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5 Payment Options Small Businesses Should Accept
Convenience for your customers is key when starting any small business. And when it comes to making payments, convenience is often the most necessary factor. Not very many customers are going to have the patience to deal with a company that only accepts cash in 2020 unless you’re offering a really, really exceptional product or service that they don’t want to go without. But having a wide range of payment options for your business, whether you sell online, in-person, or a combination of both is key to providing customers with the minimum standard of service that they expect from you and building a trusting relationship with them. So, what payment options should you consider accepting?
Yes, cash is getting outdated, and not as many people will carry cash around with them these days compared to in the past. However, don’t think that this means you should completely do away with accepting cash payments altogether unless, of course, you’re only taking payments online. Some customers do still prefer to make payments in cash and in some cases, customers who’ve got cash on them and want to spend it will prefer to have that option. So, while you don’t want to make cash the only way to make a payment to your business certainly leaves it there as a valid method for customers that do choose to pay this way.
Card payments are the expected minimum from customers, and chances are, not accepting them is not going to do your company any favors. A business that does not yet accept card payments will usually be seen as a little bit outdated and old fashioned, and you might even find that you lose trust or reputation points with your customers as a result of it. But the good news is that getting set up with accepting card payments is easier than ever. Get your card reader from UTP Group and set up your merchant account so that you can start receiving card payments straight away. UTP Merchant Services is an excellent choice because alongside providing modern card machines, they also work with Barclaycard and have Faster Processing, meaning that it processes your transaction much quicker than many competitors, meaning you get access to your funds faster.
Apple and Google Pay
If your card reader accepts contactless payments, then you should also be able to accept Apple and Google Pay transactions as standard. This relatively new contactless way of paying with your smartphone is widely expected by the majority of customers and it’s often the most convenient option. Customers don’t even need to remember to bring their credit or debit card out with them since when it is attached to their smartphone, making a payment is simple and secure. You should consider whether or not you want to impose a limit on smartphone payments. Unlike contactless cards, which are currently limited to a £45 spend, customers can make a payment using their phone of any amount depending on the retailer, so it’s up to you. This is because customers typically have to enter a password or use Touch or Face ID to be able to make payments on their phones.
Get the Latest & Recommended articles in your InboxBank transfers might be an option for some small businesses but bear in mind that they tend to be the least professional of the bunch. Some customers might not feel comfortable transferring money directly from their bank account to yours, while for others, it might be the most convenient way of doing things, so it’s worth considering whether or not you should offer it as an option. If you offer a service that is provided in customers’ homes, for example, the option to pay via bank transfer might be convenient for them and easier for you since you don’t have to carry a card machine and can typically receive the money immediately.
The type and range of payment options that you offer to your customers will depend on your small business, what and how you sell, and how your customers prefer to pay. Offering a wide range of different choices to customers is key to keeping them satisfied with the payment process.
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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 8th July 2020.