Are you offering the right payment processing services to your customers? How are you going to make it easy for your customers to pay? How can Pinwheel payments review help you find the best-suited payment solutions for your online business? Read below to know.
Small Business Payment Options to Consider
Some prefer cash payments, others go for credit cards. According to Statista, total transaction value in the digital payments space is anticipated to make up 8.56tn U.S. dollars in 2022. Total transaction value is forecast to register an annual growth rate (CAGR 2022-2026) of 12.77%, thus leading to a total amount of 13.85tn U.S. dollars by 2026.
Here’re several payment options to consider for your growing business:
- Online or Electronic Payments
This type of payments is processed automatically, thus helping you avoid wasting time and stay away from error as much as possible. Even though you’ll be charged fees for online transactions, that’s worth it.
Make sure to work with a reputable processor for online payment processing. Pinwheel payments reviews can help you make the right choice when it comes to a reliable and cheap payment gateway without which you won’t be able to process payments online.
- Card Payments
Credit and debit cards are highly popular. In fact, the majority of customers prefer using credit or debit cards. When offering this type of payments, you need to ensure your customers’ data is used securely. For this, your business payment system must be PCI compliant at every stage of transactions.
- Mobile Payments
There has been a dramatic shift from desktops to mobile devices, and the use of mobile payments is critical to your success in this increasingly digital world. Make sure to use a reliable mobile point-of-sale (POS) system to securely store important customer information.
- eChecks
eChecks through ACH payment processing is another option that enables inputting information from a paper check (routing and account number) into an online payment form.
- Email Invoicing
Email invoicing is an efficient payment option to choose for your small business. Click-to-pay invoices allow customers to see how much they owe and submit their payment information right off the bat.
- Payments Through Applications
Accepting payments through your application (if you’ve developed one) is another valuable option, especially these days. It makes the payment process easier and more convenient for your customers.
- Contactless Payments
These payments are also called “tap-and-go” payments. They require customers to only tap instead of swiping their cards. There is no need to enter a PIN or sign for a transaction.
What Payment Options Your Business Can Offer
There’s more than one payment method you can pick for your growing small business. Take the time to choose the most suitable one and find a resected payment expert to work with.
Author Bio: Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously, and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.