If you own a home-based business that sells goods or services regularly, you know it can be challenging to turn a profit in the beginning. It’s also why accepting payments via credit cards, and other digital payment methods is a great way to make your home-based business more profitable. The good news is that accepting payments for your business is easier than you may think. You don’t need a merchant account or a bank account to receive payments. All you need is a safe place to store your payment information and a few simple strategies. Here are five ways to accept payments for your home-based business.
Offer affordable ACH or wire transfer options.
ACH stands for Automated Clearing House, and it’s a way to transfer funds between banks electronically. The advantage of this method is that it’s very affordable. Wire transfer is another method of transferring secure funds but can come with a slightly higher cost. Knowing the difference between ACH vs wire transfer can help you set your prices accordingly.
Accept card payments securely.
The best way to keep your payment information safe is to use a payment gateway. A payment gateway is a software or hardware that helps you process credit cards, debit cards, and other card payments. There are millions of payment options out there, so the best way to find the right one is to research different providers and see which one works best for your specific business. Remember that not all payment gateways are created equal, so you want to make sure you’re using one that will protect your client’s payment information.
Cash
Cash is still a legitimate payment method even with the increase in digital payments. However, it can be tricky to accept cash as you may need to have funds available to give customers change, take it to the bank to deposit in your account, and holding large sums of cash at home can leave you vulnerable to theft. However, many people still prefer to deal with cash, so offering this as a viable payment method can still be beneficial.
Allow online payments
Online payments are becoming more common as more people shop online. Of course, you want to ensure that your online payment system is safe and reliable. You can protect your payment information by using a PCI-compliant online payment system, such as PayPal. You can also save your payment information using a payment gateway that offers encryption, such as PayPal’s PayPal Payments Pro. Finally, ensure you have a fast and reliable Internet connection when you accept online payments. If your Internet connection is slow or your website has errors, your customers will notice and may choose another online payment option.
Set up a recurring subscription model
Many business owners find it easier to sell goods or services that come in small amounts frequently, such as a monthly subscription. You can set up a subscription model by creating a website where people can sign up. You can create a recurring monthly subscription model, such as a monthly mastermind group or a home cleaning service.
The website can be built using WordPress or another content management system (CMS). You can add a simple form to collect customers’ payment information and choose a payment gateway. There are many subscription models available, including subscriptions for books, subscriptions for coaching programs, etc.
