9 Ways Your Business Can Benefit from Accepting Multiple Payment Methods

Australia’s payment trends have shifted a lot in recent years. According to the Reserve Bank of Australia, contactless card transactions made up over 40% of card payments in person during 2021, an increase from around 30% in 2019. This shows how quickly shoppers are moving away from traditional options toward methods like mobile apps and pay-later services. If your business only takes one or two forms of payment, you may be missing out on valuable sales.

Below are ten ways your organisation can profit from opening the door to a variety of payment options.

1. Bigger Customer Base

People are often creatures of habit, especially when it comes to paying. Some rely on a favourite e-wallet, while others want to tap their phone and be on their way. If you don’t allow them to use the method they trust, they might go elsewhere. By letting folks use whatever feels right to them, you stand out from competitors who are behind the times.

For instance, imagine running a small café. If someone wants to buy a muffin using a mobile payment app, and you don’t accept it, they might skip you next time. If you do take it, they’re more likely to drop by—and probably tell their friends about how handy it is.

2. Find Safe Payment Methods

Choosing secure ways for customers to pay is a huge step toward building trust in your business. Cards with strong fraud protection, well-known e-wallets, and reliable bank transfers all help keep transactions safe. It’s smart to verify that your payment processors use data encryption or tokenisation, since these measures shield sensitive information from prying eyes.

Even iGaming platforms prioritise safety when handling money. The best Aussie online casinos for 2025 typically let players deposit using credit cards, prepaid options, and e-wallets, pairing these channels with quick withdrawals and special deals like free spins. Author Vlad Grindu’s guide shows how variety keeps different types of players satisfied, which is exactly the outcome any customer-facing business wants. When people see that their preferred system is available and well-protected, they’re far more inclined to stick around.

3. Fewer Abandoned Carts

Shoppers on the internet often change their minds at the last second if their preferred option isn’t available. Nothing is more irritating than getting through most of the checkout, only to discover the store won’t accept your payment type. According to the Australian Payments Network, close to a third of online shopping carts are abandoned because of unexpected issues during checkout, and one big issue is the lack of a suitable payment method.

If you cover the major options—like Visa, Mastercard, PayPal, and popular buy-now-pay-later services—customers have fewer reasons to back out. That alone can significantly bump up conversion rates, which leads to a direct lift in revenue.

4. Speedy Cash Flow

Relying on one channel can slow down how quickly you get paid. Certain methods may take longer for funds to arrive in your account. On the flip side, some newer solutions can have the money landing almost right away. Quick access to funds helps in countless ways, from managing daily operating costs to paying suppliers on time.

If you’re juggling inventory, for example, having faster payments can be a lifesaver. You won’t have to postpone a restock or worry as much about covering unforeseen bills because there’s a more reliable stream of cash coming through.

5. Builds Trust Through Familiarity

Shoppers usually feel more comfortable giving money through well-known providers. Fintech has changed how consumers see brands. When customers recognise payment brands—think PayPal, Apple Pay, or leading credit card companies—they’re less worried about potential fraud. This peace of mind often encourages them to follow through on the sale.

Adding options that have proven security features also helps reduce fraudulent transactions. Secure gateways will flag suspicious activity automatically. That means fewer hassles for you, fewer chargebacks, and a calmer experience for your customers.

6. International Reach Becomes Simpler

If you’ve ever tried selling overseas, you’ll know that handling payments can be confusing. Different countries have different popular methods, currency conversions, and banking rules. By providing multiple options—like globally recognised credit cards, online wallets that handle conversions, or even crypto—you make it simpler for customers abroad to buy from you.

That flexibility gives your brand a chance to grow. While international expansion comes with its own hurdles, having the right tools in place for receiving funds can remove some of that stress.

7. Competitive Edge

Competition is everywhere. If your competitors only offer traditional card payments but you also support e-wallets, pay-later services, and mobile options, you become much more appealing to a broad audience. This can tip the scale in your favour, especially when shoppers are comparing similar products from different places.

8. Adaptability for the Future

Payment habits can shift quickly. A few years ago, tapping a phone at a shop wasn’t as widespread as it is now. In the same way, new pay-later services are popping up all the time, offering interest-free instalments that a lot of shoppers love. Being open to fresh ideas means you can pivot more easily when a new player comes along. You won’t be caught off guard if a new platform takes off—chances are, you can add it as another option without overhauling your whole setup.

9. Loyalty Programs and Promotions

You can reward customers for using certain payment methods that you prefer. Maybe you run a promotional discount if people choose a specific wallet that charges fewer fees, or perhaps you offer extra loyalty points when customers try a new pay-later option.

When customers feel like they’re getting something extra, they’re more likely to come back. These kinds of targeted promotions can be a clever way to promote the choices that help your bottom line. For example, if card fees are high but a certain e-wallet is cheaper, you might motivate shoppers to pick that e-wallet by giving them a small perk at checkout.

Conclusion

Accepting multiple payment methods isn’t just about chasing trends—it’s about making it as easy as possible for people to give you their money. It streamlines your cash flow, wins over new customers, and shows that your business is willing to meet shoppers in their comfort zone.

Look at other industries for inspiration. It’s a reminder that flexibility breeds loyalty. Take that idea and tweak it for your own operations: if you offer several secure ways to pay, plus a little incentive here and there, you might see happier customers, fewer abandoned carts, and a rise in revenue.