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Which payment types should your business accept?

Good question.  There has been a lot of change in the past couple of years when it comes to credit card processing and overall payment options online.  Let’s sort things out.

There are so many different payment options

As payments in 2017 continue to grow digitally, while old-fashioned paper checks continue on the decline in most industry settings, embracing different forms of online billing and ways to accept payments, including EMV (Europay, Mastercard and Visa) and customers’ preferences for mobile options are more and more important.

Did you know?

  • Customers use an average of 3.6 different payment methods each month for their bills.
  • Mobile payment use increased with approximately 40% of online households reporting to have paid a monthly bill through their smart phone.

— According to Fiserv’s 2016 Annual Billing Household Survey.

Improving customer experience and satisfaction means giving serious consideration to the offering of multiple billing and payment methods, including debit transactions.  Balancing customer satisfaction with the reality of multiple billing and payment options to manage is another serious consideration for the merchant.

 

What kind of factors should I be looking at for types of payments?

Every business and what they want to offer is different. Traditionally there were two main types of payments Cash and Check. With today’s evolving technology the customer has plenty of different options to choose from when it comes to payments. Whether your company is just starting up or looking to make a change in payment options it’s good to look at it from your customer’s perspective. Make sure to offer: Convenience, provide customer preferences, security for payments, and operational efficiency. These are several factors to keep in mind when evaluating your future payment options.

  • Accept Credit Cards and Debit Cards Online
  • Payments via eChecks and ACH Processing
  • Mobile Card Present Payments with EMV protection
  • Email Invoicing with click-to-pay and the option of recurring billing

Still unsure of which payment types to accept?

If your still looking around for ideas on payment types, we recommend looking at Digital Transactions recently released 2017 Field Guide to Alternative Payments, 2018 Field Guide to Alternative Payments and the 2019 11th addition of the Fields Guide to Alternative Payments.  Here you’ll be able to take a look at how quickly the number of options has grown.

 

11th Annual Field Guide to Alternative Payments

Contact Evolve Payments

Are you considering making changes to your billing and payment systems?  Let’s have a discussion on the special needs and requirements you have so we can match you with the right payment solutions. Call Evolve Payments at 651.628.4000 or visit or Contact us page to get started. We’re based out of the Twin Cities metro area and serve our customers worldwide.

Post Author: Karlee Onstad