Which Are the Best Payment Methods to Use for My Small Business?

Knowing which payment methods are best for your small business can be incredibly important when you are looking to grow your customer base. Not every payment option is perfect for every customer, and it’s important to keep that in mind when you want to develop trust with your clients. When you have an idea of the ways customers can make transactions, you can make the right choices for your business.

Here are some types of payment methods you might want to use for your small business.

Cash

Many small businesses find that they need to offer cash as an option. Even though it is becoming less common as clients choose to pay with credit or debit, if you regularly make small transactions, then cash is often needed. Much of how your customers will pay can depend on the industry your business is in and whether your inventory requires making some bigger purchases. However, if you offer a cheaper product or service, then cash will be required as an option for your clients to feel comfortable using your business.

Credit or debit card

Almost all businesses should think about having credit or debit card payments as an option. Because many buyers often choose using a card over carrying cash in this day and age, you can be missing out on an entire client base by not offering these types of payments. Merchant fees might deter you, but cards also come with a number of merchant services, which can help you if there is a dispute or a problem working with certain clients. With additional customer support, cards allow you to form a relationship based on loyalty with your clients.

Check

Much of whether your business should accept checks or not can depend on how expensive your product or service is. If you are selling a product that requires regular payments or that could create a large credit card bill that clients feel uncomfortable about, then it might be worth it to offer paying with check as a more assuring option for them. Checks can allow large payments to be made without interest, which can be beneficial for clients making large purchases. For smaller items, checks might not be the best for your small business.

Online payments

Just like card payments, more and more people are now moving to paying with online and mobile options. Because they are easy and allow you to track them on a website, many businesses have incorporated them out of convenience for their clients. Sites like PayPal and mobile apps like Venmo are catching on, but it depends in whether or not you foresee your clients using them often for your product or service. If most of your transactions are made online, then it is worth it to have these as methods your customers can take advantage of.

Having a number of payment options can not only help your business thrive, but it can also help you to establish quality relationships with your clients. It’s worth it to have a few in order for your buyers to choose the one that works best for them.

Guest article written by: Alex Schnee