6 Business Payment Options For Your Growing Business

Achieving growth and reaching your business goals requires consistent efforts and dedication. For small businesses, success tremendously depends on good customer relationships that drive a steady stream of revenue. To make sure you strengthen this revenue flow, you have to make your customers' payment journey simple.

Quality and variety of payment methods for small businesses can help you expand and solidify your customer base. These methods also simplify managing payments for your business teams. Their effectiveness creates a win-win situation for both your small business and customers.

Amidst the vast landscape of flexible payment options, you might feel a little overwhelmed. In this blog, you’ll find six payment methods that might align perfectly with your small business and customer base. You’ll also learn how to set up these methods and hit complete pause on manual or outdated payment management right away.

Payment Methods For Small Businesses That Can Make A Difference

Your small business’s customers have unique identities, and their choices and preferences vary. That’s why you have to use small business payment options that work best in your customers' interest. You also have to ensure your business teams can keep up with these options or methods. Let’s explore these six payment methods that can upscale your small business.

1. Credit Cards: Everyone’s Go To Option

Credit and debit cards are a go-to option for many customers. For instance, 93% of adults in the USA have debit cards and 82% have credit cards. These stats clearly say that people love to pay for products and services with their debit and credit cards. That’s why your small business should set up a secure card purchase process at the point of sale.

Your business should also use a payment processing system to track transactions and abide by security measures to keep personal information safe. The system you choose should work according to PCI compliance. A PCI-certified payment processing system company secures transaction history storage, credit card processing, and account storage.

A secure system can prevent possible online threats and scams. Also, only authorized business team members can access secure payment details, and leave no room for data breaches.

2. Mobile Payment Options For Small Business: A Secure Swipe

Mobile payment methods are great for small businesses that are on the move. An mPOS system is better than traditional POS if your small business wants a payment setup with minimal requirements. It can be a simple combination of a smartphone and a credit card reader. This system allows your business to collect payments swiftly.

A good mobile point-of-sale system is easy to use and collects payments from customers’ debit or credit cards anywhere. If your small business provides in-home services, it is a perfect business payment option.

3. ACH Or eChecks For Big Baskets

Small businesses don’t mean small payments, and you might be collecting large or recurring payments from customers. This situation requires a sturdy and quick payment method like eChecks. This method allows your business to receive money through direct withdrawals from customers' bank accounts.

eChecks are similar to paper checks in digital form. They are faster, secure, and get the job done instantly. An eCheck goes through ACH – Automated Clearing House – payment processing system. ACH is a centralized electronic fund transfer system that is cost-effective compared to credit card transactions.

4. Email Invoicing: Click-To-Pay

Consistent payments for small businesses are vital. If you have a service-based small business then email invoicing payment method might be best for you. Click-to-pay invoices are an efficient way to collect payments. They allow your customers to instantly see the amount they owe and complete the transaction in a few steps. All they have to do is fill out their payment information and that’s it.

The plus point of click-to-pay invoices is that it automatically generates receipts in seconds. Once you set up a fully integrated payment system this method can streamline your payment collection process. It can also save your financial data and reports all in one place for easy access. And of course, it will eliminate the need for paper invoices and checks.

5. Online Payment Gateways For E-Commerce

If you are new to the e-commerce world or have a product-based setup, it's best to have a good payment gateway along with a payment processing system in place. Both of these payment environments when embedded within your business sales process will help you streamline cash flow requirements. A good payment gateway also comes with added security measures, so make sure you do your research well before choosing one.

6. Payment Plans: A Flexible Financing Option

All businesses have a high-value service with a big price tag. Now, many customers can’t pay you the entire payable amount at once. That’s why you should offer them flexible payment plans.

This payment option can help you divide the total payable amount into flexible amounts that are ideally distributed over an agreed period. In turn, your small business receives recurring payments. However, you have to partner with a reliable payment plan provider or a flexible financing platform.

For instance, payment plan solutions provided by platforms like Credee can help you streamline cash flow and improve customer accommodation rates. This platform also helps businesses keep track of upcoming payments while simplifying the entire process.

It is one of the best payment options for small businesses prioritizing consistent growth and customer satisfaction.

Payment Methods For Small Businesses	Ideal For Small Businesses
Credit Cards	Any Type of Business Can Accept Credit or Debit Card Payments
Mobile Payment Options	Day Care, In-home Nursing, Pet Care, Beauty and Lifestyle
ACH or eChecks	Beauty or Cosmetic Surgeons, General Dentistry, Childcare Providers
Email Invoicing	Chiropractors, Physiotherapists, Psychiatric Practitioners
Online Payment Gateway	Plastic Surgeons, Cosmetic Dentistry, Medical apparel
Payment Plans	Surgical Cosmetic Treatment, Dental Repair and Construction, Home Improvement, Automotive, Funeral Services, CDL Training Schools, Educational institutions, etc.

Relation Between Long-Term Business Success And Payment Plans

As a small business, one of your long-term goals is to generate steady revenue. It can help you expand your business and provide better services and products to your customers.

Payment plans can allow your customers to enjoy your services. In return, you can strengthen your business cash flow and customer loyalty. Let’s see why you should set up a payment plan system for your small business.

1. Customer Retention

Many customers fail to qualify for traditional financing options. One of the biggest reasons why there are alternative financing methods available in the market. These options have flexibility in terms of no credit checks and better repayment terms.

This means as a small business owner you have an opportunity to approve customers regardless of their credit scores and retain the ones that are often turned down because of cumbersome conditions.

2. Loyal Customer Relationships

Building a loyal customer base is a delicate process, and it takes years of hard work. With flexible payment plans, your business can make customers’ buying journey easygoing. How? Well, the answer is very simple. Some payment plans have an interest-free window. This means that your customers have a winning option to clear that payment within the agreed-upon time frame.

It might seem like a double-edged sword option for small businesses if looked at closely. However, looking at the current trends and customer demands, interest-free financing is one of the best options to strengthen customer relationships.

3. Recurring Payments

With a regular inflow of cash, small businesses are better positioned to weather downturns and financial uncertainties. Small businesses like yours can easily support customer relationships. But that’s not all, with a recurring model, you can easily cross-sell and upsell to customers who are already committed to your services.

How To Set Up Payment Plans?

Setting the right payment plan for your small business is simple as long as you have opted for the right platform. It can allow your business to provide flexible payment plans and set up the frequency of recurring payments.

Payment plans come with additional work of storing customer information, scheduling recurring payments, and more. An authentic third-party payment plan platform can make it easy for you to get this work done in collaboration or independently. A simple integration can make your business’s existing system or website start working with the platform.

Let’s see how to set up payment plans for customers and generate consistent revenue with it.

1. Via Invoices

You can set up a payment plan for your customer via invoices. It is considered one of the simplest ways to offer payment plans. Once a customer opts for a payment plan, you have to divide the payable amount and set installment dates. You also have to add payment terms in your invoices with details like business name, amount, product, service, date, time, location, and more.

Once the plan is created, you can share it with the customer and get a mutual agreement. The payment plan comes into action when both parties agree on it.

Things You Have To Keep In Check

Your customer is already aware of upcoming payments. However, unforeseen events can disrupt their financial budget. That’s why you have to stay connected with them throughout their payment plan duration.

• You have to send interval invoices to the customer according to the payment plan. They act as reminders and keep your customers aware of upcoming payments.
• Ensure that you have shared adequate details about how to pay the installment amount.
• Let your customers know the pros of on-time installment payment and the cons of possible delays.

2. Credee

Payment plans can become one of the best payment options for online businesses or offline ones. This method can be successful if your small business implements it right. With the help of Credee, a payment plan platform, you can provide your customers with flexible payment solutions.

Credee is your one-stop shop for setting up payment plans. It is simple to integrate with your small business website and streamlines revenue flow. It also makes your customers' payment plan journey simple which leads to higher customer satisfaction.

Set Up Payment Plans With Credee

- Many customers don’t get flexible payment plans because of low credit scores. This leads to fewer sales or conversions, and of course, it is not good for your small business. Lucky for you, this won’t be the case once you start using Credee, as the platform has no credit check policy. Also, the 97% approval rate makes it possible for all customers to use your services and products.

- Credee can automate your financing operations. It can end the hassle of sending manual reminders to customers about upcoming payments. Credee sends a payment link to your customers, and they can use it to pay from anywhere.

- All payments are processed through a reliable and highly secure payment processor. Customers can pay using debit cards, credit cards, or bank transfers.

- Credee tracks and manages reports of payment plans for various customers in one place. You can check the reports of ongoing and paid contracts, pending payments, and more.

- When it comes to online business payment options, compliance and security become a sensitive matter. Credee understands this delicate matter and works in compliance with various industry regulations. Your customers’ data and privacy are the top priority of Credee.

Dream Big And Upscale Your Small Business Today

You can streamline accepting payments online and offline with these six payment methods for small businesses. Your small business’s needs and customer base will help you select the best payment method.

Effective and flexible payment plans can be the right choice for most small businesses. It can help your small business drive more sales and build long-lasting customer relationships. Payment plan platforms like Credee can simplify your payment management process and create a stream of recurring revenue. In the long run, it can ensure you stay strong in the business industry and grow consistently.