Money Has Many Forms In Our Digital World, 3 Points About Expanding Your Payment Options

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Image by: Mike Mozart
By Lucy Clara

Have you ever attempted to purchase a product or service online, only to have your chosen payment method rejected or get told that your certain form of payment isn’t available? If so, then you are not alone. One of the biggest concerns dealing with customer relations is not having options. Customers do not like having limited options.

However, when customers are faced with choices, they are happier, especially when it comes to varying payment methods. There used to be a time when the only option to pay online was pretty much by credit, debit or by money order. Now that has changed with mobile wallets, e-checks and even ACH Payments (global payments).

All things considered, you might be a new entrepreneur that is just gaining your footing. It’s obvious that you already have a diverse clientele, otherwise payment options wouldn’t be an issue for you. If  your customers are getting a little impatient at your lack of options, here are some things to consider if you want to attract and maintain your ever-growing customer base.

#1) The Right Payment Methods

Payment options are becoming as diverse at the people who are using them. With so many choices available, it’s important to consider the right method of payment to incorporate.  If you are a retail merchandiser, then you will want to consider credit and debit. As for restaurants, tips are rampant, so accepting cash is vital.

Whenever you are making the decision to embrace more methods, consider the legal stipulations as well as filling out a form 8300 to protect yourself and your business from fraud. Accepting forms of payment is more than just a simple swipe of the card. Learning the ins and outs of identification requirements, as well as the right way to verify a check according to your location are very important.

As an owner, you must also gain knowledge about e-tailing, a very popular idea in e-commerce. E-tailing is simply selling your products on line. If you are considering an internet customer base for your business, then varying forms of payment methods, as well as ways to protect yourself against fraud is vital.

#2) Protect Yourself

Technological advancements are making it easier than ever to conduct business with a click of the mouse. It must also be said that ironically, the oldest forms of payments are usually the ones that have the most problems in terms of scams.

There are numerous articles out there that are set to inform customers of how to best protect themselves when using cards online, but in this case, business owners have much to lose as well. When a business receives a bad check, there is the hassle of having to pay bank fees as well as wasted time. The good news is that there are measures today that are grasping the prevalence of bad checks and are making rounds to stop it.

One way that you can arm yourself against bounced checks is not to accept them to begin with, but then you lose those customers. If you choose to accept them, however, a strict verification process is necessary. Although you might want a good sell, it isn’t worth the effort to have to go back and  correct the problem. Instead, examine each check and make sure that the right one is going through so that you aren’t being ripped off.

#3) Plastic Is a Must

There is no method that is as efficient and as versatile than the debit/credit card. By 2017, researchers are predicting that only 23% of retailers will expect payments through cash so you might want to think about what this could mean for your business.

Since the way of cash is slowly but surely waning, you don’t want to stay behind by only offering cash as your only payment method. With the use of mobile payment options and merchant account services, you can implement these tools to keep your company in the running to stay in business. So many competitors will be integrating debit and credit cards more than cash, so you won’t want to lose out because you didn’t do your homework.

Businesses and technology go hand in hand, so it’s no surprise that e-commerce is making it easier to conduct business no matter where you are or what device you use. With the right methods and knowledge about our evolving forms of payments, you can keep your business in the running as a competitor that is able to keep your customers happy with choices.

Please let us know what you think! Have you ever had a problem making a payment f because of lack of choices in the methods that the company used? Please share your experience and comment below!

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