Tips For Running Your Small Business: How to Get Paid

Opening a small business is a great way to make a living while having the luxury of being your own boss. Before establishing any business, you must have several streamlined ways for your customers to pay you for your goods or services.

Debit and Credit Cards

These days, people of all ages use debit and credit cards as their primary form of payment. When you are running a small business, the ability to charge your customers’ debit and credit cards is essential. Consumers want convenient ways to pay for their goods and services, so if cards are not accepted, some may take their business elsewhere. In order to accept credit card payment, you will need a way to process and charge the payment method. Business owners should invest in point-of-sale software, a card reader or a virtual terminal.

Online Payment Tools

Paying using an online payment system is another convenient way to use funds from credit cards, debit cards and straight from bank accounts. Applications such as Venmo, PayPal and Cash App are all popular ways of taking payments, especially for online shopping or private sales. When choosing an online payment system, it’s important to take into account the extra charges that may be attached to using these services. Compare the pros and cons of each of the many options that you have before choosing.

Recurring Payments

Most people are familiar with automatic or recurring payment systems, as they are often used for subscriptions or services such as music lessons. Research different types of billing software to figure out what will work best for your needs. Then, arrange a payment schedule by consulting with your customer. Ensure that the entire process is handled professionally by keeping the customer well informed and notifying them on a regular basis as to upcoming charges to their account. Keep records of every transaction and communication so that everyone knows exactly what to expect.

Automatic Clearing House Transfers

An automatic clearing house transfer occurs when money is moved between banks. These transfers are usually made to pay bills and are often regularly scheduled transactions. Consumers like handling bills this way because it ensures that the bill gets paid on time, every time. Automatic clearing house transfers are sometimes referred to as electronic check purchases.

Cash

If you are running a traditional brick-and-mortar business, you still have the benefit of customers paying you in cash. Cash doesn’t need to be processed or deposited; it is immediate payment. Many businesses prefer being paid in cash because it alleviates some of the fees that can be incurred with certain types of electronic funds transfers.

Online Payment Form

Sometimes, customers just want to be able to pay with as little hassle as possible, and that may involve clicking on a payment form on a business webpage, filling out their information and submitting that information. Once payment is made, customers can elect to receive a receipt via e-mail, text, or even postal mail. Online payment forms can help those that are used to a more traditional method of payment to become accustomed to using electronic means to take care of a bill.

Along with online payment forms often come to option to use e-mail to send bills to customers. The e-mails can link easily to a webpage where customers can make payments on the online payment form. Some customers like being reminded about bills and due dates on a regular basis.

Create a Business Application

Whether you have the skills to develop an application or whether you have to hire someone to do this, having an app that is associated with your business is a great way to stay more current. Some customers may be attracted to your business based on your app, as the ease of using some apps is appealing. A small mobile app can be more convenient for many to use. After all, we live during a time when most people do have mobile phones, but fewer individuals seem to own desktop computers and laptops.

The success of your small business depends on many factors, and the ability to accept payments in many different ways is essential to building a lucrative business in the modern world. Educate yourself on the different options available to you and your customers.