There’s a digital transformation happening in payments. More customers are paying online and the options for paying in store continue to grow. You can accept a variety of digital payments, such as credit cards, debit cards, prepaid cards, contactless cards, and mobile pay apps.
What’s the right fit for your small business? Let’s look at the payment options and a few pros and cons.
Cash and checks used to be the leading way to pay.
Pro: Cash and checks don’t require additional technology.
Con: Having a lot of cash on hand is a security risk and requires time to reconcile and make deposits.
Cashless card payments include: credit cards, debit cards, prepaid cards, gift cards and contactless payments that allow customers to tap and go.
Pro: Less of a security risk and many customers now prefer to pay with cards. More efficient since no need for daily deposits.
Con: Will require training and investment to implement.
Paying with devices is increasingly common. Popular services include Apple Pay, Samsung Pay and Google Pay.
Pro: Mobile payments can speed up customer checkouts and offer more security.
Con: Will require training and investment in technology initially.
While cash and check are a reliable way to accept payments, offering customers the choice of paying with a card or mobile device can actually help the bottom line. Small businesses have found that digital payments save them time.
¹Based on survey participants who reported either specific increase or no impact in sales volume after accepting digital payments. No participant reported decrease in sales volume.
²Based on 2018 Maru/Matchbox survey. Digital payments defined as wire transfers, cards (such as credit, debit, prepaid), mobile payments and peer-to- peer payments. Non-digital payments defined as cash, check and money orders. See Digital Transformation of SMBs: The Future of Commerce findings for more details.
Offering the option to pay with a card gives consumers the convenience they expect.
Contactless payments, or tapping to pay with a contactless card or mobile device, are fast becoming the preferred way to pay globally. Tapping to pay enables a safe and secure experience, allowing customers to avoid touching surfaces at checkout. Not only is tapping to pay a safe and easy solution, it is secured with dynamic EMV® chip security technology which has already proven to drastically reduce counterfeit fraud.
Learn how contactless payments can benefit you and your customers
Global customers are 3 to 5 times more likely to think a merchant is reputable.
Customers are 2 to 3 times more likely to enter an unfamiliar store.
Customers are 2 to 5 times more likely to return for a repeat purchase.
Let your customers know you welcome payments with Visa by ordering from our wide collection of FREE signage today.
Digital solutions have made it easier to automate and track payments to the vendors, suppliers and partners who help keep your business running.
As a small business owner, you understand how stressful running a business can be, so it’s important to keep in mind that your vendors and suppliers are likely business owners themselves. Treating them the way that you’d want to be treated is key to building good relationships—and getting more out of your business partnerships in the long run. Find out how Plastiq can make it easy to pay with your business card.
It can be tempting to constantly comparison shop for for lower prices, or to spread your business relationships among a number of vendors. While it makes sense to find the best partners for your business, it pays to build better relationships with people you trust. Not only does it help ensure consistency and help keep you organized, but better relationships can often lead to preferred pricing or expedited service over time.
Thankfully the days of pen and paper ledgers are long gone. Software and other online resources can help you manage and track payments, stay on top of inventory and automate a lot of the work that goes into maintaining your vendor relationships. Your business partners might never know what tools you use, but they’ll definitely appreciate everything running on time.
Paying on time is critical for keeping your supply chain running smoothly and your vendors and contractors happy. Not only does it let them focus on the quality of their work—which benefits your business—but it can help make sure your books are accurate and up-to-date.
Every business has different needs, so don’t assume that your vendors and suppliers automatically know what you’re expecting. Be upfront about your needs, and know ahead of time what you’re willing to budge on, and what firm lines you need to draw in any negotiation.
Even today’s local businesses are part of global networks and supply chains. Opening up possibilities to the global market might help you find better prices, materials or services. Learn how Instarem can help you pay on time, across the globe.
Authorize.Net helps make it simple to accept electronic and card payments in person, online or over the phone.
Online or in person, PayPal lets you accept a variety of payment types.
Payments connected. Commerce transformed. A single source for all your payments needs.
e|tab Online ordering creates custom branded online ordering platforms for businesses.
The all-in-one payments platform, Payanywhere simplifies payments for business owners, employees, and customers.
Poynt Processing: the all-in-one omni-commerce payment solution for SMBs.
Instarem for Business provides convenient and cost-effective cross-border payment solutions for SMBs.
Accepting Visa can help your business in a number of ways. When a business accepts Visa, research has shown that customers are more likely to enter a store and become a repeat customer. Customers are 3 to 5 times more likely to think the business is reputable based on Visa signage.
VisaNet is capable of processing more than 65,000 transaction messages a second.³
The average purchase amount increases 220% and 165%, respectively, when a customer uses a credit and debit card compared to cash purchases.⁴
Consumers carry 3.4 billion Visa cards worldwide.⁵
Other guides for getting started with small business finances.
Disclaimer: No Legal Advice Intended
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