Having a business means that you need to take a lot of factors into consideration. One of these factors, arguably the most important when it comes to selling goods or services, is payment. How are you going to get paid by your customers or clients? This is a factor that you need to resolve as soon as possible to ensure that you are not losing money because you do not have the best payment solutions on hand. The following list has all the most popular, up-and-coming payment solutions that you can use for your business, whether you work online or not.
1. Bank Transfers
Bank transfers are very direct; however, they do take some time to post on the system. Basically, to use this method, both the business and the customer have to own bank accounts. Nowadays, it is extremely easy to transfer money from one bank account to another, even if the accounts are in two different banks. Bank transfers work best if you are providing a service rather than a direct product purchase since it can take from a half-hour to a couple of working days for the system to show you if the bank transfer worked or not.
2. EMV Payment
EMV was actually created and came into existence in 1993. It is an abbreviation for the three most well-known companies that created the standard: Europay, Mastercard, and Visa. This was and still is an innovation that has made it quite easy for business owners worldwide to receive payments for their goods and services.
The cards issued by these companies have microchips that make it hard for people trying to commit fraud to do so. Recently, as there have been attempts across the globe to hack into customers’ payment information, EMV Payment Solutions online were made possible to securely process payments to avoid these instances from further happening. There are different safe platforms that provide a range of services so you can get EMV payments without any kind of hassle.
With technology becoming an integral part of everyone’s lives, it is not surprising that this innovative payment solution became available to people worldwide. E-wallets are basically electronic or digital wallets that you store money inside. People can transfer and receive money easily by creating an account on the required software. E-wallet transfers are much faster since they work using the internet. The best thing about e-wallets is that they do not require any contact between the seller and customer. The software used is encrypted, which ensures that your personal information is safe, and you are not risking your money when using your e-wallet to accept payments from clients and customers.
Cryptocurrencies are becoming more popular nowadays than ever before. They may not be tangible, but they still hold value. Not many businesses accept cryptocurrencies currently, but over time, more businesses are adapting to the idea of online currencies that they may not see but can still be used and are acknowledged by most countries. It is an option that you can add to your business if you feel like it will bring in more revenue.
5. Prepaid Cards
Prepaid cards are unlike debit and credit cards because they are not actually connected to any kind of bank account. The card has a balance that can be used for online purchases or in stores. Once the balance reaches zero or the low amount needed for making a purchase, the person using the card can actually add more funds if they wish to. It is actually quite common and is a service that many banks offer.
6. Gift Cards
Like prepaid cards, gift cards have a balance on them. However, once it reaches zero balance, the gift card is completely useless. Gift cards are usually offered by the business themselves to customers for certain fees. The customer who buys the card will then gift it to someone else who can purchase whatever they wish to from the business. Sometimes if more than one business is under the same head company, the gift card can be used throughout the different businesses. Usually, the card will have a magnetic strip or a code that the person purchasing the products can use to redeem the value of the card.
Now that you are aware of these six popular payment solutions, it is time to decide which one will work best for your business. Of course, this will depend on what kind of services and goods you provide. Having multiple payment solutions will give potential customers variety and will increase the chances of them buying the products you are trying to sell.