When setting up their very first business, I’m sure that most entrepreneurs will think that accepting payments from their customers will be fairly easy. After all, you just need to accept their cash or card payment, right? Well, unfortunately, it isn’t as easy as that. There are a few things that you need to consider when choosing a payment option to ensure that it is actually worth accepting that method.
So, to ensure that you aren’t bitten by hidden fees or end up locked in a contract for one pointless payment method, it’s worth remembering these pointers. They’ll help you impress your customers, which should lead to an increase in sales!
Offer Various Payment Types
First of all, you need to consider which payment options you are going to accept. If you have a store and will take payments in person, then it’s wise to accept cash and cards. Make sure you choose the best card machine for taking payments, though, as they aren’t all equal. Some will be quite expensive to buy in the first place and might not have all the latest security features. If you run an online store too, it’s worth choosing a couple of reputable payment platforms like PayPal and Stripe. Be sure to go for a well-known name as the majority of customers will recognize it and know they can trust it.
Figure Out Fees
Every card machine and online payment platform will come with fees. Unfortunately, there is no way you will be able to get away from these pesky fees sadly! But it is worth comparing a few different companies who you could go with and then figuring who would offer you the best price. It’s also worth bearing in mind that many of these kinds of companies offer the best deals to new customers. So, it could be worth switching your supplier after a year or so.
Consider Contracts
When you go with a company for a card machine or online payment platform, they might require you to sign a contract. If this is the case, remember that you need to read all the small print very carefully so that you fully understand what you are getting yourself into. This is also the best way to ensure that you aren’t signing up for any hidden fees! The small print will also detail how you can get out of the contract. In most cases, you will need to stay with the company you sign to for a set period of time.
Don’t Forget Customer Service
Every company that offers card machines and online payment platforms will provide their customers with some form of customer service. It’s a good idea how their other customers find this service. After all, no one wants to be stuck with a company that offers bad customer service, especially if you need help fixing a fault with a card machine!
Hopefully, all these pointers help you figure out your company’s payments and choose the best solutions for you!