Creating and running your own business can be a fantastic way of generating income while ensuring that you do not need to answer to anyone else. Once you have decided what kind of business you will run, and started to look into gaining a client base, you might also want to consider the ways in which you can be paid for your services. Whether you plan on selling goods or services, you will still want to find a way to make payment as hassle-free as possible, both for yourself and those that you are servicing.
Paying by Card
Many people prefer to not carry notes or coins on their person and, instead, simply take their credit or debit card everywhere with them. This may be due to a feeling of higher security, or simply so they have less on them that could potentially be lost. Due to this, you may want to consider getting a contactless credit card reader. This will allow your customers to make instant payments if their total amount is lower than the contactless threshold. If not, they can still pay in the traditional method of inserting their card and then entering their pin. You could also use this to print out receipts for both of your references.
Paying with Cash
Even though the use of payment cards can be easier for some, others might still prefer to pay with cash. So that you do not ostracize any types of custom, you may also wish to consider taking cash payments as well.
When exchanging cash, it is important that you learn to recognize the signs of fake money, as this can leave you out of pocket. If you want to be sure, you may also want to invest in a pen or light that can quickly and easily inform you if the bills are fake, allowing you to inform the customer and ensure that you are only getting paid in authentic, legal tender.
Transfers of Money
If you would rather not take payment in person, or it is not a possibility, you could always set up bank transfers instead. This would allow a customer to send the required amount of money directly from their account, straight into yours. You might opt to create a business account so that you can keep track of both incoming money and expenses that may otherwise get lost amongst your personal spending. It is essential that, when using bank transfers, you give the correct details out, otherwise the money might end up in someone else’s account, or simply lost within the system.
You could choose to use one of these methods for receiving payment, or allow a number of payments options within your business. Generally speaking, the less restrictive you are on the payment method, the easier it can be to engage with different types of client who may solely use one method over the other. Following any payment, it is good business practice to keep track of it, both for your own records and to make the tax season that little bit easier.
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