3 Payment Options for a Small Business Owner

Running a small business is never easy, not least because of the payment process. You have to be self-sufficient and still provide the customers with a payment gateway that can accommodate different customer preferences.

Here’s a look at some of the most popular payment options you should be offering to increase customer loyalty.

1. Credit and Debit Cards

76% of consumers may have at least one credit card on them, but 80% prefer paying by card than cash. Increase your sales by offering an almost universally accepted payment option. Before investing in a POS solution, make sure it’s PCI compliant.

PCI compliant systems guarantee a secure environment for processing, storing, and sending credit card information to the servers. By providing this security to your customers, you can earn their loyalty and word-of-mouth.

Small businesses should invest in mobile payment apps with diverse payment options. Check out the most popular ones doing the rounds.

2. Google Pay™ and Apple Pay®

Even though Google Pay™ and Apple Pay®are rival payment options, switching between the two poses no issue for their users. This is because they share a lot of parallels, such as:

• Storage of the user’s credit card information.
• Tokenization of the user’s account number.
• NFC technology to facilitate contactless payments.

Putting aside these parallels, Google Pay™ and Apple Pay® have over 100 million and 227 million users, respectively. These digital wallets are greeting thousands of new users every single day, which is precisely why they’re so important to your business.

Bank Transfers

Bank transfers offer several benefits to both seller and buyer, such as:

• Safe transactions
• No payment cancellations
• No chargebacks on the transactions

Small businesses should invest in mobile payment apps with diverse payment options. Check out the most popular ones doing the rounds.

• 100% electronic

Once the order turns into instruction, the customer can’t reverse the payment. Unless their reasons for canceling the payment meet your policies, they can’t request refunds either.

Combined with the perks up there, it’s safe to assume that setting up a payment gateway that supports bank transfer would not just help you cater to a wider audience but also avoid non-payments due to reversals.

ScanPay: An All-Inclusive Mobile Payment Solution for Small Businesses

ScanPay supports PayPal in addition to all of the above payment options. The mobile invoicing app is the best mobile POS system for small businesses looking to explore everything before going all in.

Give it a shot and ask the developers any questions you may have about the digital wallet service.

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