Cash, Credit or Smartphone: What Payments Does Your Business Accept?

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.

 

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Credit Cards

 

There are many reasons why consumers today opt to pay for their purchases with their credit cards rather than using cash. Credit card payments can be made more quickly, and people don’t have to keep a lot of money in their wallet. Plus, a lot of credit card companies provide great rewards for using their cards, thereby incentivizing the use of the cards for payments. 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.