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Which Payment Options Should I Use for My Business?

Posted November 20, 2018 by EasyFinance.com to Banking 1 0
This post was written by a EasyFinance.com Community member. The views expressed below may not reflect the views of EasyFinance.com.

If you’ve been thinking about how you can reach new customers and the way that you can build their trust, then you might want to consider what payment options you have available for your company. Having a few methods can help you to bring in clients that you might not have otherwise known about, and it can provide you with some extra support when transactions go wrong.

Knowing which payment methods are right for your business can help it to grow and can help you develop positive relationships with customers.

Cash

Cash is still a commonly-used payment method, and if you have a brick-and-mortar business then you will still want to make sure that you offer this as a payment option. However, it can also be difficult to track what payment happened when, and returns can be made much more complicated—especially if there is no record that the purchase was made. While it can never hurt to take cash, it’s also a good idea to have some other payment options available, as well.

Credit card

Most purchases are now made on credit cards, and there are a number of reasons why this has become such a popular method for customers. One reason is that they are extremely portable and allow clients to make quick purchases. They are also used often by business because they help to establish a quality reputation and they can provide merchant services. Credit cards also allow customers to make large payments for your product or service that they might not have been able to with the amount that is in their bank account.

Online payments

Online payment options are also becoming more and more commonplace as they become more accessible to users. In the past, PayPal was really the only option available, and only ecommerce stores existed solely on online payments. However, with methods such as Venmo and ApplePay, more physical stores are looking to incorporate mobile payment options because they are easy and simple. In the future, it is likely that most businesses will provide customers with this method. Also, if you have an ecommerce store, then you will need to offer some type of online payment option for your business to succeed.

Check

While some businesses still use checks as a way to make payments, more and more are transitioning to online and credit cards. Checks can be great if you offer a product or service that is expensive or requires customers to dip into a larger saving account. If you run a car dealership or clients are making a payment on a home, then it might be impossible not to offer writing a check as a method of transaction. However, with other methods becoming more common, checks might be replaced with something else in the near future.

Knowing your business and the product or service you have for customers can go a long way toward helping you decide which payment methods can benefit your company. You’ll also want to make sure you offer more than one so customers feel as though they can find the right option for them.

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