7 Ways Your Business Can Receive Payments In 2021
One of the important ways a business can improve sales and gain more customers is through having diverse payment options. Although cash remains the primary method of trading and payments in some countries, there is no doubt that many enterprises worldwide have to adapt to cashless options as well. This article will provide different ways your business can receive payments. Which in turn will attract more customers who prefer such methods.
There are now many payment tools and platforms available due to the ongoing evolution in the payments industry. Find the best option based on how many customers you have, what type of business you own, and your budget.
Here are some recommendations you can make to enable you to get payments:
Cash On Delivery
It’s a form of payment on delivery rather than in advance via online payment or bank transfers. You can also refer to this as ‘cash on delivery’ or COD. Online purchases these days are frequently paid through COD. This setup allows buyers to make their payments in cash once the goods are delivered in pristine condition.
Payment for an order using the COD method is a straightforward process. Customers generally have to pay their delivery agents in cash at the time of delivery. Money from the customer’s purchase is then deposited with the local e-commerce company.
Often this method satisfies both the buyer and seller. Sellers are more likely to make sales when using these methods. If no one is available to receive the parcel, the driver will attempt to deliver the parcel some other time. The item will be stored in a local depot or sent back to the seller if they fail to deliver the package. This is often after many attempts because the receiver was not present.
Take helpful hints as you look for a company where customers can avoid processing fees. The traditional credit card is the payment method of choice for retailers and online businesses. Especially because shoppers need not bother to divulge banking details for a single purchase. Credit cards are the best payment option for online spending due to the protection you get from the Fair Credit Billing Act. Thereby limiting your liability to USD$50 if a fraudulent charge occurs or you make a mistake. Your liability will be zero if you report a stolen or lost card before fraudulent use. Decide which portion of payments will be by credit cards in person, online, and by phone. This will help you to search for a credit card processing provider.
Be sure to consider what kind of credit cards you’ll accept. Many businesses rely on online credit card processing, such as e-commerce shopping sites, restaurants, and companies providing digital services. Online payment through a credit card is the method most organizations use. So, if you need to collect instant payments from clients across the globe, credit cards are your best option. But as a precaution, you must check your merchant account first to check if they are indeed legitimate.
Customers can use contactless payments to pay at the POS system by tapping their card or device. A client can make payments without entering any PIN or signing anything.
Providing contactless payments to customers is much simpler than it seems. You must simply update equipment with a Near Field Communication (NFC) reader. It may also be necessary to update your software as well, depending on your current system.
Paying for things with a debit card is like paying with cash, but you don’t handle the money. Rather than paying for online purchases with fiat money, you can pay with a debit card, and your balance or checking account will be debited automatically.
Prepaid debit cards offered by most credit card companies are rechargeable and reloadable. They work like a conventional debit card linked to a checking or savings account.
Most debit cards also offer fraud monitoring options, so your card may be frozen if the bank discovers any suspicious activity. Debit cards offer similar protections to those featured by credit cards, but they pull funds directly from your checking account instead of borrowing from a bank, which makes a significant difference.
QR Code Payments
Quick Response (QR) Code is another name for it. Since its launch, integration varies widely in many contexts, such as marketing and information sharing. Still, it has also become a way for people to shop through their mobile devices, especially during the Covid-19 outbreak.
To scan QR codes, your smartphone’s software reads the horizontal and vertical patterns and converts the designs to a string of characters. You’ll be able to check the geolocation, verify the payment, and open a browser link on your phone through the command of these characters. The QR code can be on paper and screens, unlike linear barcodes, which can only be read by a laser barcode scanner. You can find QR codes in several shops and apps these days.
Payment options offered by third-party companies are helpful when shopping online. Many payment services are more popular, like PayPal, Amazon Pay, Venmo, Apple Pay, Google Pay, and others. The use of these services can add an extra level of safety. Rather than providing your credit card number or bank account information on each website where you shop, you only offer them to the one payment provider you use for online purchases.
ACH And E-Check Payments
The ACH and e-check payment systems are also popular methods of accepting payments. The National Automated Clearing House Association monitors this system. It allows customers to enter their bank account and routing numbers for electronic payments. It’s perfect for recurring as well as subscription payments. A direct payout from your employer or online bill payment using your bank account is an example of ACH payments.
Ensuring that your customers’ transactions with you are safe, from acquiring their payment data to processing millions of transactions securely, is your top priority. By selecting an all-in-one solution that offers competitive payment processing and hosting, you minimize costs and streamline the entire process. This will supply you with a broader range of payment options to accept. Thereby encouraging more clients, speeding up payment, and providing a secure environment for both parties during every purchase.
Hence, the most straightforward and economical option is likely to require an e-commerce platform or online store application with payment processing integration. With this innovative and up-to-date system, setting up and managing your store is more accessible. In addition to collecting and using more helpful data about your customers, it also permits you to take more effective action.