Payments are an important pillar for small businesses. Having the proper payment infrastructure allows you to reach a broader customer base. Difficulty accepting payments from customers can kill your business faster than a lack of inventory. You compete with hundreds of other businesses offering products and services similar to yours. Making it a seamless process from contact to payment will help you to stay ahead of the competition. Here are four ways you can receive payments from your customers.
Cash
You should always have a reliable way of collecting and storing cash from your customers. If your business has a physical location, you must have a cash register and a reliable way of getting your cash to the bank. Some businesses, for example, grocery stores, can’t escape dealing with cash. If you run one of such businesses, take the necessary steps to protect yourself. Have ways of detecting counterfeit bills and ensure that your books are up to date.
Digital Wallets
Digital wallets like Apple Pay and Google Pay can be used for online and offline purchases. These wallets are great for convenience because they are an app on a mobile phone. With a simple button tap, you will receive funds in your account. If you run a strictly online business, having digital wallets as one of the options streamlines your payment process and allows your customers to purchase your products easily. Customers also like digital wallets because it will enable them to file for a refund if necessary.
Payment Gateways
Payment gateways are processors that allow you to receive money from a customer online. These gateways process cards and other types of merchant transactions. They make it easy for merchants to accept payments while providing security for customers.
Payment processors take a cut of payments received for this service. You should examine each payment processor’s cost before settling on the best option for your business. You should also consider the ease of integration when deciding. Top payment processors include Stripe, Ayden, and Paypal.
Card Payments
Card payments are available for online and offline use, which makes them versatile. You will need a reliable machine for credit card scanning to accept payments using cards, such as a POS (Point of Sale). These machines allow you to receive payments from cards securely. For online card payments, payment gateways allow customers to pay for their goods seamlessly by securely connecting their cards to your website. Card payments are a great alternative to cash, allowing your customers to pay for goods seamlessly.
Endnote
You can choose from many options when receiving payments from your customers. Examine each of these methods, their cost of use, and the ease for your customers. Cash and card payments are great options if you run a physical business. Digital wallets and payment gateways allow you to collect money seamlessly online. The critical thing to remember is that your customer’s convenience should be the primary motivation for the method you choose.
