Small Business Payment Options

4 Small Business Payment Options in a Digital World

There’s no way to turn back time. The digital world is here, and small businesses have to find ways to adopt it because customers have. Most small businesses are already doing so in various ways, like by doing things like digital marketing, but all companies must take deals with digital payments. The following are four small business payment options your business has to adopt.

Here Are the Payment Options for Your Small Business

1. Phone Payments

One exciting way to get paid is by using a smartphone. Androids and iPhones have their versions of this, but both offer a service that allows people to pay using nothing but their phones. You have to use the right technology to accept these types of payments, but it’ll make life easier for your customers, which is what you want.

People haven’t adopted this way of paying, but the number of people using their phones to pay for products or services is rising. If a customer comes to your establishment and offers this service, this person will be more likely to come back.

Many small businesses are not offering this to their customers. You might earn those customers because you’re accommodating their needs. You’ll need a POS terminal; just make sure it comes with some contactless technology. Checkout should be a lot easier if you can provide this service, and people love quick checkouts.

Also Read: How To Minimize Online Financial Exposure

2. eChecks

eChecks is an exciting way of blending the old with the new. It does sort of work like an old paper check. The customer has to fill it out and make it payable to your business.

Some small businesses are starting to offer this option to customers who need it to pay for their services or products. You’ll have to make sure you set something up to help you with eCheck Processing. Be sure to pay attention to everything, from processing fees to how much you’ll end up paying monthly.

The money is withdrawn from the customer’s checking account and is then deposited into your account. This is all possible thanks to an ACH network, which can get a little technical, but it’s a great way to accept payments. This could work in person and online, opening up your business to even more people.

3. Online Payment

Online Payment

You could also check out online payment processing companies. There’s a number of them online, so just choose one that offers you the best deal. What you want to do is look over what you’ll be getting and the kind of protection it provides your customers.

It is essential to read a few reviews to find the best one. You won’t find perfection, but you’ll find something as close as you can get. The next thing you want to pay attention to are the fees of the payment processing company you’re considering.

Most of the time, these companies come with many fees, from transaction fees to set up fees or a combination of these fees. No business owner wants to deal with additional fees, but you’ll have to, so try to choose the one you can handle. Your sales history is going to be easier to track since it’s all digital, or at least most of it is. That’s going to make things easier, which is a plus.

4. POS Conversion

You could also just opt for a POS conversion device. This is a little device that can be attached to your smartphone or another device. After that, you’ll want to install an app that’s compatible with this device.

When you’re done with that, you can take payments using this device. It’s a card reader that lets you swipe your customers’ cards to take their payment. The reason some people love this type of technology is that you can take it anywhere.

The card reader is pretty small. It could fit in your pocket. You can offer a payment option anywhere you want. Your employees can even walk around with these readers and let customers pay without waiting in line, which is pretty convenient.

Also Read: Tips to Efficiently Resolve Business Partnership Disputes

Endnote

You’ve got some of the most popular small business payment options here to choose from. You can adopt some or just one to test it out, but be sure you do. Many other small businesses are beginning to do so, and you don’t want to be left behind.