Payment Collection for Small Business: QuickStudy Laminated Reference Guide to Customer Payment Options

Table of Contents

Did You Know?

Who Is This Guide For?

Payment Methods Businesses Offer

The Size & Nature of What You Do

Evaluating the Cost of Doing Business

Security & Precautions

Returns & Refunds

Being Nimble

Tactics for Success

Did You Know?

U.S. businesses sold $15.6 trillion worth of goods in 2016.

The use of cash dropped 7% over the past 10 years.

The use of paper checks fell 34% over the past 10 years.

All forms of cashless transactions increased in volume by over 45%.

In one year, $63.8 billion was spent using debit cards, and $31.4 billion was spent using credit cards.

One in twelve purchases is made online.

Who Is This Guide For?

Individuals and merchants of all sizes require solutions that are priced fairly, don’t require a degree in figure-it-out-ology, and help minimize financial risk. Sales and marketing experts are adept at convincing people that they should want something, whether or not it benefits their business. Sales ethics vary between merchants, so before considering a purchase, the prudent individual:

Speaks to industry peers

Consults with several reputable vendors

Reads user manuals

Puts their hands on actual systems

This guide is for any size business where the number of decision-makers is small. While every industry has unique challenges, there is no reinventing the wheel required. There is a powerful and reliable solution for everyone. Lawyers, doctors, auto detailers, carpet cleaners, housekeepers, artists, eBayers, Amazonians, and Etsy-ers; people who sell at trade fairs; people who operate boutiques, restaurants, food trucks, gift shops, and auto repair locations; and any other small-to-large company will benefit from the information offered in this guide.

Payment Methods Businesses Offer

Cash

This payment method continues to play a key role in customer spending.

It is the leading payment method for small-value transactions and is sometimes used for relatively largervalue transactions.

It remains an important payment method for lowerincome customers.

Roughly 40% of purchase transactions are made with cash, but it only represents 14% of total customer spending.

Benefits of Accepting Cash

You will attract the cash-only customer.

The money is in your hands immediately.

You will never be subject to a chargeback.

There are no bank fees or merchant accounts required and no equipment to buy.

Drawbacks of Accepting Cash

Your business will need to keep sufficient