Finding ways to receive your paycheck and make the payment process easier for clients is something that many businesses struggle with. As more and more payment methods switch being mostly online, it can be difficult to know what can work for you and the type of business you have. Your payment methods can also depend on the industry you work in, as well.
Here are 4 ways you can create a better payment system for your business and your customers too.
1. Know your client base
Do you know how you clients usually like to pay you? Do they prefer to pay with cash or with a card? Knowing your customers’ buying habits can go a long way toward helping you to decide whether or not you want to change the way you conduct payments and if you want to think of alternative ways to make it easier for your clients and the industry your business is in. Once you have an idea of how your clients like to make payments, you can make changes accordingly.
2. Have several methods available
If you are like most businesses, having one method of payment is usually not enough—especially if you have a variety of customers. You’ll want to see what options are available and how these methods can benefit you as well as your clients. You might want to make it possible for clients to pay online as well as in person. What might work for one buyer might not work for another, so having several methods of payment can go a long way toward establishing trust with your client base.
3. Beware of seller fees
Seller fees are also another concern you’ll want to keep in mind when you are considering adding a few other payment options. While they might seem minimal in the beginning, they can add up and you can owe much more as a seller than you want to. Before you immediately jump into another type of payment method, consider whether the seller fees are reasonable for you and if you can afford to pay them. This can be a determining factor of whether you will choose to have another payment method or whether you should stick to the ones you have been using.
4. Offer a payment plan
Not all of your clients might be able to afford paying for a product or service upfront, especially if it is a big commitment financially. Not all businesses can do this, but you might want to consider taking payments on an incremental basis instead of all at once. Payment plans can encourage clients who might be hesitant laying down a lot of money but who might still be interested in what you have to offer. You’ll want to think about whether you have enough clients would be interested in this type of payment and if it could benefit your business model, but it can serve as a great option for those who are looking to make a big investment in a product.
Receiving payment methods can change how you run your business and whether it can sustain itself. As a business owner, you’ll want to take a look at your options and make the best decision for your industry.