Originate

Taking Payments for Your Business

Jun 16, 2023

As a business owner, one of the most important things you need to consider is how you will take payments from your customers. Whether you sell products or services, you need to have a reliable payment system in place to ensure that you get paid on time and your customers have a hassle-free experience.

Accepting Credit and Debit Cards

One of the most common ways to take payments is by accepting credit and debit cards. This is a convenient option for both you and your customers, as it allows for quick and easy transactions. To accept credit and debit cards, you will need to set up a merchant account with a payment processor such as PayPal, Stripe, or Square.

credit card

Benefits of Accepting Credit and Debit Cards

  • Increased sales: Customers are more likely to make a purchase if they can pay with a credit or debit card.
  • Convenience: Credit and debit cards are a convenient payment option for customers who do not want to carry cash.
  • Improved cash flow: Accepting credit and debit cards can help improve your cash flow by allowing you to receive payments quickly.

Mobile Payments

Mobile payments have become increasingly popular in recent years, with many customers preferring to pay for goods and services using their mobile devices. To accept mobile payments, you can use a mobile payment processor such as Apple Pay, Google Wallet, or Samsung Pay.

mobile payments

Benefits of Mobile Payments

  • Convenience: Mobile payments are quick and easy for customers to use.
  • Increased security: Mobile payments are often more secure than traditional credit and debit card payments.
  • Improved customer experience: Mobile payments can help improve the overall customer experience by making payments more convenient.

ACH Payments

ACH payments, or Automated Clearing House payments, are a type of electronic funds transfer that allows you to receive payments directly from a customer's bank account. To accept ACH payments, you will need to set up an ACH merchant account with a payment processor such as Dwolla or PaySimple.

ACH payments

Benefits of ACH Payments

  • Lower fees: ACH payments typically have lower fees than credit and debit card payments.
  • Improved security: ACH payments are often more secure than traditional credit and debit card payments.
  • Automatic payments: ACH payments can be set up for recurring payments, making them a convenient option for subscription-based businesses.

Cash and Check Payments

Finally, you can also accept cash and check payments from your customers. While these payment methods may seem outdated, they are still a popular option for many businesses.

cash and check payments

Benefits of Cash and Check Payments

  • No fees: Cash and check payments do not come with any processing fees.
  • Immediate payment: Cash payments are immediate, and check payments can be deposited into your bank account relatively quickly.
  • Good for local businesses: Cash and check payments are often the preferred payment method for local businesses, as they are more personal and convenient for customers.

No matter which payment method you choose, it's important to make sure that your customers feel secure and comfortable when making a payment. By offering a variety of payment options, you can ensure that you are meeting the needs of all of your customers.