As a business, you should focus on the means of accepting payments from your clients. Of course, knowing how to receive your hard earned money must be convenient for both you and your client. Although it may be great for you to be flexible in how you accept payment, you should consider the pros and cons of each. As a result, here are five top ways to accept payments from clients.
Probably one of the popular means of accepting payment, your clients can smoothly transact with you without fear of credit card issues or whatever problems they may have. Transactions are seamless and your money is readily received.
A downside to this service is that you should be linked to a bank to accept payments. Although, you can avail a Paypal debit card to help you out, you still need a card for verification purposes.
Direct-to-bank or bank transfers are another form of handling payment. The money is also readily accessible to you so you don’t worry much about delays.
You may be charged per transaction, which can affect your income as a total. Also, the client must have a bank, which can be a challenge for some high school students.
Conveniently, this payment method effectively allows you to receive money right away. Direct cash is useful if you have clients in your local community where a digital transaction may be too troublesome to carry out.
The downside of this method is that if you engage in online tutoring, this will be almost an impossible. Moreover, you may be tempted to spend such money, especially since the money is right in your pocket!
This method of payment is effective for huge amounts of money, especially since you can cash it in the moment you receive the check.
However, it may take weeks for a check to clear, so you should consider this timeframe if you’re going through this method.
This convenient means of payment can allow the transfer of money to any location. With this in mind, your clients can send in their payments through this method as it is very secure and convenient.
A drawback is that you may wait a while for the funds to clear and also it may take time to deliver these funds to you.
With these in mind, make sure you specify a payment pattern to allow smooth transaction and easy money management. Whatever is convenient for your clients, work with that method.