4 Payment Options Your Small Business Should Consider

When customers make a buying decision, they’re not just considering the quality and price of your products or services; they’re also evaluating the ease and convenience of the whole buying process. 

Offering different payment options provides a better customer experience—and ensures you get paid on time.

Here are four ways your small business can accept payments in 2021:

1. Credit and debit cards

Data suggests that 75% of customers prefer to pay with a credit or debit card both online and in person. 

To accept card payments in your brick-and-mortar store, you’ll need a card reader and a merchant account.

If you want to accept online payments via credit or debit card, you’ll need an ecommerce website and a payment gateway, which encrypts sensitive customer information. 

You can also have your customers sign up for a subscription billing plan to charge their card automatically each month. Recurring billing means convenience for your customers and quick payments for you.

2. EFT (Electronic funds transfer)

Credit and debit cards may be the most common payment choice, but there are perks to using EFTs, namely, more automation and lower fees. 

EFT processing is ideal for recurring payments in a subscription-based model. You input your customer’s bank account and routing numbers once, and the money will be withdrawn on the schedule you arranged.

Telpay and Rotessa are a couple examples of companies that can help you set up EFT payment options for your customers. 

3. PayPal, Stripe, and Square

PayPal, Stripe, and Square do not require you to have a merchant account. PayPal and Stripe are commonly used online and allow for seamless transactions.

Meanwhile, Square is the leading choice for brick-and-mortar stores. It lets you turn your smartphone or tablet into a point-of-sale device by integrating a magstripe, Bluetooth card reader, or chip. PayPal can also allow you to accept payments in person, but you’ll have to buy a card reader and download the app.

4. Contactless payment options

Contactless payment options let customers pay wirelessly and without having to input a PIN. They just tap their device or card over the point-of-sale terminal.

Visa and Mastercard are offering contactless cards to customers, and there are also mobile wallets compatible with iOS and Android.

As a business owner, you’ll only have to upgrade your equipment with a near-field communication reader or update your software, depending on your current system.

Get in touch

In this day and age, where technology is constantly evolving and changing the way we do business, you’ve got to adapt to stay competitive.

Whichever payment options you choose to offer, you’ll need to manage all that incoming cash so that you’ll consistently see profit. That’s where Profit First comes in. Drop us a message to learn more!