How to choose the right payment system for your business

119648

Deciding on the right payment system for your business can be tricky. Some businesses deal solely in cash, others take card payments but only over a certain value and many take both cash and card payments. There’s also the minefield of online payment systems that a lot of business are foraying into every day to be considered. So what are your options?

Firstly, if you’re an offline business you need to decide on whether to take cash and card payments or just cash. Some small businesses only take cash payments, this can be more cost effective if you’re a single trader however it’s best to make it very clear that you only take cash payments using a sign so there are no mishaps when customers get to the till.

A cash and card combination is perhaps the best option as it gives customers more choice. Having a card machine means more additional costs but it has many benefits as a lot of people take it for granted that they can pay on card everywhere. It can be really inconvenient for customers if not and is usually expected at most retail outlets. On top of this, businesses often lose sales if a person can’t pay on card. Investing in a mobile card machine makes business sense so you can receive payments anywhere in the UK, allowing for easier transactions if you take your business to fairs or exhibitions for example.

Obviously if you’re an e-commerce business online payments are the only way to go. Online payment can take many forms as there are lots of different providers. Usually customers make one single transaction to complete their order and it’s quite easy for businesses to set this set up to go straight into their main bank account. There are several different providers that you can choose to go with for example Amazon and PayPal, however these do charge a little on each transaction so it’s best to do some research and shop around. It becomes a more complicated process when you want to offer a shopping cart and allow customers to do more than just make a single transaction.

Always ensure it’s as easy as possible for customers to make payments across all methods and when going digital consider the best websites you like to shop on and see what they’re payment systems are.