The choice of payment methods really depends on the nature and set up of your business. However, in any case, the top priority should be to make payments as easy for your customers as possible.
This is important because billing is crucial for many buyers, especially the new ones. They might not feel inclined to complete the purchase if the entire process is too confusing. Therefore, you have to make sure that the procedure is kept simple and does not need too much sensitive information from the customer otherwise issues like cart abandonment or bounce rate for your site may worsen.
If you are setting up a small business right now, there are different payment options to consider. We have discussed some of these below. Take a look and maybe you will be able to figure out the one you need!
First of All, Go For Mobile Payments
If you are not giving them the option to pay via mobile, you are missing out on something very important. There are a number of mobile payment apps that majority of the customers are utilizing nowadays. Therefore, it only makes sense that you allow them to pay through it.
For example, Cash App is an amazing tool that hosts a number of benefits in addition to simplifying payments.
Credit Cards are Preferred For Safe Transactions
Both in-store and online purchases have seen a growing trend in credit card payments. Perhaps buyers prefer this because it is safe as compared to debit card use and the process is quick as well.
For your small business, you should definitely keep the option of credit card payment open but only if you ensure that customer’s information is kept safe too.
Don’t Forget Cash
Regardless of how much you are modernizing the payment schemes, remember that cash payments are still widely used and not everyone is going to have access to mobile or payment cards.
Although you need to be more cautious about cash payments and billing. This is because electronic exchange of funds often register transaction history that you can easily access in times of need. On the other hand, with paper money, you will have to maintain check and balance yourself.
Contactless Payments or Tap-and-Go Payments
With the use of NFC technology, it is quite easy to clear payments now. Contactless payments gathered considerable attention especially in the days of pandemic. They require a PIN to be completed making them safer than cash and some other options on the list.
Consider Payment Providers Like PayPal
PayPal is one of the most popular options in the market when it comes to trustworthy payment providers. It accepts payments from a variety of channels and therefore, it has become familiar to almost everyone by now.
Small businesses can enjoy its perks especially since it does not demand customers to share senstive information like private banking details. Moreover, it also offers point-of-sale systems that different merchants have already incorporated in their setups.
Do Consider The Usability of Payment Plans
Needless to say, many of us are on a tight budget and are often surviving from payday to payday. In this case, it is useful to come up with payment plans for your business that are affordable to you and can serve as a convenience for the buyers who would like to divide the overall case and pay in small portions instead.
Typically, payment plans divide the total cost over a period of 6 months or less. However, this may not be suitable for all types of business so you need to consider if you can afford to offer one or not.