by Matt Davida
Payment processing is the term used for any way a business accepts payment for its products or services. This can include everything from cash to bitcoin. The bigger the business is, the more forms of payment it is likely to accept. However, even small family-run businesses can take advantage of accepting more forms of payment.
1. Embrace Credit Cards
According to a 2021 study, over 60% of in-person payments are made with a credit or debit card. Cash usage continues to drop every year as more people take out credit cards and fewer people carry cash on their person. Many people think of cards as a more secure and faster alternative to using cash. After all, if someone steals your wallet, it's not likely that you will get your paper money back. If someone steals your card, you can call your card company and cancel it.
Just about any business or individual can accept credit/debit card sales. Large businesses are more likely to have card readers installed at the checkout. Smaller businesses and individuals can buy card readers that attach to smartphones and tablets. Card reader attachments can usually be set up to send the money to a bank account, Paypal, or Venmo.
2. Download Payment Apps
Speaking of Paypal and Venmo, both of these online payment systems can be downloaded as an app. There are also other options to choose from, like Google Pay, Apple Pay, Cashapp, and more. With these apps, both parties usually need to have an account on the same platform to work; it is not likely that the app will have cross-platform capabilities. If both parties have the same app (or an account on the cash sharing website) they can give money to each other. This works for both businesses and individuals. Many cashing sharing apps have options to have a business account, which makes keeping track of digital transactions even easier.
3. Allow Clients to Pay Online Ahead of Time
Paying for something online and then going to pick it up has become more common since the start of the COVID-19 pandemic. This is most often done with food but could be applied to any business. Doing this will show the business's customers that it is willing to accommodate people's needs. This is also often seen as more convenient for customers who do not have time to walk around a store to grab everything they need to buy.
Online web stores or payment apps can be used to accept money for pick-ups. When the order is placed, customers will usually be given a time to come to the store to pick up their pre-bagged items. Since the items are already paid for, all the customer needs to do is come in and pick them up!
4. Use End-to-end Encryption Technology
One way to make both business owners and customers feel more secure when shopping online is to use end-to-end encryption technology. This technology works as a sort of security measure. It makes it much harder for hackers to collect information (such as payment information) when it is being shared between websites. This is a great measure for e-commerce shops to take. Most payment apps should already have this type of encryption or something similar to protect their users.
5. Hire an Accountant
Whether you are running a client's Mattel franchise or your small toy store, you can hire an accountant to check over your finances. Businesses can hire accountants to work full time (best for large companies) or to come in every once in a while on a freelance or contract basis (better for small businesses). There are no laws about how often an accountant needs to look at financial paperwork. However, it is best that it is done during tax season. Better yet, try to have an accountant look at your records at least every quarter.
Digital shopping is the way of the future, so why not embrace it now? Maybe one day we will only be using cards instead of paper and metal money. Until then, it's best to accept as many forms of payment as possible to sell to a larger audience.
1. Embrace Credit Cards
According to a 2021 study, over 60% of in-person payments are made with a credit or debit card. Cash usage continues to drop every year as more people take out credit cards and fewer people carry cash on their person. Many people think of cards as a more secure and faster alternative to using cash. After all, if someone steals your wallet, it's not likely that you will get your paper money back. If someone steals your card, you can call your card company and cancel it.
Just about any business or individual can accept credit/debit card sales. Large businesses are more likely to have card readers installed at the checkout. Smaller businesses and individuals can buy card readers that attach to smartphones and tablets. Card reader attachments can usually be set up to send the money to a bank account, Paypal, or Venmo.
2. Download Payment Apps
Speaking of Paypal and Venmo, both of these online payment systems can be downloaded as an app. There are also other options to choose from, like Google Pay, Apple Pay, Cashapp, and more. With these apps, both parties usually need to have an account on the same platform to work; it is not likely that the app will have cross-platform capabilities. If both parties have the same app (or an account on the cash sharing website) they can give money to each other. This works for both businesses and individuals. Many cashing sharing apps have options to have a business account, which makes keeping track of digital transactions even easier.
3. Allow Clients to Pay Online Ahead of Time
Paying for something online and then going to pick it up has become more common since the start of the COVID-19 pandemic. This is most often done with food but could be applied to any business. Doing this will show the business's customers that it is willing to accommodate people's needs. This is also often seen as more convenient for customers who do not have time to walk around a store to grab everything they need to buy.
Online web stores or payment apps can be used to accept money for pick-ups. When the order is placed, customers will usually be given a time to come to the store to pick up their pre-bagged items. Since the items are already paid for, all the customer needs to do is come in and pick them up!
4. Use End-to-end Encryption Technology
One way to make both business owners and customers feel more secure when shopping online is to use end-to-end encryption technology. This technology works as a sort of security measure. It makes it much harder for hackers to collect information (such as payment information) when it is being shared between websites. This is a great measure for e-commerce shops to take. Most payment apps should already have this type of encryption or something similar to protect their users.
5. Hire an Accountant
Whether you are running a client's Mattel franchise or your small toy store, you can hire an accountant to check over your finances. Businesses can hire accountants to work full time (best for large companies) or to come in every once in a while on a freelance or contract basis (better for small businesses). There are no laws about how often an accountant needs to look at financial paperwork. However, it is best that it is done during tax season. Better yet, try to have an accountant look at your records at least every quarter.
Digital shopping is the way of the future, so why not embrace it now? Maybe one day we will only be using cards instead of paper and metal money. Until then, it's best to accept as many forms of payment as possible to sell to a larger audience.
