Alternative Pay Options for your Business
In today’s world of technology, business owners have alternative payment options to accommodate their customer base.The convenience of multiple payment options gives an added sense of pleasure when patronizing a business,whether it is big or small.
Why should you offer payment options?
Convenience is key in business. Multiple payment options are a convenience that can increase sales transactions. As a small business owner, you should drive sales through various channels thatbuild business revenue. In addition to convenience, multiple payment options offer flexibility and security.
Here are some pay options for business owners:
- ACH (Automated Clearing House) Transfers
- Check
- Debit Card/Credit Card
- Mobile Payment
- Direct Debit Payments
- Internet-basedPayments
- PayPal
- Stripe
- Amazon Pay
- Google Pay/Apple Pay
- Wire Transfers
- Venmo
- Zelle
- Cash App
Some of the payment options listed are commonly used. Newer payment options such as PayPal, Stripe, Amazon Pay, Venmo, Cash app, Zelle, Apple Pay, and Google Pay have become popular as technology advances. Credit/debit card payments as well as direct debit payments are the main methods used for online-based businesses. Small businesses mainly use credit/debit cards, mobile payments, bank transfers, direct debits, and ACH transfers.
Payment options such as Venmo and Zelle are trusted by consumers and business owners to make payments. One thing to consider when using Zelle is that they do not report transactions. Zelle does not issue 1099 forms, while Venmo and Cash Appwillissue a 1099 to anyone who earned at least $600.00 in business transactions.
Source: Back, Anthony. “What are Payment Methods Explained: Types and Functions for businesses”. September 2022.
