The Best Way to Accept Payments for Small Businesses

Over the years, trends have favored different payment methods. Throughout history, businesses have opted for traditional, in-person payments, but the pandemic and the advent of mobile payment options have shifted views so much that some businesses do not accept them at all. Plus, the boom of online shopping has pushed many businesses to prioritize internet sales or even become completely e-commerce companies, making the importance of a smooth online checkout process paramount.

Still, everyone has a different preference when it comes to paying for products and services. While younger generations have accepted mobile wallets and contactless payments, you may find that older adults still favor their tried and true cash and card options. The right option for you will have methods in place for all the best ways to take payment for small businesses.

Traditional Payment Methods

While paying with cash or check are currently the least popular payment methods, most people will expect them to be options, at the very least. For those who carry cash, it's often thought to be a replacement or backup option if their cards don't work or mobile payments are not accepted. With that in mind, it's a good idea to have some method of taking cash and making change in instances where other options may not be available in a brick-and-mortar-setting.

When it comes to in-person payments, a point of sale (POS) system can help you manage cash transactions, facilitate card payments and even integrate mobile payment opportunities. Despite their current lack of popularity, traditional payment methods are here to stay, especially for small businesses that cultivate in-person relationships with their customers.

Online Payment Gateways

Today, more than half of Americans claim they don't use cash at all or for only a few purchases. More often than not, credit and debit cards are the preferred payment method, just as the convenience of shopping online has made it easier than ever to appeal to new buyers. Websites and browsers often save payment information to make re-purchasing easier, encouraging shoppers to buy more items more often.

Digital Payment Solutions

Recent years highlighted a need for completely contactless payments, and now, they're an essential part of the economy. Many people use exclusively digital payment options, like:

• Mobile wallets: The mobile wallet has become the hub for contactless payment. Anyone with a smartphone can keep their credit cards, rewards cards and even gift cards right on their phone. This new payment method is still being implemented in many places, so having the right equipment to accept it can put your small business ahead of the game.
• Automated Clearing House (ACH) transfers: Through the ACH network, you can accept payments directly into your bank account from other institutions within it. ACH is an excellent small business payment option.
• Online payment centers: Third-party payment centers allow people to securely transfer funds from one bank account to another without providing confidential information. Accepting payments through these sites can make it easier for consumers, but note that you may face transaction fees when you want to withdraw.

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