The ways we pay for the goods and services we buy is changing, but there’s plenty about it that has stayed the same. Cash, credit, debit, and potentially new tech-driven payment methods are vying for space in the world of transitions, and small businesses need to be sure they’re keeping up.
What can we say about cold hard cash? While there are distant rumblings of a cashless society, on a practical level, cash isn’t going anywhere soon. Still, year after year, cash is losing relevance. From 2012, to 2015, the Percent of cash transactions in the US dropped from 40% to 32%. With tech on the rise, there is no reason that this downward trend won’t continue.
Whether credit or debit, plastic is a pillar of the way we pay now, and is essential for almost every type of business, from restaurant to food truck, retail or service company. The thing to be sure about for your business is connecting with the best credit card processing company that can keep your fees reasonable and predictable, and who can meet you with great customer service.
Ah, checks. The payment method of a bygone era—at least, it’s pointing that way. That’s because as a business, the risk of taking a check almost outweighs the benefit. Not only does a bounced check jeopardize your getting paid, there may even be additional fees that come with the botched transaction. Plus, in a world where there are more and more ways to pay, checks are no longer central. Especially for the more mundane purchases, seldom will there be a customer who only has check as a payment method. For a lot of businesses, it makes sense to migrate away from checks.
To the brick and mortar business person reading this and getting ready to skim over it, WAIT! Implementing online payments is not only an option, it’s an increasingly popular way to pay for a wide range of things, from takeaway meals, to household goods, to just about anything else you can think of. It’s the unique mix of control and convenience that makes this hybrid type of transaction different enough to stay around.
There are options, too. While most businesses will set up a shop portal on their websites, some businesses are experimenting with selling through Facebook and Instagram, with potentially more options to come in the neighborhood of social selling.
While there is a certain degree of infrastructure needed to make this option fly, it can really take off, allowing stores to relieve a little of the pressure on their front counters, and even open up added revenue by catering to people who might not come in to the store otherwise. This question of the bottom line is a reason why big box retailers and franchise restaurants are leading the way in adopting this hybrid sales channel. Still, the tech involved should be within the reach of most small businesses that use the best credit card processing companies, and with just a few logistical considerations to facilitate pickup, small businesses implement a successful online to in-store flow.
It’s up to each business to offer as many ways of paying as possible to keep their customers satisfied. Moolah is here to make that easier.