Thursday, July 6, 2023

How Can You Manage Payments in Your Home- Based Business?

 


Photo by Anna Shvets: https://www.pexels.com/photo/person-holding-bank-card-4482900/

Do you run a home-based business? Perhaps you have an online shop, or maybe you sell a mixture of online and in real life such as in-person social media sales, boot fares, and at trade shows. Either way, if you’re a small business owner operating from home, you still need to provide customers with a safe and secure way to pay just like much bigger businesses do. Here are some of the ways you can go about this. 


Embrace the Digital Era

In today's digital age, accepting online payments isn’t just an added extra- it’s absolutely essential. It

allows you to reach a wider customer base, especially if you’ll be selling fully or partially online, and it

generally offers a hassle-free payment experience for your customers which can improve satisfaction.

There are lots of digital payment platforms like PayPal, Stripe, or Square which provide secure online

payment processing, making it easy for your customers to pay with their credit or debit cards.


Get Mobile with Mobile Payments

Mobile payment options have become increasingly popular, and there are lots of mobile payment apps you can use. Venmo, Apple Pay, and Google Pay are all examples and allow your customers to make

payments using their mobile devices. This convenient and contactless method is especially handy if

you attend in-person events like trade shows and markets or if you provide services on-site, like

hairdressing, tutoring, etc.


Invoice Properly

Sending professional-looking invoices makes your business look credible as well as streamlines the

payment process. There are lots of user-friendly invoicing platforms like Wave, QuickBooks, and

FreshBooks. These offer customisable invoice templates, automatic payment reminders, and the ability

to track payments. This all makes it easier for your customers to pay you promptly and for you to know

where you stand with all of your payments. It makes completing your tax return easier too. 


Set Up a Secure Online Store

Finding the perfect online payment solutions can sometimes be tricky. But E-commerce websites like Shopify and online

marketplaces like Etsy provide secure payment gateways, which allow your customers to browse and

make purchases with confidence. These are great as all of the tech and payment stuff is taken care of

for you, there is a fee for this but it’s great if you’re first starting out as creating and running your own

website is expensive. 


Don't Forget Cash 

While digital payment options are most common in today’s world, some customers still prefer to pay

with cash if you’re selling in person. Make sure to have a clear cash handling policy in place, including

providing receipts. You’ll need a good system to keep track of cash for tax purposes. If you take a lot of

cash, consider your security too, you’ll need to make regular trips to the bank so that you don’t have

lots of cash on your person or in your home which can be risky as if it’s stolen it can’t be recovered.