Payment Processing Tools For Small Businesses
If your business is not accepting credit cards or online payments, you’re hurting sales.
According to Statista, an estimated 1.92 billion people purchased goods or services online in 2019. In addition, online sales were more than $3.5 trillion dollars.
These findings should make even the most hardnosed, old school business owner who only wants customers to pay with cash or a check, raise an eyebrow and think about taking on credit card payment processing.
Although payment processing does offer flexibility to customers, it can leave small business owners with a number of fees deducted from their sales. And these sales can eat up profits.
However, there are a number of payment processing tools for small businesses that are both convenient and customer-friendly, making it a win-win.
Read This: How Can I Make My Business Profitable?
When considering a payment processing tool, it’s important to consider your business’ specific needs. If your business, for instance has a storefront and accepts payments online, a tool such as Shopify will help you run your business seamlessly. The sales from both an online store and storefront will be deposited in your Shopify account, making it easy to manage incoming revenue and track inventory.
Shopify also integrates easily with accounting softwares such as Xero and Quickbooks.
Square is a popular payment processing tool for entrepreneurs because of its ease of use and low fees. Payments can be accepted from anywhere using the company’s mobile card reader without paying extra fees. However, it does cost 2.75 percent per credit card swipe. And while the mobile card reader is free, the Square Stand is $99.
With Square, businesses are provided with fraud protection and deposits on demand. Using the Square APP allows small business owners to create a customized register that will issue receipts and invoices, manage inventory,
Although Wave is an accounting tool that tracks income and expenses, it also allows entrepreneurs to accept payment credit cards. For every customer transaction, a business will pay a flatrate of 2.9 percent plus .30.
If you find phone attachments to be an annoyance, then why not investigate an app that can scan credit cards? Flint allows entrepreneurs to not only accept cash and checks, but also scans credit cards for sales. In addition, business owners can send invoices and coupons through email. The app charges a flat rate of 2.9 percent and .30 for payments such as scans, online sales invoice payments or key entry.
The key to finding the right payment processing tools for your business is to consider the type of business you have established, your financial goals and the needs of your target audience. Once you have considered these three questions, you can then decide how to use a payment processing tool to help your business reach its overall goals.