Thanks to advancements in technology, businesses can now accept payments for their goods and services in different ways. The common payment methods businesses can use include cash, bank transfer, check, credit card, internet banking, mobile transfers, cryptocurrency, and automatic payments. Cryptocurrency is still fairly new to the group and isn’t very common with businesses, especially the small ones.
Payment by cash is the most common and preferred payment method for offline stores, mostly because it is straightforward. However, cash is the least secure of all the payment methods; it can be easily stolen or misplaced. Checks are also a popular payment method for growing, service-based companies. While they are less vulnerable to theft like cash, they are also not secure; sometimes, checks bounce.
Credit cards are convenient and more secure, but transactions attract a fee. Meanwhile, bank transfers are also a safe, free, and straightforward payment method. You will need to provide your bank details, including your account and routing number. Online payments such as PayPal are quick to process, secure, and convenient payment methods, but they attract a transaction charge. If you’re in e-commerce or run an online business, you should consider setting up your business to receive payments online via any of these means.