Running a small business is stressful enough – you would think the one easy part would be getting paid! However, the truth is that there are many ways for a business to process payments, and some can be more costly than others.
This article will help you to sort through your options and decide which system is right for you. Select a system that works and you will soon be raking in the cash!
This is the simplest option, but not necessarily the most convenient. Many small businesses are cash only, avoiding credit card processing fees and simplifying the task of keeping track of how much money is coming in.
If you decide to make your business cash only, you will want an ATM that customers can withdraw money from, either one nearby that you can recommend or a rented one for your business.
The disadvantage of this option is that some customers may not want to pay an ATM surcharge and will simply opt to go elsewhere.
If you choose to buy an ATM, you gain the added advantage of being able to charge a fee for people to withdraw money – even a two dollar surcharge could significantly add to your profits.
More and more people are beginning to use their cell phones for transactions, and the ability to process this type of payment will put you ahead of the competition. Guests can use PayPal or a similar service to pay through their phones.
This is a high-tech solution that will appeal to a younger demographic, and it is very convenient for a generation that is used to being able to pay for their Uber through a tap of the phone screen.
Some high-class restaurants even bundle these services, allowing guests to pay for their meal and call a cab home in one transaction. This type of payment is best for a business that is trying to bring in young, hip customers.
Point Of Sales System
This is the most popular choice by far – many small businesses choose to use a POS system to process credit card payments, as they are very flexible and easy to use.
With this type of system, you pay for an app that will track your inventory and transactions. Additionally, the service will provide you with a “dongle”, a credit card processor that attaches to a cell phone or iPad.
The drawback of using a POS system is you will have to pay fees to the system you are using, but the advantages are huge. Most people expect businesses to accept credit cards these days, and the convenience will keep people coming back.
The fact that these systems generally work with a smartphone or iPad means that you don’t have to spend a lot on new technology to use it – it’s compatible with what you already have.
Open The Door To Profit
Choose the system that will suit your business best and get back to worrying about what really matters – running your business the way you want to. As a small business owner, you shouldn’t be bogged down in the tiny details of how you’re processing payments – you should be focused on the big picture of making your business a success.