With so many tools available, it can be difficult to find what works for your business. In this section, we break down some helpful tools so you can find the one most compatible with your business.
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Getting compensated for your services and/or products is necessary for any entrepreneur—regardless of the kind of business you run. If you’re a digital business or want to accept more than cash, then you’ll likely need a payment processing system. If so, you’ll want to have a system that is reliable, safe for your customer, and easy to maintain.
There are many different providers that will allow you to accept different payment methods and offer several benefits.
In addition to cash, checks, and bank transfers, customers now use a variety of digital payment forms to make purchases, such as:
- Swiping a card: Customers physically swipe a magnetic strip with their debit or credit cards. This requires you to have the appropriate card reader.
- Dipping a card: A relatively newer feature, where the customer inserts the chip on their card into a chip reader. This requires a chip reader, which some payment applications sell.
- Tapping a card or phone: Considered a “contactless” payment, this is when a customer holds the card or their phone over a reader, and the transaction is recorded. This requires a specific reader.
- Paying digitally: How do you accept a credit/debit card or bank payments if you aren't using a physical card? You can integrate apps, such as Stripe, Square, PayPal, and Venmo, among others.
Does your business need to accept all payment types? You’ll have to evaluate your business to determine if increasing payment types is beneficial or not. However, just as people have their favorite foods, music, and social media platforms, customers may also have their payment preferences.
It’s possible that you might be losing out on sales by not offering different forms of payment.
If you want to accept additional payment types, it’s relatively easy to do so. By adopting a payment application, you can use technology and integrate the tool into your business to either make or receive payments.
Many applications were built with business owners in mind and come with tools that make it very easy to manage payments.
Every payment platform comes with its own tools, but most allow you to:
- Easily send or receive money
- Track payments
- Make and send invoices
- Generate reports
- Sync the app to your bank
- Manage payroll
It’s common for a payment platform to offer more than just the ability to receive and send payment. They are designed with customers and business owners in mind, and they lend themselves to certain levels of financial management.