How to Handle your Business Payments Faster and with Ease
Businesses offer their clients a range of invoices to help them get paid for their services and attract their payment methods. Business must select the payment methods that work for their specific business model and meet the need of your customers. Make sure you enlist your accepted payment methods on all your invoices, within the payment terms section of the documents. In that way, you can avoid confusion of your clients, which can slow down the payment process. Here are the method of to handle your business payments faster and with ease.
Different payment methods:
There are a variety of payment methods businesses can accept to receive payments for the invoice they create. All of the payment methods are given below.
Cash is often the preferred payment method for all kinds of business since there are no transaction fees or processing times associated with it. However, cash is the secure payment method. It’s vulnerable to theft and loss. The business that accepts cash is also more likely to have their taxes audited because there are fewer paper trails associated with cash.
You can request your client to do direct transfers from their bank account to your business bank account, which is also called an ACH (Automated clearing house) credit transfer. To accept bank transfers from your clients, you will need to provide them with some of your banking information, including your routing and account number as well. Bank transfers are easy, simple, quick, and free to send. They’re a secure and faster option for accepting payments from your clients.
Credit cards are a convenient payment method that offers a certain level of security protection and quick service. To accept the credit card payment then you will need to set up the merchant account through a bank or payment service provider. You will be charged a transaction fee whenever you accept a credit card payment from a customer.
You can accept online payments from your customers by credit card and debit card to get paid quickly and securely. To accept online payments you will need to sign up for an online source, just like PayPal or stripe. If you are using any cloud-based accounting solutions so you have the option to accept online payments directly through your accounting software. Online payments are quick to process and it also secures for you and your client. You have to transaction fee each time when you receive an online payment.
Mobile payments are also a convenient payment option, particularly for businesses that conduct their services on sites, such as contractors and landscapers. To accept mobile payments, you will need a mobile payment reader that attaches to your smartphone and process payments through an app, such as Square. Mobile payments are a fast payment option and you will receive your funds in your bank account within a few hours or days. You will be charged a transaction fee for each mobile payment transaction that you are processing.