When running a business, it’s critical to offer several reasonable payment methods. Having too few ways to pay could cause you to lose a sale or two. Having many ways to pay, but mainly through unpopular methods, can also lead to lost sales.
Apart from offering multiple, popular ways to process payments, businesses should also consider options that are convenient, fast, and secure. Payment methods that protect your business and customers’ data are non-negotiable.
If you’re looking for a reliable way to collect payments, look no further. Here are some of the most efficient options to consider:
Online Payment Portal
Customers love a way to pay that’s convenient and something that they can do on their own time. That’s exactly what online payment portals provide. They typically allow customers to pay 24/7, from their home or on the go, with a variety of payment options. They also tend to have better security than some payment methods and support autopay.
Service-based businesses, hospitals and private medical offices, landscaping services, and cleaning companies are frequent users of online payment portals.
Mobile Payments
With our smartphones being relied on more than ever before, it makes perfect sense for businesses to accept mobile payments, like ApplePay and Google Pay. Many people of all ages love the idea of not having to carry around a wallet. Plus, paying with their phone involves a quick tap and a secure transfer of money.
Mobile payments are common for retail shops, food trucks, farmers’ market booths, craft vendors, hair stylists and barbers, and more.
High-Risk Merchant Account
For businesses that take large payments, a high-risk merchant account is highly recommended. Compared to standard ways of collecting payment, a high risk payment gateway offers advanced fraud and chargeback tools to keep you protected. It also features fewer technical issues, improved security, international payment capability, and larger processing limits.
Many businesses could benefit from a high-risk merchant account. These might include travel agencies, event ticket sellers, wellness programs, and financial consulting services.
Electronic Invoicing
Are you a business that doesn’t collect payments at the point of sale? Electronic invoicing can be a suitable way to receive payments from customers or clients. Compared to paper invoices, electronic invoices can be paid faster, are easier to correct and resend, and allow for more forms of payment.
Electronic invoicing is widely used by professional and service-based businesses, like law firms, marketing agencies, and bookkeeping companies. The trades, from construction to landscaping businesses, also frequently use this form of payment.
Recurring Billing
Want your customers to be charged regularly for repeated services or goods delivery? Recurring billing ensures businesses get on-time payments, while customers enjoy the convenience of not having to stay on top of payments since they’re automatically taken. This type of payment method also reduces administrative costs and saves time.
Recurring billing is common with SaaS (software as a service) businesses, mobile apps, online courses, meal kits, gym memberships, and digital magazines.
Conclusion
As a business owner, there are many ways to accept payments. From online payment portals that give customers a way to pay on their own time to recurring billing that allows customers to have a fuss-free, automated way to pay for goods or services, your options are quite varied. All in all, offering widely used, convenient, and safe payment options is vital.
