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When you are trying to grow your business you want to make it easy for customers to pay for your goods and services. So you need to set your business up to accept multiple payment methods. In this way, every customer will be able to choose the payment method each most prefers.
Cash is fast fading as a preferred payment option. Mostly this is because so many transactions take place online. However, when you are just starting out it can be difficult to get accepted by banks for taking credit card payments.
You can turn to options such as a high-risk merchant account, though. This will help you to get around that particular issue. Moreover, there are many other ways to enable your business to offer a full range of payment methods. Read about some of those methods here.
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At the top of your list of must-haves for payment methods must be credit cards.
Your business will be a non-starter online if you don’t accept card payments from customers who want to place an order over the Internet.
However, if you really want to make your site as customer-friendly as possible there are some other online payment methods you need to offer as well.
PayPal is a hugely popular payment method with online customers. If you are committed to growing your sales online this is a payment option that needs your careful consideration.
PayPal is accepted in most countries around the world. This means you can sell you products almost everywhere on the planet when you offer this option as one of your payment methods.
Moreover, you won’t need a merchant account to offer PayPal to your customers. Plus, you don’t even need a PayPal account to use the service. However, the fees can potentially make a dent in your profit margins. Additionally, it can take up to four days for funds to arrive in your account.
On the other hand, the fact that PayPal is so widely recognized does make it hard to ignore this option when you are considering which payment methods to offer your customers.
It is almost impossible to ignore the impact of Amazon in the marketplace. Moreover, there are several ways that this Internet behemoth could prove useful to your business.
First, you could consider trying to sell some of your products through Amazon. In addition, there is the option to sign up for Amazon Payments. This is an option that Amazon sells as a small business payment method that makes it easy to get paid online.
Recognition is a plus point here. This is because most people will be happy to make a payment through such as well-known name as Amazon.
A Mobile Payment Option
If you are busy trying to find new customers and increase brand awareness by selling at trade fairs or one-off events you will need to have a facility where you can still take card payments even when you are away from your computer.
Apple Pay is worth thinking about as a payment method to offer your customers. That’s because as it allows you to use your iPhone as a payment terminal.
The touch ID protocol can be used in conjunction with Apple Pay. This offers a quick and easy way to accept payment with just a smartphone.
Another online payment service to consider is Google Pay.
Again, brand trust and recognition help. Google is universally recognized, and customers will appreciate being offered this payment method as one of their choices. Besides, the layers of security the system utilizes enjoy a good reputation for keeping customer account details secure.
Your Local Bank
When you started out in business you likely started a relationship with a local bank. Therefore, it is only natural to think that it would be the easy option to open a merchant credit card account with them.
The problem with this strategy is that some local banks are not that competitive with their setup fees and ongoing charges. They might even ask you for a security deposit before they will agree to create a merchant account facility for you.
Therefore, the cost per transaction for this payment method could be expensive. So check whether your bank will offer you this facility in the first place. Then ask about their card processing fees.
A Merchant Services Account Through a Broker
If you are struggling to get accepted for a merchant account because of poor credit or lack of trading history you could apply for a merchant account through a broker.
The acceptance rate for broker merchant services is high. However, you should check their track record to see how established and trustworthy they are. It is also wise to ask about all the upfront and ongoing fees for using the service before you commit to offering this payment method to your customers.
Besides, in most circumstances, you should be able to get your own merchant services account without the need to go through a broker.
A Fulfillment House
If working capital is tight and you don’t have a lot of room for stock there is always the option of using a fulfillment house for your online sales. This will come with a built-in merchant card account facility.
The fee for using a fulfillment house will most likely be greater than if you were using your own account. However, this option could be worth considering when you are first starting out.
Offer Multiple Payment Methods and Enjoy More Sales
If your business takes advantage of these widely used payment methods and facilities they will help your business to grow. When customers find it easy to place an order and make payment with a minimum of fuss your sales will increase and your business will thrive.
The plain truth about trading online and competing with rival companies is that you do have to offer customers as many options for payment methods as possible. Only in this way can you continually convert potential customers into loyal buyers.