Not only do QR codes allow for the swift retrieval of vital information and content, but they can also enhance the payment experience for customers. By incorporating QR codes into your business strategy, you can potentially boost your conversion and retention rates while simultaneously providing a more interactive and engaging experience for your customers.
This blog post will explore the benefits of using QR codes for payments and donations. Without further ado, let’s delve into the details!
A Quick Response code is a type of barcode that stores coded information in the form of pixels. By scanning it with a phone or tablet camera, the user gets redirected to right where you want them to be, for example, a landing page, registration form, social media account or online payment checkout. This straightforward process offers numerous benefits for organisations looking to smoothly handle online payments or collect donations. In the fintech industry, QR codes have a range of advantages that are worth exploring.
Initially created in the 1990s, QR codes have experienced a surge in usage following the widespread adoption of smartphones and the Internet. Their popularity has surged to the levels that since 2017, Apple’s preinstalled camera app decodes the quick response codes and allows the user to proceed to the encoded website or content. Furthermore, with the recent pandemic, the demand for contactless solutions has rapidly increased, resulting in a significant escalation in the popularity of quick response codes. Today, QR codes can be found ubiquitously, replacing restaurant menus, adorning product packaging, posters, and even invoices sent through traditional or electronic email.
As potential customers and donors are often short on time, companies and organisations must incorporate fast and convenient solutions that have the power to positively impact conversion and retention rates. Many potential customers don’t have the time to stop on the street to fill out a form, gather information and read the contract before making a decision. Therefore, a seamless registration and payment experience is crucial to attracting customers.
Whether you’re planning an in-field sales campaign for charity fundraising, seeking to enrol customers in recurring payment methods, or simply looking to provide more payment options for their comfort, QR codes can be extremely useful. Printing them on leaflets, posters, receipts and tickets is a fantastic way of offering your prospects a chance to access your content or online checkout at their own convenience, even from the comfort of their own home. This means that customers who may not have had the time for street fundraisers can still become donors.
With fraud and phishing attempts on the rise, data security has become a major concern for customers worldwide. In an era where we’re more protective of our personal information and more selective about who we share it with, QR codes offer a secure solution for organisations to gain customer trust. Scanning a QR code on your own device, rather than entering your personal and payment details on someone else’s tablet or smartphone, provides an added layer of security for potential donors or customers on the go. Additionally, by incorporating encryption and other security features, QR codes can protect against fraud and theft by securely transmitting sensitive information and preventing unauthorised access.
QR codes for payments and donations can be a cost-effective solution for businesses and organisations in multiple ways. For instance, implementing QR codes can save businesses the cost of hiring extra staff to handle cash transactions or street collections, as well as printing additional materials. Instead, incorporate QR codes into your ready marketing materials, for example, sales letters that you sent out to potential donors or customers. All you have to do is print a QR code that customers can scan instantly to complete their purchase or donation. Did you know that these codes can be personalised and used to pre-fill online checkouts with the customer’s details?
Additionally, QR codes allow for contactless payments, which means businesses can avoid the cost of buying and maintaining point-of-sale equipment like card readers. This is especially beneficial for small businesses and non-profit organisations that may not have the resources to invest in expensive payment processing solutions. Furthermore, the content that QR codes redirect the users to can be easily updated, so businesses can avoid the cost of reprinting materials when they need to update or change content on their payment or donation links.
Are you looking for a payment solution with QR codes? Make sure to talk to our customer support team - we can create QR codes for your online checkout!
If you’re planning to use quick response codes for payments but are still looking for more reasons to go ahead with the idea, here’s another benefit of using QR codes for payments and donations… Improved tracking and analytics!
By now you’re probably familiar with website analytics and know which pages or kinds of content generate the most visits, sales, or donations. However, when using QR codes for payment checkouts, you can know exactly how many people scanned your code! By using Waytobill’s online checkout with QR codes, you get to see the exact number of people scanning your code and the number of completed transactions. This data will help you make well-informed decisions, for example, by giving you insight into which codes - and therefore content - brought more traffic or converted more customers.
QR codes offer a way for businesses to expand their customer base by providing an accessible payment option. Those who don’t carry their credit cards or have no time to visit bank branches can still sign up for new services, and donations, or make purchases by accessing online checkouts and completing them at their own convenience or right then and there using payment information stored in their devices. Besides, by using QR codes for payments, businesses can reach a new demographic of customers who may not have been able or willing to purchase their products or services before. For example, younger demographics may be more likely to scan a QR code and explore the digital content rather than read a sales letter or promotional flyer.
This can lead to increased sales and growth opportunities, as well as a more inclusive and socially responsible business model.
Planning to start using QR codes for your charity? Find out why charities should use QR codes for fundraising.
Whether you’re looking for one-time or recurring donations, or selling one-off or monthly services, it can all be done with QR codes. For example, when it comes to financially supporting non-profits, a donor has the ability to choose whether they want their donation to be recurring. They will then be able to choose their preferred payment method, for example, direct debit, which is a commonly used payment method for subscriptions and monthly donations.
By facilitating various payment methods, businesses cater to a wide range of customer preferences and offer a seamless experience that is tailored to their needs. By using QR codes for payments, businesses can offer multiple options without the need for multiple payment terminals or devices. This can result in increased customer satisfaction and loyalty, as well as a more streamlined payment process for businesses.
We hope that you now have a better understanding of all the benefits that you can get whenever you incorporate QR codes into your strategy. Remember that the instant interaction between your business and customer might be the factor driving more conversion for your organisation. Take advantage of the quick response codes to reach more prospects, offer more payment options and provide a seamless user experience! Believe us, QR codes are an asset you need!
Contact us for more information about QR codes for payments and donations.