If you are about to move away from cash and start accepting cards on your website and in your shop, you have plenty of options. From simple payment processing companies like WorldPay and PayPal to deals offered by your local bank and business accountant, you will face a hard choice. Below you will find some tips on how to eliminate cash in your business and manage your business finances better.
1. Get an SSL Certificate On Your Website
If you would like to accept payments on your site, you will need to contact your webmaster or hosting company to provide you with an SSL certificate. This will send out a message to customers that they are safe to make a payment and their information is encrypted and cannot be accessed by third parties. Once you have this step completed, you can implement an online payment system.
2. Gain Customer Trust
Even though online payment has been around for a long time, some customers might still be reluctant to give you their details. You need to communicate with them the benefits of making a payment online and the advantages of instant processing. You might want to provide more information on how you handle their payment information and bank details.
3. Sign Up For Google Checkout
While you can get a simple PayPal button or WorldPay processor on your site, you might also want to register with Google Checkout and Google Wallet. This innovative tool does so much more than taking payments. Google lets your customers to create a virtual wallet and takes your payments, while keeping a track of all the transactions. Having a rated store on Google Checkout has several advantages for businesses, and help them gain trust from new customers as well.
4. Get a Card Reader
If you sell to customers in person, you might want to get a payment card reader from your bank or payment processor. Small mobile devices can take the payment in seconds, and allow customers to verify their purchase with their personal pin number. Even if you don’t have a shop and run your business as a consultant, you can offer this customer-friendly service.
5. Set Up Monthly Billing Products
Another good way of moving away from cash is to set up monthly payments for customers. Do you offer yearly packages that you can charge monthly? Send a bill with a recurring payment and your bank details to your customers, and they will set up automatic transfers. You have to handle less cash and they will have less hassle.
6. Move Your Accounting Online
If you have to submit your tax records each year, moving to online payments can make your life easier, too. If all your income and expenses are on the system, you simply have to download them and send them to your tax office. This will make your business budgeting and accounting less stressful.
If you would like to make your accounting simpler and offer customers more flexibility to make payments, you might consider moving away from cash and investing in cashless payment systems.