Best Payment Methods For Your Business6 min readReading Time: 3 minutes
Do you remember the very first time that you decided to establish this business? Your concerns, your hesitations, your passion, your hopes, and your disappointments! The times that you sat down thinking “Maybe I better give up!” and the times that you stood up muttering “I can do it!”. All these ambivalences you have passed through until you finally reach this point! Seeing your e-commerce site with your company logo on it! This feeling is priceless! You may think that tough days are over and all will go like clockwork now. No obstacles, just sunny days and roses! Sorry to intervene but it is just the beginning.
All will be dust and air if you do not profit! Overall, you did not walk all this knotty path for the satisfaction of your amour propre. OK! Maybe a little bit, yet the biggest indication of a successful business is the return to profitability. This is one of those moments sharpening Occam’s razor, “the simplest explanation is usually the best one.” Payment methods to list!
This is a highly competitive arena which never forgives disinformation and immobilization. Thus, you need to monitor the current and the futuristic payment options closely to hold a view about which ones are applicable for your services. Here, we have listed the most popular payment methods for you.
How to Set up Payments for Small Business
- Cash Payments: Generally used in point-of-sale systems, cash has always been the primary form of payment coming to our minds until digital payments knocked the door. Although it sounds archaic for the new generation, accepting cash payments has its own benefits such as being an immediate way to make payment, simplification of responsibilities, and cutting out transaction fees. However, it comes with some drawbacks. Cash can be stolen or mismanaged. Plus, if you insist on doing business with cash only, you may lose your customers who are apt to utilise other payment options.
- Check payments: We can define it as a dated, and signed document directing a bank to pay a written sum of money to the payee. The person or entity can go and cash out the amount by verifying ID. Despite the high demand at the beginning of the 20th century, electronic payment systems took their place recently. However, you can still come across small businesses like rental properties and lawn service companies accepting check payments. But please note that the SBA suggests creating a policy for check payments for your protection.
- Card Payments: The latest studies show that 77% of online consumers prefer card payments. Therefore, to serve convenient and smoother checkout processes, debit or credit cards are sine qua non for online businesses. In addition to boarding your target market, this is a great way to legitimize your company and control your cash flow. Still, they have some drawbacks; every debit transaction will have approximately 0.05% fee whereas this percentage may vary among Visa, Mastercard, American Express, Discover, and others. Another case is a fraudulent activity in which some banks hold merchants responsible for credit card fraud.
- Digital Wallets: Undoubtedly, digital wallets are the future of online payments. They are not only hassle-free and fast but also pretty easily organisational compared to other small business payment methods. Electronic wallets such as Speedy will provide tailor-made payment gateway options which will improve your customer relationships and enable you to revise preceding transactions via some clicks. Furthermore, you can simply insert your invoicing details into these digital wallet apps in order to prepare invoices for consumers.
Speedy welcomes freelancers, small business owners, and entrepreneurs around the globe for online payments without a hitch. Create your Speedy account now and move your business forward, beyond your dreams! Together, we are stronger than ever!