Image Source: QuickBooks
A business without customers or money isn’t really a business. You need to ensure your customers are happy, and that you have the means to accept varying kinds of payment. Otherwise, it could die a slow death. By just accepting one or few modes of payment you’re alienating other customers who can’t or don’t want to pay in the specific way. Here are all the kinds of payment your business, depending on what service it offers, should endeavour to accept.
Cash
It goes without saying really doesn’t it. But the amount of customer facing businesses who only take cards now are huge. You should always have the facility to take cash and give change, even if it means only maintaining a small float. The older generations are still predisposed to drawing money out of their bank and spending it this way. Don’t alienate them by not offering cash payments because some of them will simply walk away and go elsewhere. Be sure you provide your colleagues with the means to identify fake notes and you’ll be fine.
Can Stores Refuse to Take Your Cash?
Financing
Financing allows customers to pay for high priced items over a longer period of time if they can’t afford the upfront cost. It can sometimes be hard as a business to offer finance options if you aren’t entirely sure how they work. There are secondary finance companies out there who can handle all of your financing needs. This means you won’t lose sales on some of your larger more expensive items and it will keep customers happy because they will think you offer a fair pricing plan. Financing is usually good for items like laptops or TVs, so if you run an electrical shop or website offering these kinds of goods then this is certainly for you.
Apple And Android Pay
These systems allow your customers to pay using their phones contactless facility. There are many benefits to using smartphone pay, primarily you allow customers, usually the younger generation of customers, to pay the way they want. It suits people who are in a rush, and can keep people happy and on their way. The speediness can also benefit your business by keeping queues down to a minimum level, everyone hates queues. Your colleagues will like it too because they can quickly move from one customer to the next, ensuring your productivity goes through the roof. Smartphone pay will likely become far more prevalent in the future so you should jump aboard now.
Credit and Debit
Many people don’t trust the payment systems on their phones and still prefer to use credit and debit card chip and pin systems. Use a high speed payment processor and try your hardest to accept all kinds of cards. There are certain cards businesses don’t like to accept, but doing this could lose you sales, so don’t put up posters saying you don’t take certain cards because it’ll make you look snobbish or arrogant. Taking all cards keeps the customer happy and your sales up.
