Shopping should be an exciting exercise. Advancement in technology has made it not easy to shop but also make payment for the goods and services. Currently, goods and services are being ordered online and subsequently paid for using the same portal. Cash payments are no longer accepted either because they are not convenient or because the legislation puts them at the bare minimum.

Regardless of the way shopping is being done, businesses should come up with various payment methods that are convenient for the customers. These payment methods should periodically be reviewed so as to keep an eye on an emerging trend. Further to this, the payment method chosen should be cheap to the business and also enable it to carry out its activities seamlessly. Cash flow management is a key pillar to the survival of any business.

Top ways to pay for goods and services

Cash

This has always been considered to be an easy way to have control over ones spending. Somebody can only buy something whose value is equivalent to cash in his pocket. There is a high risk of cash being stolen.

Cheque

Goods are purchased, and the buyer writes a cheque to make payment. Always ensure that there is enough money in the account to avoid being charged a Non-sufficient funds fee.

Credit cards

This is buying goods and paying for them at a later date. The card is swiped in the store in a machine which produces a receipt that you sign against acknowledging payment. If the card has a computer chip, signature on the receipt is not necessary. Credit cards are not the best way to manage expenditure.

Debit cards

Works the opposite of credit cards. You only spend money that is in your account. Just like credit cards, debit cards are swiped.

Online payments

• PayPal – all that one needs to open a PayPal account is an email. The procedures are easy and simple. It has over 140 million accounts that are active, and transfer and request for payments are very easy.
• Skrill – the fees charged are low, setup is easy and free, and text messages can be sent straight from one’s bank account. The transfer of funds to the debit card from the account is instant. No unnecessary delays.
• Stripe – the advantage of Stripe is that one can integrate it into their payment system cutting out the need for having a merchant account. Secondly, once one builds his own payment platform, the requirements of PCI can be bypassed.
• Amazon Payments – the Amazon’s API is used. It is convenient, easy and safe. Users can receive and send money. In the case of Amazon payments, the Automated Clearing House is used.

Conclusion

When considering top ways to pay for goods and services, always consider the following key points: transactions and service costs, the risk involved, privacy and preference of the customer and whether the payment platform you are choosing has an infrastructure in the region or state you are operating in.