You have a product or service that customers want. And you have a range of options for how they can pay for it.
Forms of payment
There’s a digital transformation happening in payments. More customers are paying online and the options for paying in store continue to grow. You can accept a variety of digital payments, such as credit cards, debit cards, prepaid cards, contactless cards and mobile pay apps.
What’s the right fit for your business? Let’s take a look at the options and a few pros and cons.
Cash and cheques
Cash and cheques used to be the leading way to pay.
Pro: Cash and cheques don’t require additional technology.
Con: Having a lot cash on hand is a security risk and requires time to reconcile and make deposits.
Cashless card payments include: credit cards, debit cards, prepaid cards, gift cards and contactless payments that allow customers to tap and go.
Pro: Less of a security risk and many customers now prefer to pay with cards. More efficient since no need for daily deposits.
Con: Will require training and investment to implement.
Mobile wallet payments
Paying with devices is increasingly common. Popular services include Apple Pay, Samsung Pay and Google Pay.
Pro: Mobile payments can speed up customer checkouts and offer more security.
Con: Will require training and investment in technology initially.
Digital payments are big for small businesses
While cash and cheque are a reliable way to accept payments, offering customers the choice of paying with a card or mobile device can actually help the bottom line. Small businesses have found that digital payments save them time.
Small businesses reported a sales boost after accepting digital payments.1
Processing a digital payment is 57% less expensive than processing non-digital payments when you factor in expenses and labor. 2
In a survey, SMBs agreed that customers spend more when they use cards instead of cash.2
1 Based on survey participants who reported either specific increase or no impact in sales volume after accepting digital payments. No participant reported decrease in sales volume.
Accepting Visa can help your business in a number of ways. When a business accepts Visa, research has shown that customers are more likely to enter a store and become a repeat customer. Customers are 3 to 5 times more likely to think the business is reputable based on Visa signage. Learn more about becoming a Visa merchant
World’s largest payment processing network
VisaNet is capable of processing more than 65,000+ transaction messages a second.3
World’s most popular card
There are 3.5bn Visa cards worldwide.4
3 Figures are rounded and are from the latest operational performance data, capacity as of Aug 2018
4 Figures are rounded and are as of March 31, 2020. Figures from the latest operational performance data