Businesses need to send and receive money to run smoothly, but businesses need to find better solutions to optimize their business structures. Luckily, you can enhance the way you handle transactions, and here are some great ways you can send and receive money as a business.
Credit and Debit Cards
Around 75% of consumers state that they prefer credit card or debit card payments, and that it stays the true whether they pay in person or online. Therefore, using a reliable online payment service is key to easily accept online credit and debit card transactions, especially since most people prefer digital options. You can also use services like the ones from NationalPayCorp to send money since they have the option to fund any card. You will need a merchant account and a card reader for your physical business.
Square, Stripe, and PayPal
Three major online payment acceptance methods are Square, Stripe, and PayPal. Each method has different ways to accept and receive payments, but you will not have to make a merchant account for any of them. You can choose what kind of payment choice you want to use, depending on what kind of business you own.
PayPal is better for new businesses since it is fairly easy to use. Stripe is another good option for small and new businesses, especially since it has an excellent checkout process. Square is great for brick-and-mortar companies because you can turn a smartphone into a POS device; just attach a Bluetooth, chip, or magstripe reader to it.
ACH Processing
A popular method to accept payments for businesses is ACH processing. Customers can give businesses their routing numbers and bank accounts to process payments, and it gets monitored by National Automated Clearing House Association. It is a good option if your business is focused on subscription and recurring payments.
ACH payments often have lower fees than debit and credit card payments. Plus, it is better for customers because it is safer than writing checks each month.
Contactless Payment Systems
Contactless payments are when customers pay when they wave their device or card over a POS system, allowing wireless payments. That way, customers can pay for things without signing anything or entering a PIN code, and these payment systems grew in popularity in 2020. While the US is still a bit slow to contactless payment systems, but a lot of people in Australia and the UK use them.
Recurring Billing Subscription
A lot of customers do not want to keep track of payments, especially since they already have bills and such to deal with. Luckily, recurring billing subscriptions can help them remember to pay for your products/services without actually doing anything. You can use recurring billing subscription payments through ACH processing, but make sure it is optional so that your customers get the choice of automated payments.
There are many things to stay on top of as a business owner, so you want to find and stick to the best transaction methods to help your business finances run smoothly.