactions. However, NFC payments are also gaining in popularity for two reasons.

Firstly, customers don’t need to take their wallets or purses to make purchases; they can use their smartphones to make NFC payments. Secondly, NFC payments can be linked to “virtual” card numbers – reducing the risk of bank fraud.

Most businesses that offer contactless payments can already accept NFC payments. You could promote that option in-store and offer your customers free items as an innovative way to encourage repeat custom.