The 4 Payment Options that Could Be Right for Your Small Business

If you have been thinking about new ways you can reach current and potential customers, then you might not have necessarily thought about how they are paying for your product or service. Much of the success of your small business can directly relate to your relationships with customers, so it can be important to think about their experience working with your business from beginning to end.

Here are 4 payment methods you are most likely to use with customers and that can help you create future business.

1. Check or money order

In the past, checks were a fairly common way to pay for certain product or services. However, checks and money orders are becoming less popular because new payment methods often offer a simpler, more secure way of making sure that payments went through. If you offer a product or service that requires a large payment, then check or money might need to be an option that you consider. Much of whether or not you will accept this type of payment will depend on what your small business is selling.

2. Credit or debit card

One of the most popular way many clients are paying for items now is through credit cards. While you might be hesitant to incorporate them as the main form of payment for your clients, credit and debit cards also offer extra support through merchant services that can end up benefitting you, as well. No matter what your industry, it’s likely that you will have to incorporate credit and debit cards as an option as other forms fall out of use.

3. Cash

While many customers are now choosing to pay with credit and debit cards because of low rates, cash is still a payment option that most businesses should have. This can be especially true if the product or service you are selling doesn’t require large payments, or if you own a physical store where customers are often coming in and out. Cash is becoming more and more out of favor, but it’s unlikely to completely go away with the next few decades. Having it as method available is a good idea for almost all business nowadays.

4. Online and mobile payments

More and more business are switching to online payments, and this can be a great way to connect with a certain demographic of customers. While it could be a while before online payments are available in every store, it can be a good option for industries selling small items or those who sell their product or services mostly online. Not only can it be simpler for you to track which payments have been made, but it can also help your clients to complete payments smoothly and effectively.

Having the right payment options available can go a long way toward showing that you care about your clients and that you want to make working with your company a smooth process. By looking into which methods are right for you, can develop a quality relationship while keeping them coming back for more.