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One of the most effective ways to build customer trust and ensure customer retention is to make sure that your business operates with fast and efficient transaction speeds. We live in an age where time is of the essence, and when people have to balance their jobs with numerous other commitments, they don’t have time to wait for payments to be processed.
How Fast Payments Relieve Anxiety
Fast payments are an absolute must for businesses that actually pay their customers, for example, online casinos that regularly pay out players’ winnings. In fact, many casino gamers report that their chosen gaming platform for gambling was selected for speed when it came to the wagering and withdrawing of funds.
If your business involves getting money to customers themselves in a similar way, these payments must be sent and received promptly. Being owed money can cause heightened anxiety in all manner of individuals, and the longer a customer has to wait for funds that are owed to them, the more their trust in a company is likely to wane.
Cryptocurrency: The King of Faster Payments
Another reason that faster payments often lead to happy customers is that, in order to enable fast payments in the first place, many businesses offer cryptocurrency as a payment method. Crypto is incredibly popular here in the US, with an estimated 28% of adults owning at least one form of the digital asset.
By incorporating cryptocurrency into your business, you’ll be able to appeal to a much larger demographic of individuals and speak directly to the growing popularity of crypto taking place worldwide. On top of the faster transaction speeds, which itself comes from crypto’s nature as a decentralized asset, your business will enjoy tightened security, lower transaction costs, and a currency that is universal.
The Role of Faster Payments in Improved Customer Service
Slow payments and multi-step transactions are frustrating not just for customers, but for the employees facilitating them. If a worker has to take a significant amount of time processing payments with every customer, then they are not going to be as attentive as desired.
By ensuring your business runs with fast and effective payments, customer-facing employees will have more time to work directly with the customer, allowing the customer to feel more listened to, and making sure all queries and concerns are addressed in a manner that leaves everyone happy.
A Changing World
Another reason your business should adopt the technology that allows for faster payments comes from the expectations placed on modern businesses themselves. We live in a tech-driven world, and many customers have become used to the presence of advanced technology in their day-to-day lives.
If you have not made use of the various branches of tech that allow for faster payments, your business is almost certain to fall short of what customers expect from you, which can be a massive factor when it comes to losing customers. So, not only do faster payment options lead to happier customers, but they also help prevent your business from falling behind in a rapidly changing world.
The Correlation Between Faster Payments and Tighter Security
The modern world is full of digital threats, and customers know it. Every day, we hear more and more media stories about mass data leaks, hacks, and large-scale scams, all of which put the information and finances of innocent people at risk. What this means is that customers will not settle for anything below excellent when it comes to security in their payments.
Luckily, the safest modes of payment, such as those that make use of encryption, tokenization, and state-of-the-art fraud-detecting tools, often also come with fast payment options as an additional bonus. By adopting these modes of payment, you can kill two birds with one stone and ensure customer security alongside customer satisfaction when it comes to making payments with your business.
Respecting Your Customers’ Time
When people interact with our businesses, we tend to categorize them all as ‘customers.’ This is an effective way to ensure our business consistently appeals to the masses, and it also enables us to make observations on large groups of people. However, every customer is an individual, each with their own lives and worlds to return to.
Out of all of the advantages that faster payments bring, it is perhaps a respect for your customers’ time that is the most important. By enabling customers to check out or receive payment in a quick manner, you are allowing them to return to their own lives and the things that really matter. Granted, they might not remember or talk about how great and easy the payment was, but they will still be grateful and more likely to recommend your business to others than they would be if the process had been frustrating and time-consuming.
