Making sure that you are offering convenience to your customers is essential for all small businesses. And, when it comes to making payments for the goods or services that you sell, most of your customers will expect a convenient experience. These days, companies are expected to accept a range of payment methods and most customers will assume that the method they prefer to pay with is going to be available. Whether you are accepting payments in person or mostly taking payments online, read on to find out more about some of the main payment method options that all businesses need to be accepting today.
Credit Cards
Credit cards are a very popular method of payment, so it makes sense for customers to expect that they are available to use as a payment method for your business. To get set up with accepting credit cards, you will need to choose a good credit card processor. There are lots of things to consider when choosing a credit card processor including whether or not they offer online credit card processing for small businesses, how much they charge in fees, and how easy it is to get set up. The good news is that there are lots of reasonably charged credit card processing brands that offer online credit card processing for small businesses along with in-person POS credit card processing, allowing you to seamlessly accept credit card payments from Visa, Mastercard, and American Express from your customers.
Debit Cards
Debit cards are another hugely popular way to pay, especially among customers who wish to avoid the additional charges that are often tacked on when paying with a credit card. If you want to encourage customers to use other payment methods, then you may want to consider surcharging or charging more to pay with a credit card. This way, customers who pay with a debit card instead will feel like they are getting a discount. Most credit card processors will also accept debit cards; however, the fees are usually smaller per transaction.
Cash
Cash might not be at the top of your list when it comes to payment methods that businesses should accept as, after all, there’s been a lot in the news recently about cash being on the way out. But while cash is certainly not used as much as it once was, and many customers now favor contactless payments after the COVID19 pandemic, there is still a market for it. If your business is run in a physical location and most of your payments are taken from customers in person, then it makes sense to accept cash payments. Some customers still do prefer to pay in cash, and while cash payments are unlikely to be something you see as much as you once might have, it’s good to have the option.
Buy Now Pay Later
Buy now pay later programs are also becoming steadily more popular among customers who want to purchase something without paying the full amount upfront. Options like Klarna are becoming more and more commonplace on eCommerce websites, and for good reason. No matter what you sell, customers who prefer to pay this way might favor your shopping website over others if you give them the option to pay just a small amount upfront, and the rest in installments. Most Buy Now Pay Later providers work in a similar way to an affiliate scheme. Along with the BNPL provider processing the payment, you will also be listed on their website as a merchant, which can help you bring in more customers who are interested in your products and want to pay this way.
PayPal
PayPal is another popular payment option for both online businesses and companies that offer services in person. PayPal is what is known as a secure payment wallet, allowing customers to transfer money or make card payments without actually entering any of their sensitive financial information. For this reason, it is a popular choice for eCommerce shopping, where customers may want to avoid entering their actual card numbers on the site. It’s also really convenient, as cards can be saved in PayPal for later and then used to make payments, without having to get up and find your card to enter the details. PayPal is also a popular choice among businesses that offer in-person services to customers, such as car washes or hairdressing services. All the customer needs is the email address that is associated with your PayPal account to pay you the amount that is due, it’s an easy and instant payment method option that can be completed anywhere, on a smartphone.
No matter what kind of business you want to start, offering convenience when paying is essential. These are just some of the main payment options that your customers expect to be available in 2023.