Four Payment Methods Every Business Needs to Accept in 2017
Although credit cards themselves are nothing new, it’s only really been within the last couple of decades that customers have begun to favor paying with plastic over carrying cash. For businesses today, this means that not accepting credit or debit card payments can be a grave mistake; they’re expected as standard in most parts of the Western world. In fact, not offering your customers the option to make a payment via credit or debit card today can be seriously damaging to your reputation and cause your customer base to dwindle.
So, read on for more information about the types of card payments your company should accept.
Standard Credit and Debit Card Payments
If your company operates online, then chances are you have no other choice but to set up an account with a credit and debit card merchant. With online shopping, there’s no easier way than to pay with your card on a secure check-out page; customers are required to simply enter their details and the money will be transferred to you as quickly as possible whilst you prepare their goods. On the other hand, even if your company still has a physical storefront, the rapid decrease in customers carrying and paying with cash means that a credit card reader is still very much something you should invest in.
Mobile Card Payments
Recently, new and emerging credit and debit card payment technology means that your card reader machine doesn’t need to be pinned down in one place. Mobile credit card processing machines can easily be moved around, making them great for trade shows and other business exhibitions and events where you’re likely going to be walking the floor and engaging with potential customers. In addition, if you are selling to the public, a mobile card payment machine is often more trusted than simply accepting cash payments.
Smartphone Card Payments
Today, more and more people are paying for their goods and services in a convenient manner; using their smartphone. Thanks to Apple Pay and Android Pay, all you need to do is hook a suitable credit card up by entering the details or scanning it with your smartphone camera, and you’re ready to start making payments with your phone. With this method of payment quickly growing in popularity, it makes sense for business owners to take full advantage of it.
Secure Online Payments
Today, customers don’t even have to get their credit card out of their purse or wallet if they are signed up to a secure payment service such as PayPal. PayPal payments can be accepted both in-store and online, and offer customers that extra level of security and protection that they are looking for. This is especially important for e-commerce companies; keeping payment data secure is still very much a top priority amongst online shoppers today.
With credit and debit cards now the go-to method of payment for many customers, only accepting cash simply isn’t good enough in 2017. Which payment methods does your business accept and why? We’d love to hear from you in the comments.