All small businesses accept some form of payment. In today’s world, utilizing an online solution or software that can accept and track multiple forms of payment has made it easier for small firms to stay competitive. While the technology exists to simplify payment acceptance, deciding which solution to go with can be challenging for the inexperience.
For that, the best answer is to do your research and figure out which payment solution is right for you. For example, when my company started out we accepted checks, ACH (direct payment) and online payments. As we grew, we added Square to help us accept credit card and mobile payments as well. In the end, we grew to the point where we needed to automate the process of accepting various forms of payment and now use Inuit’s Quickbooks as a more advanced way to track this data as well as including taxes.
If you’re a clothing company or online seller that conducts multiple transactions on the hour, you will need a more flexible solution than one that accepts payments a few times a month. However if the later company is accepting large forms of payments ($50,000 or more) a few times a month, a more robust payment tracking solution is necessary most likely due to the expenses incurred with the revenue.
While it depends on what works for you, make sure to figure out what works best and how you can grow. Payment solutions matter and if not researched and implemented correctly can cost thousands of dollars in additional expenses to rectify.