Ever heard of escrow service? Do you sell online (and even offline) and have customers that are too scared of making payments before they see the goods or service? Then ask them to use an escrow service.
An escrow service is a sort of service that holds the payment for Miss A until the product or service gets to Miss B. Once Miss B is sure of the product; size, colour, function, etc. She instructs the escrow service platform to release the payment and it gets into the bank account of Miss A. The escrow service takes a small percentage of the payment as service charge. Thus nobody is cheated. Everybody wins. You can even use it for services, whereby you only release payments once a certain milestone is reached. I foresee a time when I will be using escrow services to pay my tailor, when he has reached certain milestones (done certain actions regarding clothes I give him). Arh! Nigerian tailors can disappoint?
Imagine using escrow for big payments like landed properties, cars or even stocks. Don’t you think you’ll feel safer? Don’t you think your customers will feel safe?
With an escrow, you can get your money faster, Customers get total satisfaction and you make more money as a result of more people paying because the trust barrier has been broken. Some escrow services allow you to pay online, others allow bank transfer, USSD and more. Try Payscrow, Atarapay or Vesicash. Some are even backed by insurance and commercial banks.
I guess! It’s time to open up another sales/payment channel for your business in addition to the traditional ones you have. Try this. You don’t just know if your customers will like it till you do.