One of our jobs in business is this:
“Make it as easy as possible for people to give us their money”
It’s already hard enough to convince people to buy our product or service, so why some businesses minimize payment options is beyond me.
photo by Mike Monteiro
Cash only, just doesn’t cut it these days. Regardless if we are on line, business to business or in retail, minimizing the payment options has this simple repercussion: It minimizes revenue.
Live example is a café in Melbourne called ‘Journal’. I had a company breakfast there and they wouldn’t accept my credit card. They even had the audacity to say ‘Who doesn’t carry cash on them?’ Answer: plenty of people. That’s fine. I’m never going there again and they missed out on around $100 this week.
Startups ought make it easy to collect revenue.
Steve – founder rentoid.com
While in the airport I was accosted by airport spruikers from Citibank. They were selling an offer to switch credit cards. I’m sure it’s a good deal, and that’s why they’re there.
I’ve seen them many times now, though they never have any success while I’m there – No one seems to stop. It must be a very difficult job. I’m certain their success rate’s lower than direct mail (1-3%) as 300 people will often disembark from a plane with zero stoppage rate. In fact, people purposely avoid them. Given they are still working the airport floor, it must have a ‘certain level’ of success.
Here’s the problem according to startup blog. Given it’s so ‘targeted’ Citibank ignored the fact it’s really ‘annoying’. People in airports are either; in a hurry, working or on holiday. All of which aren’t good times to consider changes in financial institutions.
Today marketing and entrepreneurship is much more than being targeted, it’s about being considerate.
In Australia, people owe $155 for every $100 they earn! Chances are it’s similar in your country.
Rather than think of how they can leverage it, world changing entrepreneurs will be thinking of ways they can solve it.