For a small business owner, the ability to accept as much or different payment methods as possible is vital because the owner gets paid only if a flow of customers is constant or better yet it is growing.
Providing customers with payment options is the best way to create regular cash flow. Let’s take a look at the five best payment methods for your business.
For a small business owner, the ability to accept as much or different payment methods as possible is vital because the owner gets paid only if a flow of customers is constant or better yet it is growing.
Providing customers with payment options is the best way to create regular cash flow. Let’s take a look at the five best payment methods for your business.
Debit and credit cards
Payment with a credit or a debit card is an online payment acceptance method for 75% of customers, no matter online or in a regular shop. How you’re gonna accept this type of payment depends on what business you run.
If you have a normal business, perhaps a shop, then you will have to create a merchant account that will allow you to accept various payments.
And if you have a website on which you want customers to be able to make payments then you will need a payment gateway and E-Commerce website. Payment gateway encrypts all personal payment information and makes payments much safer for you and for the customer.
ACH processing
Another popular method for accepting payments. This method allows your customers to tell you their route and bank account numbers for electronic payments. These payments are controlled by the National Association of automated clearing houses (ACH). This method is especially good for subscription and recurring payments.
Choosing to process ACH offers several advantages. ACH usually has a much lower fee rate than debit or credit cards. And it’s safer than making a customer write you a check every week, month or year.
Subscriptions with recurring billing
35% of customers don’t like to make a lot of payments and when it comes to bills, they all can come at different times. Even so, some people are wary of ACH payments and don’t really want to give anybody access to their bank account info.
PayPal, Stripe, and Square
Paypal, Square, and Stripe are three leaders in the reception of payments. You can use all three of them without creating a merchant account but they are all different services so you should choose the one that fits you the most.
If you started accepting payments online only recently, PayPal is your best option. As mentioned above, you will not need a merchant account but to accept payments in a regular shop you will need to buy yourself a card reader and install a PayPal application.
The system of contactless payments
Contactless payments are very popular these days. All a customer needs is to hold their card or a device near the POS system and payment will be made. All of this is done without entering a PIN code or signing anything.
Mastercard and visa have contactless cards now and they are very popular with customers. Some Android and iOS devices also have the ability to make contactless payments and companies are very supportive of that technology.
From the point of view of the business owner, you will not need to make any big change to be able to accept contactless payments. All you need to do is update your hardware with NFC and update your software as well.
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September 21, 2020 at 05:47PM
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How to Accept Payments: 5 Ways - GISuser.com
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