One of the best ways you can gain more customers and improve your sales is to have a wide range of payment options. Cash isn’t the only way to run a business anymore, as it’s not a viable option for long-distance payments.
By having more payment options, you’ll reach a wider range of paying customers who are interested in what you have to offer. Here are the top 7 ways you can accept payment for this year.
QR Code Payments
This quick link response is also called a upi link generator, which has made it easier for people to make payments through their mobile phones. You have to have a smartphone that is capable of scanning QR codes, where the symbols are translated into a string of characters that allow you to make an easy payment.
Cash on Delivery (COD)
Payment is made on the delivery of the item rather than in advance. Many online purchases are made this way, with customers sending the payment once they’ve received their packages in prime condition. COD is still one of the most commonly used payment methods today.
In order to provide the best service, it’s a good idea to look for companies where customers can avoid having to pay the processing fees. Customers believe that they’re already spending enough money for their products, so they don’t want to have to pay even more fees that make the cost well outside their budget.
It’s also a good idea to limit what kind of credit cards you’ll accept, such as the ones that have online credit card processing.
Using a debit card is like paying for things with cash, but without actually handling any money. Using a debit card means that a customer’s balance will be debited automatically when a purchase is made.
The benefit of a debit card is that funds are pulled directly from a customer’s bank account instead of being processed as a loan from the bank that has to be paid at the end of the month by the customer.
ACH and E-Check Payments
Through this method, customers can enter their bank accounts and routing numbers in order to make electronic payments. This method is pretty efficient at making payments in a timely manner.
This method has gained traction recently, and involves tapping a car or smartphone at the point-of-sale system in order to make a payment. There’s no need to put in a PIN or sign anything. The paying process goes a lot faster, but it does require any system already in place to have their software updated to handle these kinds of transactions.
Consider the third-party payment services like PayPal, Venmo, Google Pay, Apple Pay, and Amazon. Instead of direct payments, a third party is used to send the money from customers to businesses. There’s usually fees involved with these services, but it adds a level of security by not using bank account information.
The best economical option for any of these payment methods is to have an e-commerce platform that has payment processing integration. You can take effective action when needed, and it provides you with helpful data on your customers so that you can provide them with a better service.