PDA

View Full Version : List all of the payment methods that you accept



KingHippo
09-04-2008, 11:02 PM
I'm trying to think of all of the possible ways that you can receive payment for a product and the pros / cons of each. Offhand I can think of:

Mastercard
Visa
Discover Card
American Express
PayPal
Personal Check
Money Order
Cash In An Envelope

If you can comment on how some of these worked for your business, that would be great. :)

Evan
09-05-2008, 12:20 AM
I accept all of the above.

Credit cards have a cost to accept, which needs to be factored into your normal cost of business. You'll find this may be one of the most preferred ways people pay. Finding the lowest cost can be challenging, and no one system is best for all businesses. It really does depend on volume, whether you're process any transaction in person, or everything is all online.

PayPal is still expanding, and lots of major businesses are now trying to accept it. I think it's nifty to offer it. Seeing as the costs only relate to the transactions being processed, this is one of the cheapest options and should almost always be on your list.

Personal (or business) checks are fine, I've rarely encountered an issue. Though they do occur. As long as the account and bank exist, most banks will process the check even if there isn't sufficient cash in your customers account. They'll get whacked with a fee, not you. Still some backs will not process anything that'll overdraft their customers account. It seems like they're consistent with that, as any issues I've had was with the same bank. (Small, local bank.)

Money orders are just as good as checks. I think I've had only one person pay me this way, but it is possible the money order is fake.

Cash is always good. Though you certainly don't want to mail cash... so that's good only if you're seeing people in person. I do know people who DO mail cash payments and haven't encountered a problem. It's just that one time you do though.

orion_joel
09-05-2008, 01:21 AM
Another option is Direct Bank Transfer. Also there is the EFTPOS card, where they just select Saving or Cheque, i think this usually lowers your merchant cost, but i think there is still something there.

Other payment options or not really payment but ways to move money around at coming up. In Australia (so i would assume elsewhere as well) some banks are starting to offer Visa Debit Gift Cards, So you go to the bank pay $50 (plus a fee usually about $2 or $3) and then the card can be used anywhere Visa can be.

There are i think a few other methods starting to appear for different area's. Like one of the local transport companies in Brisbane has started using a system were you can put $X on a swipe pass, and then whenever you get on the bus and off the bus you swipe the pass and it automatically calculates and deducts the correct fare for that trip.

I think at the end of the day though almost all payment solutions will eventually end up back at Cash, Cheque, Electronic Transfer or Visa. There are i believe currently few other ways banks are working to offer payment options as yet.

Leatherneck
09-05-2008, 04:06 PM
I accept Visa, Master Card, checks. I'm thinking with the housing market down, and people may be short of cash that some people in desperate need of a fence might use there credit cards in means of having it now instead of saving for it.

There are a lot of people who need fences for a purpose instead of just esthetic reasons.

KristineS
09-05-2008, 04:17 PM
Our companies accept checks, money orders, credit cards and the online companies do take Paypal.

Evan
09-05-2008, 07:02 PM
I think at the end of the day though almost all payment solutions will eventually end up back at Cash, Cheque, Electronic Transfer or Visa.

Though MasterCard, Discover, and American Express are also large players. MasterCard is Visa's biggest rival :)

Aaron Hats
09-06-2008, 11:20 AM
We accept MC, Visa, AMEX, Discover, cash, PayPal and Google Checkout. We don't take checks in-store but if an online customers wants to pay with one we'll take it but wait 1-2 weeks for it to clear before shipping product. We only added PayPal and Google Checkout a couple months ago and people immediately started using it, more PayPal than Google. I don't know if these customers would have just used a credit card if we didn't offer those payment options but I'm glad we started using them.

Evan
09-06-2008, 03:11 PM
I don't know if these customers would have just used a credit card if we didn't offer those payment options but I'm glad we started using them.

I think people just trust the security of PayPal over just "anybody's" shopping cart. So instead of having to fork over their credit card number, they feel PayPal is a bit more secure.

For those concerned about identity theft online, many credit card companies now let you generate a CC # for online purchases. You could use it more than once, or just as a one-time deal with a specific dollar limit. I've used this a few times and enjoy the extra layer of security.