The Types of Payments Every Business Should Accept

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Many business owners will agree that the majority of their customers prefer to pay with plastic. Consumers like the convenience and security that comes with credit card payments. Plus, people often feel that carrying cash is an inconvenience.

If you want to satisfy the needs of your customers and keep them coming back in the future, then you need to be sure that you are providing the right payment options to meet their needs. Payment technology is constantly changing, which is why it is essential for you to work with a trusted merchant services company who will help you stay up-to-date with the trends.

Common Types of Customer Payments

Here is a quick guide to help you see the most common types of customer payments:

  • Cash: Whenever a transaction comes through in cash, make sure that you are keeping detailed records. The IRS keeps a close eye on businesses that work in cash, so you need to be able to account for every penny that moves through your company.
  • Checks: This form of payment has been popular in the past, but it is definitely trending out. Checks can be risky for both the customer and business owner, which is why many companies choose not to accept check payments.
  • ACH: Automated Clearing House (ACH) payments, also known as direct deposit, are sometimes used when recurring payments are required for ongoing services. There are some cases where ACH payments might make sense, such as a freelancer accepting payment from a client.
  • Credit Card: Even though you will pay transaction fees on credit card payments, it is smart to provide credit as an option for your customers. Not accepting plastic will likely result in customers going to one of your competitors for the purchase.
  • Mobile Payments: When mobile payments were launched, it was expected that these digital transactions would revolutionize the payment processing industry. But many people are finding that the adoption of this technology has been slow. Eventually, you should probably accept mobile payments, but it might not be necessary for your company for another year or two.

At Veripay, we are here to provide the quality secure credit card processing services you need. Call to learn more about the options available for your business: 888-891-0811