Small business owners encouraged to have multiple payment options

3 years ago

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Micro, small and medium-sized enterprises (MSMEs) are advised to offer various options to consumers when they begin to operate web stores.

             Speaking at a recently held Jamaica Business Development Corporation (JBDC) ‘Virtual Biz Zone’ session, held under the theme ‘Jamaica! Start Selling Online’, Chief Executive Officer of Fygaro, Ariel Rochwerger, said that offering ways to pay for products and services is crucial to operating a web store.

            “The more options that you have, the easier it will be for them (customers) to choose to use your web store, so if you’re selling online try not to allow payment in only your local currency, but also in other currencies, such as the US dollar,”

he pointed out.

“Ensure that you have foreign exchange conversion systems in place, so you can showcase your price in other currencies and then on the checkout, the system will convert the amount to local currency and will present the customer how much they’re going to be charged in your currency,”

 he added.

Rochwerger also encouraged business operators to offer clients options to use different cards, such as credit cards, especially for foreign clients that may prefer that mode of payment.

          He advised that all ways of payment on the online platforms that are being made available to consumers must be integrated into the business’ local bank

Rochwerger said there are various options available for consumers in the delivery of the products.

 “If you are selling locally, make sure that you set up our custom shipping rates, so that your customers can compare curbside pickup, and regular delivery versus an express delivery. This is going to help increase your shopping cart value a lot, because customers are going to appreciate the speed and accessibility of getting their purchases next day or two days, versus a postal offering that might take a week or a month,” he argued.

Rochwerger noted that offering options on the landing page of their websites is critical to retaining the attention of the consumer when they visit the web store.

The JBDC is the Government’s business development agency that assists in the sustainable creation and development of MSMEs in Jamaica.