In a world where cash is quickly becoming obsolete, and credit card payments are being replaced with digital alternatives, it’s more important than ever for small businesses to adopt new payment methods.
Digital payment methods are faster and more secure than cash or credit cards. Still, they also allow users to track their spending in real-time, which is especially useful for small businesses that need to keep a tight rein on their expenses. This post explores some of the most popular digital payment methods and explains why you should consider adopting them if you currently operate as a cash-only business.
1. Electronic payment tracks
Electronic payment tracks are digital records of all your customers’ payments via a third-party payment platform. Electronic payment tracks allow you to view the payments you’ve received, including the date, amount, and payment method. Electronic payment tracks are usually linked to your business’s online store. They can be especially helpful if your customers often forget to bring their payment methods when they make purchases.
Electronic payment tracks allow you to send reminder notifications to customers, encouraging them to pay for their purchased items. Electronic payment tracks are convenient for keeping track of your customer’s ACH transfers. You can also measure your marketing efforts more accurately to see which campaigns are more effective at bringing in sales.
2. Devices with biometric authentication
A biometric authentication device is a device that uses an individual’s physiological characteristics (such as their fingerprint, iris scan, or facial geometry) for authentication. Biometric authentication has been integrated into smartphones for many years now, allowing users to unlock their devices using their fingerprints. Biometric authentication is also used to make payments, allowing customers to confirm payments using their fingerprints.
3. Mobile point of sale (mPOS)
Mobile Point of Sale (mPOS) is an integrated mobile device that allows you to scan, accept, and process payments from customers directly from their smartphones. MPOS devices allow businesses to accept payments and track inventory from a single device, making it an ideal solution for small businesses that operate predominantly as cash-only operations.
MPOS devices offer instant access to inventory, so businesses can track sales in real-time and adjust inventory as needed, which is especially useful for time-sensitive inventory like food and beverages. Mobile devices also have the advantage of being easily transportable, allowing businesses to accept payments outside of the store or attend events without bringing equipment along.
4. Smart speaker payments
Smart speaker payments allow customers to simply say, “I’ll pay $20 for the steak” to their smart speaker. Suppose your business accepts payments via credit card or a third-party payment platform. In that case, you can integrate your payment services with a third-party payment service so that customers can use the method they prefer to make their purchases.
5. Digital wallets
Digital wallets are an app-based payment method, so customers can simply download an app and link their preferred payment method to make purchases quickly and easily. Digital wallets are convenient for your customers as they don’t have to fumble around for their wallets or remember to bring their credit cards with them when they make purchases.
The best way for businesses to stay afloat is to ensure that customers are satisfied with their experience. This means offering a variety of payment methods to meet different needs and preferences. It also means having an efficient system in place to process payments quickly and accurately.