What Your Business Needs To Know About Customer Payments
Payment is one of the most important parts of running a business, but when was the last time you reviewed your processes around this issue? Fortunately, you can find out what type of payments are good for your business, and the types you may wish to ignore for now in the post below.
Cash is (almost) dead
There will always be some folks that carry cash. Yet, in recent years the vast array of payment methods, some requiring just a touch of a card or even watch or fitness device means most people are used to paying in other more convenient ways.
Does that mean you should stop taking cash in your business? Probably not, because as you are already set up for it, it makes sense not to lose out on those possible sales. Especially if you are in the food or refreshments business, as these items are still frequently paid for via cash.
Taking credit cards is a smart idea
Upgrading your business to accept credit card payments can provide you with a lot of benefits. The first is that it can help land you more sales because even when the customer doesn’t have the money to hand that they need they can still go through with their purchase.
Credit card providers also tend to process payments pretty quickly which means the money will hit your account fast, and help support a healthy cash flow.
However, it is also worth noting that while taking credit cards opens your business up to a wider customer base, things can get complicated and even costly too. This is because if there is a problem with a payment or charge it can be your business that ends up out of pocket.
Indeed, this issue can be further compounded, because it’s not always the bank that underwrites the credit that you will be dealing with, but third-party payment providers known as Independent Sales Organizations or ISOs instead.
The good news is that if you do get into a situation where you experience a dispute with iso payment processing, the help of an experienced legal team can assist you in getting a favorable result. Indeed for any issues such as overcharges, mislabeled fees, wrongfully charged fees, and the like, using a qualified legal team experienced in the field can help save you the time and hassle of having to deal with these issues yourself.
Crypto may be a step too far
Some bricks-and-mortar stores have gone so far as to accept Crypto payments for goods in their stores including Starbucks and Home Depot. However to accept such payments you will need to either use a QR code scanner or NFC terminal at your point of sales, something which may not be worth the effort or investment at this time.
Indeed, the status of many Crypto coins is still less than reliable, so it may well be best to sit back and wait to see if accepting these types of payments becomes a stronger trend in the future.
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