Offering customers a range of payment options is quickly becoming standard practice for small businesses – XO Accounting weigh in on the payment options small business owners should consider.
Seasoned small business owners recognise that making the buying process as seamless as possible for customers is the most effective way to attract new customers and retain existing ones – one simple way to do this is to offer them a variety of different payment options. Expert Xero accountant XO Accounting reveals the alternative payment options all small businesses should consider implementing.
Technology has changed the way small businesses conduct their business, says XO Accounting, a leading Xero accountant Melbourne wide. There is an increased emphasis on ease of purchase for customers; business owners can accommodate for this by allowing each customer to pay in the way that is most convenient and suitable for them.
According to XO Accounting, cash-only vendors will soon be a thing of the past; businesses are urged to allow customers to pay using credit cards and debit cards. Recent research has revealed that 75% of consumers prefer to pay for their purchases using a credit or debit card. This method of payment requires brick-and-mortar vendors to have a card reader or EFTPOS machine and a merchant account. Online businesses will need to set up a payment gateway on their eCommerce website, explains XO Accounting.
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For cashless payments that don’t require a merchant account, XO Accounting recommends services such as PayPal, Stripe or Square. These let businesses accept non-cash payments using just a smartphone by integrating a magstripe. Service-based businesses are increasingly using Xero to automate invoicing connected to these payment gateways. This allows them to easily collect recurring billing streams or once-off payments all into business Xero accounts, making for seamless experiences for clients and accurate, online bookkeeping.
XO Accounting, leading provider of accounting and resident director services, urges small businesses to stay ahead of the curve when it comes to payment technology. Contact them today for more information.