Offering online payment options
If you're a business owner, one of the best things about you can offer your customers and clients is online payment options.
With online options like these listed below, quick payments and receipt funds can be a thing from today!
- ACH (Automated Clearing House) services like Stripe and Paypal
- credit and debit cards
- direct deposit
While there are a range of online payment options available, the important thing is to choose a provider, or providers, that can integrate with your accounting software.
By doing this, you can add a super-simple payment button to your invoices, which makes it easier for customers and clients to pay you and, therefore, helps you get paid quicker.
The average fee charged by a merchant service provider is 2-4% of the transaction amount. For Direct Debit it’s usually under $2 per transaction.
Something to consider is that for online payment for invoices over a certain amount, the credit and debit fees can be quite significant. Also, it can be expensive to process transactions when there are multiple customers and clients.
Because the cost of processing online transactions can be significant it’s important to take these charges into account when considering how much you charge for your products or services.
There are a number of apps available that can help you price your products or services. Some of these apps focus on cost-plus pricing, while others use value-based pricing. Ultimately, the right app for you will depend on your specific business needs and goals.
Businesses who offer their customers and clients the option of paying online should see a big improvement when it comes to getting paid.
While not all of your customers and clients will use the online option, many will, which means the time it takes to get paid will reduce – improving your cash flow.
Online payments can also help strengthen your customer/client relationship as anything that makes a process easier is usually appreciated.
We can help you implement the appropriate apps to set up online payments, so feel free to get in touch.