10 Types of Payments Your Business Needs to Accept in the New Age

10 Types of Payments Your Business Needs to Accept in the New Age

By Business Desk

Tuesday, January 17, 2023.

The world is changing, and with it, the way we pay for goods and services. No longer are cash and check payments the only options; businesses need to be able to accept a variety of different types of payments in order to stay competitive. In this post, we will discuss 10 of the most common types of payments that your business needs to be able to process. Stay ahead of the curve and make sure your business is ready for the new age!

Photo by Jonas Leupe on Unsplash

Credit and Debit Card Payments

Credit and debit cards are the most popular payment methods used by consumers, so it’s essential that your business is able to accept these. Make sure you have the appropriate equipment to process these payments as well as a secure way to handle customer data.

Mobile Wallet Payments

Many customers now use their smartphones to make payments, such as Apple Pay or Google Wallet. You will need an app that can handle mobile wallet payments in order to be able to take advantage of this trend.

Online Bill Pay

Consumers increasingly want to be able to pay bills online, either via direct bank transfer or other payment services like PayPal or Venmo. Ensure you provide your customers with multiple ways to pay their bills in order to keep their satisfaction high.

ACH Payments

ACH (Automated Clearing House) payments are more commonly used for business-to-business transactions and allow you to link directly to your customer’s bank account. This is a secure, efficient way of processing payments, but it can be difficult to set up.

Crypto Currency Payments

Crypto currency has been gaining traction in recent years and many businesses now accept crypto currency payments. You will need to set up the appropriate infrastructure in order to be able to process this type of payment. A crypto account with a wallet is necessary.

Contactless Payments

Many customers want the convenience of making payments without having to enter any information or swipe cards; contactless payment methods such as Apple Pay and Google Pay are quickly becoming popular. Make sure you’re able to offer this service for customers who like the convenience it provides.

Electronic Checks

Electronic checks, also known as echecks, are similar to paper checks but with an electronic component. This method of payment is growing in popularity due to its efficiency and low cost; make sure you can provide customers with the option of paying via echeck if they prefer.

Gift Cards

Gift cards are a great way for businesses to encourage repeat customers and allow them to pay for products or services without having to use physical cash or credit cards. Offer your customers the option of purchasing gift cards from your business either online or in-store.

Invoicing

Many businesses use invoicing for larger purchases. This is a great way to keep track of payments and ensure that customers pay on time. Make sure you have an easy-to-use system in place for creating, sending, and tracking invoices.

Recurring Payments

For customers who need to make regular payments for services such as subscription boxes or streaming services, recurring payments can be an efficient way to do so. Ensure you have the right setup in place to be able to process these types of payments on a regular basis.

Now that you know which payment methods your business needs to accept in order to stay competitive, it’s time to get started. The right payment processor can make all the difference when it comes to providing an efficient, secure experience for your customers. Make sure you do your research and find a provider that specializes in the types of payments you need to process. It’s worth taking the time to find a good fit!