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List Of Various Payments You Should Accept As A Merchant
Today, a huge number of customers walk out of a store not because they did not find the product they were looking for, but because the merchant did not accept their preferred mode of payment. This has become a very common reason for several businesses' declining profitability. If you are a business owner, you should be mindful of this. Make provisions to accept various types of payments.
Opening a Merchant Account should also be on your list. It is a Business Account that acts as a middleman, allowing you to accept various payments. It allows you both accept payment online and offline. This comes in handy to scale your business to greater heights. You can open an account with any leading bank.
Consider the account features and benefits for choosing a suitable bank. The following are the different payments you should accept as a merchant:
Cash and cheques
Cash and cheques are the most simple and traditional payment methods. A high percentage of payments are made in cash. You need to visit ...
... the nearest bank branch or an ATM to deposit cash and cheque payments in your Merchant Account. The deposited cash or cheque amount typically reflects in your account within a few working days.
Debit and Credit Cards
Debit and Credit Cards are plastic money. They are used to make both online and offline payments. When an offline payment is made, the customer either swipes or taps their card on your POS to pay. In case of an online payment, they enter their card number and authenticate the payment with an OTP. With your Merchant Account, you can both accept payment online and offline.
A payment receipt is generated whether the payment is made online or offline. With an offline payment generally, two receipts are generated, one for you and one for the customer. This ensures both parties have a track record of the payments made.
Digital wallet payments
Digital wallet payments have become very popular in recent times. The customer scans a QR code or enters their UPI ID to make a payment. It’s a simple and quick way to make payments. Generally, digital wallet payments are credited to your Bank Account almost immediately. You are notified about the successful credit to your account via SMS and email.
Direct online transfers
Several customers prefer making direct online transfers. Hence you should strongly consider accepting it. The payment amount is credited to your account almost instantly. Make sure that you set up an efficient payment gateway. You can learn about creating a robust payment gateway on any leading bank’s merchant solution app. On the app, you can learn about various other things about banking and business too. Check it out!
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