Putting your business into a category of one, and being better than your competitors at that one thing requires focus. Instead of trying to be great at many things, focus on the one thing that can make your business famous, Geekdom Media co-founder Lorenzo Gomez advises.
In his episode of our San Antonio Business Heroes podcast, Lorenzo shares his thoughts about leveraging your business’s strengths.One of the easiest ways for your small business to boost sales is by offering your customers a variety of payment options. You’ll be able to seize every possible sale on any given day, and provide buyers with a choice in how they’ll complete a purchase.
Choosing Your Payment Methods
Whatever types of payments you decide to accept will have an effect on your overall cash flow. It’s important to create a positive shopping experience for your customers with transactions that are seamless, secure, and reliable. Make sure you’ve already opened your own business bank account before you begin accepting payments.
Credit and debit card transactions require a merchant services account, or a partnership with an independent payment processing service. Every transaction comes with a processing fee, and you’ll also have to pay for any required equipment installation. Protect yourself against fraud with an EMV (Europay, Mastercard, and Visa) chip reader — it’s the standard for processing cards fitted with computer chips.
Your business bank account is the only thing you’ll need to receive check payments. But be sure to institute strict guidelines for accepting checks so that you don’t take in any fraudulent ones. You can even enlist a third party service to help with authentication.
The fastest and easiest way for a small business to function is to run as a “cash only” operation. Invest in a register or safe to secure any large amount of cash. If your business receives more than $10,000 in cash from a single customer, you’ll have to report it by filing Form 8300 with the IRS.
Use an online payment service to accept payments via your online store. They’ll accept credit and debit cards, and other common online money transfer services like PayPal, Venmo, Zelle, and Google Pay. Some of these service providers even supply shopping cart services to small businesses for free. A virtual shopping cart is mandatory for tallying order totals, taxes, and shipping costs, as well as gathering account and shipping information from your customers.
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