Information may be abridged and therefore incomplete. Soon you’ll be a payments expert, and getting paid will be both rewarding and painless. Other topics you’ll want to research that we haven’t covered include sales tax, different currencies, refunds, and returns, just to name a few. You can determine what payment methods to accept, set up your accounts and processors, and keep a record of all your transactions. Now that you’ve gotten an overview of what you should know when accepting payments for your products and services, it’s time for the fun part. Other considerations when accepting payments It’ll save you lots of time (and stress). It might be a good idea to set up an accounting system that makes it easy to log every payment you receive. Not only is record keeping important for monitoring the health and success of your business, you’ll also need all that information for paying taxes, providing a detailed report of your income to the IRS, and other financial-related tasks. Make sure to check out the fine print so that you’re aware of any fees associated with the digital wallet you’re using. And customers can make purchases using any of the payment methods stored in their digital wallets-even if they’re not purchasing from the place where the wallet is stored. Referred to as “digital wallets,” these payment methods make it easier and more secure for customers to pay online. When it comes to taking payments online, credit cards are often the top choice, but mobile payments and digital payments-like PayPal, Apple Pay, and Amazon Pay-have increasingly become popular because of their convenience and security. There may be fees associated with ACH, but it usually costs less than taking a credit card payment. You can also talk with your bank or credit card processor to see if they can process ACH payments for you. QuickBooks offers ACH bank transfers for an affordable fee. Instead of sending an invoice or collecting weekly payments from your client, you can simply set up ACH payments so that the payments are automatically deducted from your client’s bank account and deposited into yours. Let’s say you own a cleaning service and do weekly cleanings for an office building.
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To help protect your business, you may want to consider creating a detailed policy around how to handle bounced checks so you have a fallback plan.Īutomated Clearing House (ACH) payments occur when money is transferred from one bank account to another.
Much like accepting cash, check payments are also pretty straightforward. Although accepting credit card payments may come with setup fees, transaction charges, or monthly fees, those costs are usually well worth doling out in return for the business you’ll get.Ĭhecks are still a popular form of payment, particularly for settling invoices. Payment providers may also assess a fee for each transaction, or they may charge a monthly fee-sometimes both. There’s usually a setup fee for your merchant account. There are some costs associated with accepting credit card payments. You can then transfer it to your business bank account after. When your transaction is approved, the money is transferred into your merchant account first. The best part? A payment gateway lets you process your credit card payments securely. Doing so requires a merchant account and a payment gateway-which helps to facilitate your payment transactions between a payment portal (like your website) and the one who’s processing the payment (like your bank).When a customer pays for something with their credit card on your website, that information goes through the payment gateway first. They can be used for remote or in-person purchases, or one-time and recurring payments.Īs a result, many business owners want to learn more about how to accept credit card payments. And it’s far better than getting dinged in an IRS audit.īusinesses accepting credit cards offer convenience and flexibility for customers. It’ll also help you to monitor your overall cash flow. Technically, it’s income-so don’t forget to record it. Receiving cash for your goods and services is probably the most straightforward payment method, and that’s why cash payments can sometimes go unrecorded. It might seem like credit cards and digital payments have taken over, but cash is still a widely-used form of payment for in-person, one-time purchases.
Here are the most common, along with some tips and tricks for how to get paid without any hitches. There are more ways to get paid than ever before.
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