Twollow
  • Tech
    ATS Software

    ATS Software & How it Works

    Tips for Working with Your Web Designer

    7 Great Tips for Working with Your Web Designer

    Virtual Event Software

    Virtual Event Software: What Is It and How Does It Work?

    How Many Questions Can You Ask Chatgpt In An Hour

    How Many Questions Can You Ask Chatgpt In An Hour

    How To Block Mind-Reading Technology

    How To Block Mind-Reading Technology – A Detailed Guide

    IoT Devices

    IoT Devices: Communication Is Key, but How?

    Applying AI and ML in the Manufacturing Industry

    A Comprehensive Guide to Applying AI and ML in the Manufacturing Industry

    Breathe New Life into Your MacBook

    Breathe New Life into Your MacBook Pro With Battery Replacement

    Machine and Equipment Manufacturers

    Machine and Equipment Manufacturers for Industrial Development

  • Apps
    Food Delivery Apps

    Why White-Label Food Delivery Apps Are Best To Start in 2023

    Why Should You Buy Views for Instagram

    Why Should You Buy Views for Instagram | Top Advantages

    News Mobile App

    Best Practices For Creating Engaging News Mobile App

    app development

    InsiderTech No:1 Web Application Development

    Efficient Hosting Solutions

    Why Businesses Should Use Highly Efficient Hosting Solutions for Their Sites

    How To Build Android Apps With Node JS Using Android JS

    How To Build Android Apps With Node JS Using Android JS

    Is Powerapps Service The Future Of App Development?

    How To Make Night In Little Alchemy

    How To Make Night In Little Alchemy?

    How To Make Light In Little Alchemy

    How To Make Light In Little Alchemy?

  • How To
    How to Uninstall Easytune

    How to Uninstall Easytune

    How To Import GTA Vice City Save To IOS

    How To Import GTA Vice City Save To IOS

    unit trusts

    How to Invest in Singapore Unit Trusts

    How To Unlock All Gun Skins in free Fire With Lulubox

    How To Unlock All Gun Skins in free Fire With Lulubox

    solar panels

    Common Solar Panel Concerns and How to Deal With Them

    imei number

    How to Check IMEI Number?

    bong

    How do you manufacture a bong?

    Central heating

    DIY Guide: How To Install A Designer Radiator

    website

    Things That Might Be Wrong With Your Website And How To Fix Them

  • Business
    • All
    • Finance
    How Customer Reviews Affect Your Brand Reputation

    How Customer Reviews Affect Your Brand Reputation

    How to Qualify for an FHA Loan

    How to Qualify for an FHA Loan: Wondering If You’re Eligible for an FHA Loan?

    Ways to Level Up Your Financial Literacy

    Excellent Ways to Level Up Your Financial Literacy

    Investing In Gold

    Investing In Gold: What Lies Ahead?

    Does A Car Accident Affect Motorcycle Insurance & Vice Versa?

    Does A Car Accident Affect Motorcycle Insurance & Vice Versa?

    CRM Mistakes Businesses Make And How To Avoid Them

    5 CRM Mistakes Businesses Make And How To Avoid Them

    Business Benefits Of Learning a New Language

    The Business Benefits Of Learning a New Language

    job change

    What are the Mistakes that you should avoid when making a career change

    wealth management Advisors

    Common Mistakes To Avoid When Conducting Workforce Planning Meetings

  • Marketing
    Positives and Negatives of Outsourcing Your Marketing

    The Positives and Negatives of Outsourcing Your Marketing

    Top 10 online marketplaces in 2023

    Top 10 online marketplaces in 2023: a guide to leading ecommerce platforms

    Tips for Creating an Effective Website

    Business Websites: 8 Tips for Creating an Effective Website

    Importance of Branding in the Health Industry

    The Importance of Branding in the Health Industry

    What is an SMM Panel

    What is an SMM Panel: A Comprehensive Guide for Beginners and the Right Time to Buy an SMM Panel

    Importance of Time to Market on Product Development

    Importance of Time to Market on Product Development

    Local SEO Tips for Struggling Businesses

    Eight Local SEO Tips for Struggling Businesses

    SMM panels to enhance your social media strategy

    Best practices for using SMM panels to enhance your social media strategy

    Reasons Why SMM Panels Are Essential for Your Online Success

    15 Compelling Reasons Why SMM Panels Are Essential for Your Online Success

  • General
    Best Maids Services Near Me

    Get Your Home Spotless with the Best Maids Services Near Me

    Flight Training

    Flight Training 101: Everything You Need to Know

    Punching Bag Online For Boxing

    Buying The Perfect Punching Bag Online For Boxing -Tips And Suggestions

    decorate outdoor

    5 Outdoor Decorating Trends That Are Shaping 2023

    How Long After A Vasectomy Can I Drive A Car

    How Long After A Vasectomy Can I Drive A Car

    Preparing For Your First Client Meeting

    10 Tips On Preparing For Your First Client Meeting

    Damon Salvatore Rule 34

    Damon Salvatore Rule 34: Everything You Need To Know 

    Online Radio Proxy

    Use An Online Radio Proxy To Listen Anywhere In The World

    best coffee bean grinders

    Coffee Packaging Guide for Summer 2023

  • Reviews
    Development of Cryptocurrency

    A Crypto.com Overview

    Ophthalmology eyesight examination

    Red Light Therapy Devices for Eyes: Where to Buy

    text to speech

    Best Text to Speech Converters Reviewed

    air purifier

    Where Can You Find the Best Air Cleaner Pro Reviews?

    How to Choose a Cheap Hosting

    Liquid Web Reviews: A Look At A Reliable Hosting Company

    Ionic Training

    Get Ionic Training and Improve Your Career Options

    Learning Experience

    Salesforce DX myTrailhead to Customize the Learning Experience

    Best Web Hosting Services

    10 Best Web Hosting Services 2018

    Honey Chrome Extension Review

    Honey Chrome Extension Review – Is It Scam Or Real?

  • Featured
No Result
View All Result
  • Tech
    ATS Software

    ATS Software & How it Works

    Tips for Working with Your Web Designer

    7 Great Tips for Working with Your Web Designer

    Virtual Event Software

    Virtual Event Software: What Is It and How Does It Work?

    How Many Questions Can You Ask Chatgpt In An Hour

    How Many Questions Can You Ask Chatgpt In An Hour

    How To Block Mind-Reading Technology

    How To Block Mind-Reading Technology – A Detailed Guide

    IoT Devices

    IoT Devices: Communication Is Key, but How?

    Applying AI and ML in the Manufacturing Industry

    A Comprehensive Guide to Applying AI and ML in the Manufacturing Industry

    Breathe New Life into Your MacBook

    Breathe New Life into Your MacBook Pro With Battery Replacement

    Machine and Equipment Manufacturers

    Machine and Equipment Manufacturers for Industrial Development

  • Apps
    Food Delivery Apps

    Why White-Label Food Delivery Apps Are Best To Start in 2023

    Why Should You Buy Views for Instagram

    Why Should You Buy Views for Instagram | Top Advantages

    News Mobile App

    Best Practices For Creating Engaging News Mobile App

    app development

    InsiderTech No:1 Web Application Development

    Efficient Hosting Solutions

    Why Businesses Should Use Highly Efficient Hosting Solutions for Their Sites

    How To Build Android Apps With Node JS Using Android JS

    How To Build Android Apps With Node JS Using Android JS

    Is Powerapps Service The Future Of App Development?

    How To Make Night In Little Alchemy

    How To Make Night In Little Alchemy?

    How To Make Light In Little Alchemy

    How To Make Light In Little Alchemy?

  • How To
    How to Uninstall Easytune

    How to Uninstall Easytune

    How To Import GTA Vice City Save To IOS

    How To Import GTA Vice City Save To IOS

    unit trusts

    How to Invest in Singapore Unit Trusts

    How To Unlock All Gun Skins in free Fire With Lulubox

    How To Unlock All Gun Skins in free Fire With Lulubox

    solar panels

    Common Solar Panel Concerns and How to Deal With Them

    imei number

    How to Check IMEI Number?

    bong

    How do you manufacture a bong?

    Central heating

    DIY Guide: How To Install A Designer Radiator

    website

    Things That Might Be Wrong With Your Website And How To Fix Them

  • Business
    • All
    • Finance
    How Customer Reviews Affect Your Brand Reputation

    How Customer Reviews Affect Your Brand Reputation

    How to Qualify for an FHA Loan

    How to Qualify for an FHA Loan: Wondering If You’re Eligible for an FHA Loan?

    Ways to Level Up Your Financial Literacy

    Excellent Ways to Level Up Your Financial Literacy

    Investing In Gold

    Investing In Gold: What Lies Ahead?

    Does A Car Accident Affect Motorcycle Insurance & Vice Versa?

    Does A Car Accident Affect Motorcycle Insurance & Vice Versa?

    CRM Mistakes Businesses Make And How To Avoid Them

    5 CRM Mistakes Businesses Make And How To Avoid Them

    Business Benefits Of Learning a New Language

    The Business Benefits Of Learning a New Language

    job change

    What are the Mistakes that you should avoid when making a career change

    wealth management Advisors

    Common Mistakes To Avoid When Conducting Workforce Planning Meetings

  • Marketing
    Positives and Negatives of Outsourcing Your Marketing

    The Positives and Negatives of Outsourcing Your Marketing

    Top 10 online marketplaces in 2023

    Top 10 online marketplaces in 2023: a guide to leading ecommerce platforms

    Tips for Creating an Effective Website

    Business Websites: 8 Tips for Creating an Effective Website

    Importance of Branding in the Health Industry

    The Importance of Branding in the Health Industry

    What is an SMM Panel

    What is an SMM Panel: A Comprehensive Guide for Beginners and the Right Time to Buy an SMM Panel

    Importance of Time to Market on Product Development

    Importance of Time to Market on Product Development

    Local SEO Tips for Struggling Businesses

    Eight Local SEO Tips for Struggling Businesses

    SMM panels to enhance your social media strategy

    Best practices for using SMM panels to enhance your social media strategy

    Reasons Why SMM Panels Are Essential for Your Online Success

    15 Compelling Reasons Why SMM Panels Are Essential for Your Online Success

  • General
    Best Maids Services Near Me

    Get Your Home Spotless with the Best Maids Services Near Me

    Flight Training

    Flight Training 101: Everything You Need to Know

    Punching Bag Online For Boxing

    Buying The Perfect Punching Bag Online For Boxing -Tips And Suggestions

    decorate outdoor

    5 Outdoor Decorating Trends That Are Shaping 2023

    How Long After A Vasectomy Can I Drive A Car

    How Long After A Vasectomy Can I Drive A Car

    Preparing For Your First Client Meeting

    10 Tips On Preparing For Your First Client Meeting

    Damon Salvatore Rule 34

    Damon Salvatore Rule 34: Everything You Need To Know 

    Online Radio Proxy

    Use An Online Radio Proxy To Listen Anywhere In The World

    best coffee bean grinders

    Coffee Packaging Guide for Summer 2023

  • Reviews
    Development of Cryptocurrency

    A Crypto.com Overview

    Ophthalmology eyesight examination

    Red Light Therapy Devices for Eyes: Where to Buy

    text to speech

    Best Text to Speech Converters Reviewed

    air purifier

    Where Can You Find the Best Air Cleaner Pro Reviews?

    How to Choose a Cheap Hosting

    Liquid Web Reviews: A Look At A Reliable Hosting Company

    Ionic Training

    Get Ionic Training and Improve Your Career Options

    Learning Experience

    Salesforce DX myTrailhead to Customize the Learning Experience

    Best Web Hosting Services

    10 Best Web Hosting Services 2018

    Honey Chrome Extension Review

    Honey Chrome Extension Review – Is It Scam Or Real?

  • Featured
No Result
View All Result
Twollow
No Result
View All Result

8 Types of Customer Payment Options for Modern Businesses

by Muhammad Irfan Bajwa
September 23, 2021 - Updated on October 4, 2022
0
payment options for business
Share on FacebookShare on Twitter

Many first-time business owners say that they are willing to accept any payment option as long as they get paid. However, this is not realistic because there are so many payment options floating around, and it is not possible to accept all of them. Further, all the payment options available to businesses have nuances that business owners need to understand before they choose any of them. Some payment options are less secure than others, while some are very expensive to process. Before allowing customers to use a payment option, therefore, it is important to examine it carefully. This guide is meant to help you understand the most popular payment options and decide which of them would be best for your business.

Cash

Cash has been the major form of payment for a very long time. It is sad to see that it is going out of favour with younger people. Cash is a great option for businesses that do lots of smaller transactions for which paying the processing fees for each transaction would not make sense or be financially feasible.

Cash is such a great payment option because everyone understands it and it does not require anything to process. Businesses only need to collect the money and deposit it in a bank account at the end of the day, week or month.

Cash does come with some downsides, though. One of these is documentation. Documentation is very important for taxation, auditing, as well as finding out the general health of the business. Because everything is done manually when you accept cash, the documentation can be tedious and prone to mistakes and this is one of the reasons why businesses are moving away from cash.

The second major problem with cash is theft. Businesses that accept cash transactions must hire the right people and do their due diligence during the hiring process. For businesses that accept cash, the cash will be sitting in a register or somewhere someone might steal it. This means businesses have to incur extra costs to add safes and other security measures to protect themselves from cash theft.

Credit and Debit Cards

Credit and debit cards solve many of the problems businesses face when they accept cash and they are also convenient for customers. While payments made using credit and debit cards can be expensive for businesses to process, plastic payments have become so popular that businesses have to adjust and receive them.

Using credit and debit cards produces records which makes things easier when businesses are auditing their accounts or need to produce reports. This saves businesses a lot of time, money, and headache as it is easier for businesses to account for everything paid by their customers.

Credit cards also eliminate the risk of cash being stolen, although they do introduce the issue of fraud, especially in online businesses that cannot verify the identity of a cardholder easily. The good news is that there are a few things businesses can do to protect themselves from credit card fraud.

Lastly, businesses have to incur the expense of purchasing credit card readers. However, this is something a lot of businesses don’t have to worry too much about because these expenses are often included in the calculations for starting the business.

Mobile Payments

Tech companies like Google, Samsung, and Apple hedged that mobile payments would transform the way we transact and how businesses accept payments. The adoption of mobile payments has been low, and this is thought to be because of the use of credit cards. Mobile payments seem to add some friction to the payment process that a lot of people do not like.

However, experts attest that these tech companies were right because there has been some growth in the number of people using mobile payments and even international wire transfers over the last few years. This number is expected to keep ticking upwards as Gen-Z gets enough buying power. Gen-Z seems to be the group that will embrace everything that can be done on a mobile device, including mobile payments.

Apart from the equipment and tech to accept these payments, there aren’t any significant downsides to using mobile payments. Businesses get all the same upsides they get by accepting credit and debit cards, without any of the downsides.

Businesses also get benefits like easier reporting, transactional security, reduced instances of fraud, and many others.

Cryptocurrencies (Bitcoin)

Interest in cryptocurrencies such as Bitcoin and Ethereum has been growing for years now and it is great to see businesses starting to accept it as a form of payment, at least on their online platforms. Cryptocurrencies do have their own complications – one of the most notable ones being their volatility – but they also have a lot of benefits for both businesses and their customers.

For example, they help those doing international business from having to deal with exchange rates or currency conversions, it allows businesses to save money on transaction fees, it enables faster transactions, and so much more. Businesses that want to ensure their customers remain anonymous also benefit greatly from accepting cryptocurrencies.

Businesses that decide to accept cryptocurrencies must understand that the government treats cryptocurrencies used to purchase goods or services as income and businesses must report this income for taxation purposes. Canadian businesses need to understand what is considered business income, how to calculate their Canadian Cryptocurrency tax as well as what to do in case of underreporting or failure to report.

This Canadian cryptocurrency tax guide from WealthSimple takes an in-depth look at crypto taxation in Canada to help businesses and individuals understand it. In addition to their detailed guides, WealthSimple also provides businesses with some helpful tools to help them invest in crypto and stocks, pay taxes, and everything in between. They handle investments for individuals as well as some of the largest companies in the world and ensure all investments and assets are protected using the latest security measures.

Checks

Checks remain an option for many businesses but they are not an ideal payment option, primarily because of how insecure they are. Sometimes Checks often contain a lot of personal and sensitive business information on them which means misplacing one might lead to personal identity at best and lots of financial issues for the business in the future.

Another downside is that checks can be faked very easily. Because of how good some people have gotten at faking checks, businesses might not know they have been defrauded until after they try to cash the check.

Even with all their downsides, checks remain a viable option for business customers who make large, regular payments to a business. The good news is that businesses and customers can use high-security checks to prevent fraud.

Bartering

For many people, bartering is an outdated practice that should not be mentioned in the same context as modern payment options. However, bartering can be a useful payment option for businesses that might not have cash but that have something other businesses may want.

For example, a web designer might decide to write website copy for a marketing firm if they decide to do an SEO audit on their website. Bartering is less favorable than other payment options and this is why many businesses would not accept it but it can still be useful in specific cases.

Money Orders

The Money orders are very similar to checks because they are paper documents used to make payments and are accepted by both parties as legal payment methods. Money orders are very secure as they come with several security features to prevent counterfeiting and to ensure only the intended recipient can receive the payment. For the security gestures, money orders come with a serial number, polarized ink, and a security code.

The sender has to also provide details about themselves as well as about the sender to ensure the right person cashes a money order. Identification may also be required to send and cash a money order, which improves its security further.

Money orders are a great replacement for cash and checks; they cannot benefit anyone who steals them and they do not reveal details that can be used in an identity theft scheme. Money orders also do not bounce like checks could because they are already paid for by the time they are sent out.

ETF Transfers

Bank transfers in Canada are done through the Electronic Funds Transfer System (ETF) which is the bedrock on which most of Canada’s payment industry is built. ETF connects accounts directly so that senders can send money instantly. ETF will check that the sender’s account has the necessary funds before withdrawing the funds to send them to the recipient. This means there is no way to send money using ETF if you do not have enough money in your account.

There are lots of ways that customers can pay businesses for services rendered and for goods purchased. It is up to businesses to weigh the pros and cons of each method to choose those that work best for them, and that is fast, secure, and easy for them and their customers to use.

Tags: payment optionstypes of payment options
Muhammad Irfan Bajwa

Muhammad Irfan Bajwa

Irfan Bajwa is an emerging business enthusiast and passionate blogger and writer on a versatile level.

Related Posts

How to Qualify for an FHA Loan
Finance

How to Qualify for an FHA Loan: Wondering If You’re Eligible for an FHA Loan?

Texas is the second-largest state in the United States, with a diverse population of over 29 million. The state is...

by John Morris
May 18, 2023
Ways to Level Up Your Financial Literacy
Finance

Excellent Ways to Level Up Your Financial Literacy

In today's world, having a good understanding of your finances is crucial. Financial literacy is essential to manage your money,...

by John Morris
May 17, 2023
Investing In Gold
Finance

Investing In Gold: What Lies Ahead?

As the world continues to grapple with a pandemic that has rocked economies and upended social norms, investors are turning...

by John Morris
May 16, 2023
Businesswoman Looking At Financial Report
Finance

How to Ensure Financial Health of a Company

A company's financial health determines its outlook. A firm can stay afloat or suffer after making bad decisions with its...

by Tom Fogden
March 23, 2023 - Updated on April 8, 2023

Recommended

Best Maids Services Near Me

Get Your Home Spotless with the Best Maids Services Near Me

May 23, 2023
Academic Success

Academic Success – 5 Good Habits To Help You Through College

May 22, 2023
Food Delivery Apps

Why White-Label Food Delivery Apps Are Best To Start in 2023

May 19, 2023

Who We Are

Twollow is one of the leading tech and business blogs, that is dedicated towards updated Technology & Business news, reviews, Apps, how-to, smart tricks, and tweaks.

Follow Us

  • Facebook

Categories

  • Apps
  • Business
  • Education
  • Featured
  • Finance
  • General
  • How To
  • Marketing
  • Reviews
  • Security
  • Tech
  • Uncategorized

Top Posts & Pages

  • 100+ Free Premium Minecraft Accounts & Passwords (Tested 2023)
    100+ Free Premium Minecraft Accounts & Passwords (Tested 2023)
  • The Importance Of Product And Material Control For Your Business
    The Importance Of Product And Material Control For Your Business
  • How Much Weight is Allowed in a 20 ft and 40 ft Container?
    How Much Weight is Allowed in a 20 ft and 40 ft Container?
  • Top 15 iCloud Bypass Tools 2022
    Top 15 iCloud Bypass Tools 2022
Best Maids Services Near Me

Get Your Home Spotless with the Best Maids Services Near Me

May 23, 2023
Academic Success

Academic Success – 5 Good Habits To Help You Through College

May 22, 2023
Food Delivery Apps

Why White-Label Food Delivery Apps Are Best To Start in 2023

May 19, 2023
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • Disclaimer
  • Cookie Privacy Policy

No Result
View All Result
  • Home
  • Security