As a small business owner or retailer, you cater to various types of customers. Some may buy in bulk, while others may make regular purchases. This changes the method they use to pay. Hence, it is essential to have multiple payment options available for every customer not to lose sales.
Now, the wave of technology and digital evolution has increased the acceptance of online payment methods. While this is the ideal way to receive payment considering the circumstances and adaptation, it helps to know the varieties you can include. It is essential to satisfy all kinds of buyers.
Find the list of different modes as follows:
Cash transactions: Despite the rapid growth of digital payments, not everyone has become acquainted with them. So, including the option of cash payment becomes essential in a country like India. People prefer paying by cash for small transactions and in retail outlets. Hence, this mode is inevitable. This method does not come with any fees or waiting time. You get payments instantly and conveniently.
Mobile payment: The increasingly popular way of making payments through money transfer apps, mobile wallets and near field communication technology is here to stay. It enables the customers to pay on the go without any hassle. It is the most convenient way to accept payments. You also get to track such transactions easily, just like the point of sale portal if you have a merchant app to manage them.
Speaking of smartphone payments, United Payment Interface is growing in India. This enables you as a retailer to get paid quickly by having a Quick Response code scanner on your outlet. It is the quickest method to get instant cashless payments that directly credit to your linked account. The set-up process is also simple and easy, with numerous UPI apps available.
Card payments: This is especially useful when you have a point of sale terminals. It enables the customers to quickly pay by swiping their debit or credit cards for their purchases. It is an ideal way to receive payment for big chain superstores where the transactions require hefty billing. You connect them with integrated management systems to generate invoices and maintain customer data.
Payment gateway: If your business has a steady online presence, just like your offline branch, you can tie up and integrate a payment gateway on your website to ease the process of payments. This is useful if you are a service provider and have appointment booking provision online or have pre-order facilities. The uses are varied depending on your business type.