When you open your small business, there are many different decisions that you need to make. One of the most important ones is what payment options you will offer. While offering more payment options might get you more customers, that does not come without associated costs. What are some of the top types of payment options that you can use?
Cash is one of the easiest payment options, as you don’t need to pay any special fees for accepting cash and most people expect every business to take cash. However, cash is less common for large purchases, and you will need to be able to break a broad range of bills and have cash on-site every day.
Debit and Credit Cards
These are some of the other most popular payment options, and they are also options that customers expect to find. Credit and debit cards make it easy and secure to make purchases of any size, and transactions are also typically faster. Because you will accept options other than cash, you won’t need to keep as much cash on hand for making change. However, you will need to pay transaction or processing fees. Additionally, the money will not be in your account immediately like cash.
Now that everyone has a phone in their pocket around the clock, mobile payments are becoming one of the most popular payment options. Mobile payments are fast and easy, and they can also be more reliable than other forms of payment. They also offer you increased convenience, as you don’t need an elaborate POS system to accept them. However, just like credit cards, you will need to wait for the transaction to be completed before getting paid and will have to pay processing fees.
Checks used to be a much more popular one of the many payment options, but today they are largely a thing of the past. Checks are now primarily used for big purchases. They also do not come with any deposit fees. However, there is a waiting period before the check cashes and there is an increased risk that the check will bounce.
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