Why Is it Important to Accept Multiple Forms of Payment?

Why Is it Important to Accept Multiple Forms of Payment?

In the digital age, it can be tempting for a small business owner to only accept credit cards. For older business owners, cash-only businesses are the gold standard. To workers in the gig economy, peer-to-peer payment apps are the norm. All these payment methods have unique benefits and ensuring that your point-of-sale system, or POS system, can handle them can be a huge asset.

Benefit Of Cash

There is an old saying that “cash is king.” In many ways, that’s still true. Cash is notoriously easier to use. Even if your POS system is a calculator and a balance sheet, your business can accept cash. It’s a more secure payment. Dollar bills are physical, meaning they can be touched, and handled in hand by you, your employees, and your customers. A cash payment cannot be declined due to a banking error or lost if an app experiences a system error. A bad investment by a financial institution won’t harm you. The permanency of dollar bills brings meaning to the term “cash is king.”

Benefit of Credit Cards

A problem with cash is that your customers are less likely to carry it nowadays. Even if they’re holding cash, they’re likely carrying lower quantities. A credit card with a $500 balance is substantially safer than carrying the same amount of cash. People spend more money when they use credit cards. A lot more. According to Forbes, consumers spend up to 100% more when they pay with a card versus paying with cash. A point-of-sale system that accepts cards can double a business’s profits.

Benefit of Peer-To-Peer Payment Apps

Cashapp, Venmo, and Paypal are all known as peer-to-peer payment apps, and they are the lifeblood of the gig economy. More people today either freelance full-time or freelance on the side to get extra spending money. Accepting these apps gives your business an extra level of accessibility and convenience for your customers. Everything your POS system does for your customer’s convenience is more profitable for your business.

Accept Multiple Forms Of Payment

The customer is always right. Consumers are using multiple methods to pay for products. They’re using cash and card. They’re using PayPal and Venmo. In the competitive business world, offering your customers better service leads to higher profits. Call BOSTON NORTH COMPANY today to set up your POS system to accept multiple forms of payment.

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