When you create a business, one of the most important things to think about is how to get your product into the hands of the consumer. For example, you might need to worry about postage and packaging, you might have to think about where to advertise your products, and you also need to think about how you can offer the best prices. Without customers, you won’t be able to sell a product, but without accessibility, you won’t be able to give them your product.
It sounds simple, but the first step you should take when starting up a new company, be it an online business or retail store, is figuring out how to get your customers to pay. Do they pay by credit card, debit card, PayPal, cash, or something else? Offering multiple payment methods to your audience can do wonderful things for any business, so here are some considerations to keep in mind.
The most basic payment method you should have (arguably even more so than cash) is to accept credit and debit cards. Those pieces of plastic are easy to use, simple to implement into any business (regardless of if you are brick and mortar or digital) and a fantastic way to give your customers choice when paying for your products.
If you’re an online business, then you’ll need to accept online payment methods such as PayPal.com and PaySafeCard. These are the preferred payment methods for small transactions, but PayPal can also be used for large transactions and they can also be linked to your regular bank account. If you’re trading goods, then it can also be used to accept payments, making it a convenient method of transferring funds around.
Of course, we can’t forget about cash if you run a physical store. Cash is still used all over the world and it’s convenient most of the time. However, it’s recommended that you don’t stick to cash as the only payment method because a lot of people choose not to carry cash anymore in their pockets. This is to prevent thieves from stealing their money since the card can just be canceled and blocked if it is stolen.
If you sell expensive products, then you need to add a financing solution such as Vyze.com. Financing solutions are extremely useful when your products are expensive. Very few people can purchase new and expensive items right off the bat, so make sure you’re not forcing them to pay the entire price upfront and you’re giving them the correct financing deals in order to convince them to buy something from you.
There are also digital cryptocurrencies such as Bitcoin that can be accepted. More and more people are using Bitcoins as a form of digital currency, and it’s an effective and simple payment method for those who are tech-savvy. It’s not the easiest thing to understand, but once you’ve grasped the basics, you’ll understand that cryptocurrencies have to be used by a large number of people before they become popular enough to be used, hence why Bitcoin is still the most popular.