As a small business owner, it is important that you offer a wide variety of payment options to your customers!
But with simple payment options like cash, debit and credit and more complex payment options like consumer financing and Bitcoin, it can be challenging to choose the best payment options for small businesses. Here are a few tips for making this difficult decision easy.
Start with the basics
As a minimum, your business should offer the basic payment options for small businesses like cash, debit and credit. Be sure to compare rates of at least three merchant service providers, to ensure you are getting a good offer for the transaction rates and the Point of Sale (POS) equipment. Square offers several options to merchants seeking POS equipment including registers, card readers, and receipt printers for reasonable prices. Their designs are modern and sleek and fit easily on small counter tops.
Add on Consumer Finance
Once you have covered the basics, add on consumer finance to your available payment options for small businesses. When it comes consumer finance there are multiple options you can offer, and when you partner with Financing Your Way, it is simple to offer these options to your customers. They simple apply for financing while in your store and instantly receive a decision with multiple offers. Your business receives 100% of funding within a few days, and the lender takes care of the rest of the payments with your customer. There is no risk for you, and by offering multiple options for consumer finance with Financing Your Way, you can capture high ticket sales that would have otherwise been lost.
Don’t get too technical
Technology changes at the blink of an eye. Your business won’t survive trying to keep up with every trend. Don’t lose out on sales trying to implement the newest technologies into your payment options. Digital currencies like Bitcoin are technology trends that are becoming mainstream and many small businesses are adding these to their payment options. Speak with an IT expert and get the facts before diving into trends so that you are sure it is a good fit for your business.
Don’t over think rates
All merchant service providers charge rates for their services. Be sure to understand the rates you are charged, but don’t let rates be the only determining factor. It is important to recognize merchant service providers as partners. The fees charged by these companies are usually only assessed when your company makes a sale, so merchant service providers are invested in your company’s success. Compare and be aware of rates, but also review other factors like customer service and customer satisfaction, because low rates won’t mean much if you have to wait on hold for several hours to reach a representative when you need assistance.
Listen to your Customers
Your customers are your best resource for feedback. Try sending a customer service surveys after you complete a sale to get real time opinions on your payment options. Consider making adjustment based on the information you receive to better serve your clients.