When you run a business, you need to consider the best possible payment solutions to suit you, as well as your client base. For some types of business, it might be necessary to collect payment before goods are shipped or a service is undertaken while, for others, you may wish to seek payment at the end of your business transaction.
No matter the timescale, you want to ensure that your customers are going to be able to pay what they owe you in as simple a method as possible. You might want to factor in the age range of your clients, as well as their preferred type of payment when you decide how this process will occur.
Paying by Card
Many individuals might want to pay for your service using a credit or debit card. Due to the convenience, credit card processing can allow you to quickly take money from a customer, without an exchange of physical money taking place. You will instantly be able to see whether or not the transaction has been approved meaning that, unlike using more outdated methods such as cheques, you can guarantee your payment into your chosen business account.
Card payments can also be beneficial if you do not wish to keep cash on your premises or have no means of keeping it safe when working offsite. You will also not need to worry about ensuring change is given, as this process will have been completely eliminated.
Depending on your business, you might also want to consider the use of gift cards. This means that an individual can pay for the card beforehand, perhaps as a gift, and then the balance can be exchanged for goods or service in the future.
If you do opt to use gift cards, you might want to be extremely specific regarding when their expiry date will be. Some businesses may have open-ended gift cards, where, as long as the business is still trading, the card may be used, while others might give consumers a year, as an example, to use the balance, before the card is deemed inactive.
You might also want to sell items online. While you could offer a click and collect service, where customers need to make payment in-store after reserving items online, you might also want to delve into delivery, or simply automating the buying process so that no exchanges of money need to occur in person. This is where ecommerce payments come in, allowing you to completely transform the selling process so it is dealt with online, rather than by yourself.
Getting paid for your work or wares can help to make all your hard work worthwhile. When you want to be able to generate an income for yourself and your team, you need to find the right payment methods that suit the business. It is also worth bearing in mind that there may be costs associated with this, such as for the use of services and machines, or even your taxes, which you will need to factor into any budgets that you make.