Alternative forms of payment are becoming more and more popular with business people. There’s something smart about this approach: the more forms of payment you can offer, the more likely it is that you’ll get paid!
This doesn’t necessarily mean you should advertise this; if you loudly proclaim your acceptance of some of these forms of payment, you may be taken advantage of. At the end of the day, it’s always better to get cash or a regular credit card transaction for the full amount. Still, with these options on the table, you’ll increase your potential customer base.
Going mobile
Mobile phones are more involved in the payment process than ever. There are virtual wallet options such as Apple Pay and Google Wallet that more merchants are working towards accepting. Many merchants can also getting credit card reader for their smartphones, which can be extremely useful if you’re a freelance or travelling businessperson.
Mobile options are also great if you want to speed up the in-store checkout process while in a store. Some merchants are also looking into getting paid by the customer’s mobile provider. The payment is made to the merchant, then the owed amount gets added to the customer’s phone bill. You might want to consider high risk credit card processing if your business is unusual.
Financing
If you’re selling items that are particularly expensive, then people are always going to um and ah about their decisions. Even if they have the money at that point and really want the item, people really don’t like to drop so much money at once.
This is a feeling that can be avoided if you look into financing, or payment plans. This is something you can read more about here. Some business owners may be reluctant to give this a chance, seeing as it involves you delivering a product before you’ve received even a significant portion of its value! However, with the right scheme and legal protection, it’s really a very reliable practice. Without payment plans such as this, the more expensive items on the market would rarely ever get a sale!
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Cryptocurrency
This is a distinctly modern option that, understandably, is still making a few business owners a little uncomfortable. They tend to know that it’s an acceptable and even powerful form of payment, but because they don’t understand it very much they tend to worry about its ultimate value, as well as how they can go about turning it into the sort of currency that other businesses will accept.
Cryptocurrency (the most famous of which, of course, is Bitcoin) – has been making headlines since its inception back in 2008. (Strange to think that it’s been nearly ten years – although, given how advanced it is, one could be forgiven for thinking it’s been around for longer!) But a lot of business owners, simply don’t understand how the whole thing works; it’s too abstract. There also tends to be some confusion when it comes to legal or ethical concerns. While it’s true that you need to be cautious when it comes to your implementation method, accepting Bitcoin is actually easier than some people think, and it can be a great strategy for new businesses.