Customer Payment Methods: Choosing the Best One for Your Business

Thursday, March 26th, 2020

13 Customer Payment Methods: Choosing the Best One

To enjoy exponential growth and maintain customer loyalty, you should offer multiple payment methods to your customers. Below, you can find a list of payment types to consider for your customers.

Customer Payment Methods to Consider

When running an online business, you should start offering the right payment options to your customers. This is essential to your business success. So, let’s go through the list below so you can make a choice for you:

1. Good Old Cash

A popular option for physical goods and cash-on-delivery transactions.

2. E-Wallets

58% of all internet users are estimated to be accessing the internet via their smartphones. So, you can’t ignore this method.

3. Personal Checks

Allows for making payments from bank accounts to companies or individuals.

4. Debit/Credit Cards

These are among the most common online payment options.

5. Mobile Payments

Famous for being a quick solution to make eCommerce purchases.

6. Money Order

A paper document used for making payments (prepaid).

7. eChecks Through ACH (Automated Clearing House) Processing or Direct Debits

Other widespread methods to accept payments from your customers.

8. Installment Payments

An installment has to do with a certain amount paid in small parts in a set period of time.

9. Prepaid Cards

Popular among minors or customers without a bank account.

10. Direct Deposit

In this case, banks pull funds out of customers’ accounts to process payments over the internet.

11. Click-to-Pay Email Invoicing

By sending your customers an invoice by email, you can get paid within seconds.

12. Schedule Recurring Billing

Is one of the most popular methods offering increased convenience and timely payments.

13. EMV/Chip-Card Solutions

2015’s liability change made EMV or chip-card solutions a great option for businesses.

To make the right choice concerning payment types and processors, you should work with a trustworthy payment-comparison expert like Best Payment Providers UK. By paying special attention to terms, complaints, and integration, BestPaymentProviders.co.uk guarantees the most reliable reviews of processors at the time of writing.

To sum up, you can reach growth and customer loyalty without offering different payment methods to your customers. So, have a smart customer-payment strategy to boost people’s loyalty and increase sales for your company.