Monday, July 23, 2018

How to Find the Best Payment Methods for Your Business

Every business model is different, but they all have one thing in common: they benefit from being able to take diverse payment methods. If you’re looking to find the best ways to take payment methods from chip cards to paper checks, you’ll need to make sure you have the equipment that lets you process those payments efficiently. It’s not always a great idea to take every payment method available, but you will want to find the collection of payment methods most likely to be used by your customer base.

Credit Cards and EMV Readers
Currently, credit is the most popular payment option among consumers. Paying with a card is simple, and the same systems that process actual credit cards can often process debit cards alongside them, so customers don’t necessarily have to charge it to debt to take advantage of the simplicity of paying with a card or through a card processor. There’s not a business model that won’t benefit from being able to conveniently accept these electronic payments.

Check Processing

The biggest issue with paper checks has traditionally been the likelihood they would not be honored. Only a small percentage of checks are bad, but the bad ones can set a business back in bank fees and inconvenience. If you work with a payment processing platform that allows you to accept checks digitally, you can sidestep that risk and receive your money in a single day, making check payments as secure and easy to accept as debit cards.

Cash Transactions
When choosing your POS, don’t forget that you’ll still need a standard cash drawer. While electronic payments are not the most popular method, you’ll be giving up a lot of convenient and quick transactions if you don’t take cash.

The new Clover POS system provides support for a multitude of payment options. Check it out on the Merchant Account Solutions website.

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