These days, customers have a host of options when it comes to making payments in stores and on the Internet. Therefore, businesses need to be on top of the many payment methods that are available, and they need to take steps to ensure that they can receive payments via these methods in order to keep their customers satisfied and loyal. So keep reading to learn about the many ways that payments can be accepted, and why your business should be accepting all of them.
Credit Cards
Businesses prefer credit card payments for all the good reasons, mainly due to the convenience and efficiency they offer. Credit card transactions speed up the checkout process, reduce the need for handling cash, and can increase sales by making it easier for customers to make purchases.
To handle credit card payments securely and comply with industry regulations like PCI DSS (Payment Card Industry Data Security Standard), businesses also tend to follow several important pci steps. They implement strong security measures to protect customer data, such as encrypting payment information and using secure payment gateways. Businesses also conduct regular security assessments and vulnerability scans to identify and address any potential risks.
Credit card companies also offer a range of attractive rewards and incentives that further encourage their use. These rewards can include cashback on purchases, points that can be redeemed for travel or merchandise, and various discounts or special offers.
Also, customers often increase their order sizes by an average of 40% when they can pay with a credit card, so you should definitely find a credit card payment processing company like MyPaymentSavvy to take advantage of this.
Mobile Payments
Another method that you can use for accepting payments from customers is mobile payment systems. In other words, your customers can pay quickly and easily with their smartphones. When it comes to deciding how you will accept mobile payments, you have three main choices: QR Codes, NFC, and iBeacon.
QR Codes stands for Quick-Response Codes, and these digital bar codes operate in the same way that regular bar codes do. A person’s smartphone can become a scanner and can even be used to complete a mobile payment.
NFC stands for Near-Field Communication. This is a data transfer system that is a lot like RFID, and it is contactless, so when two enabled devices are in range of one another, data can quickly be transferred between the devices. So, for example, all a customer has to do is place their smartphone within range of a store’s credit card terminal to make a payment.
Finally, iBeacon uses Bluetooth technology to wirelessly transfer payment information, much like NFC systems do. This is a technology that was developed by Apple, but it is still in developmental stages.
Cash
The advantage of accepting cash payments is the fact that not everyone owns a smartphone, and there are also many people who would prefer to not use their smartphones to make payments. For example, some people may not feel comfortable with their sensitive information being transmitted digitally using their smartphones.
Other consumers may not have credit cards because they either don’t like paying with credit cards that could easily result in overspending, or they do not qualify for a credit card. Therefore, you should make it a point to also accept cash payments, no matter how sophisticated and modern your payment methods become.
Ultimately, when it comes to accepting payments, a business should be willing to use a combination of cash, credit, and smartphone technology to keep customers happy.