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How to start processing payments for your small business

2017-03-27 11:46:25

You have gone through many steps to establish your small business. Now, the most important thing you can do is probably to take a closer look at your payment processing operations.

You want to provide efficient payment processing to your customers, to make it easier for them to pay you the way they want to. Here are different methods your small business can use to process payments.

1. Get a countertop terminal

Countertop point-of-sale terminals are a great payment processing solution if you are running a retail store, a restaurant, or a dental office. It allows you to accept payments made with credit or debit cards.

If you need to be able to bring the point of payment to your customers, or to accept payments on the go, a short-range or long-range wireless terminal will be a better option for your small business.

2. Develop your online store

Whether you are running an online business, or you have created an online store as a complement to your brick and mortar store, you need to be able to accept online payments in a simple and secure way.

Look for a trusted e-commerce system that you can seamlessly integrate with your online store, and add online payment processing to the payment options you are offering to your customers.

3. Send out online invoices

Even if you don’t have an online store, it’s still possible for you to accept online payments from your customers. Major online payment providers, including Paypal, make it easy for you to send online invoices to your customers and to receive their payments.

If you have customers who would be interested in using their credit cards to pay online invoices, this is a good option to add to your payment processing offer. Customers will be happy to save some time if they are already using Paypal or your chosen online payment provider.

4. Don’t forget mobile payments

If you often attend tradeshows or fairs to sell your products or services, a mobile credit card reader is a good alternative to a wireless terminal. This kind of little device attaches to your smartphone or tablet, and allows you to accept your customers’ payments on the go.

With mobile payments, your customers can pay you with their credit cards, sign your phone or tablet screen, and receive their receipt by email. This is an easy and secure way to process payments.

5. Accept mail order and checks

Keep in mind that not everyone is feeling comfortable with new technologies. Most of your customers should be happy to use these payment options, but you will surely have at least a few customers who would rather send you a check.

Make sure you can accept mail orders and phone orders to accommodate these customers. Efficient payment processing means you have the right payment option for everyone, so they will feel confident about doing business with you.

6. Use the right central accounting system

If you use two, three, or all of these methods to process payments, you need to be able to connect them to a central accounting system that will make things easier for you. Your system will keep track of the payments you have received as well the amounts still due.

Without a proper central accounting system, it can be easy to get confused by your different payment processing methods and to lose track of your business finances.

When everything is in order, your business becomes more efficient and you can fully focus on providing your clients with the quality products or services they are paying for.

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