Digital payment methods are now an essential part of business. Whether you operate an e-commerce platform, brick-and-mortar shop, or even offer services, customers and clients often expect to be able to pay digitally. That includes methods like debit and credit, contactless payment services, and even the use of cryptocurrency.
While some methods are more forward looking than others, it’s important to have at least some digital payment solutions already implemented. If you are unable to process digital payments now, you are already falling behind.
Debit and credit
Debit and credit are payment methods that consumers take for granted. Many Americans expect the ability to use debit or credit when shopping, electing to leave their cash at home and only carry plastic.
“If we are talking about traditional credit and debit cards, the consequence is simply lost sales. This is a fact,” said Phillip Parker, founder of CardPaymentOptions.com. “People prefer to pay with cards and fewer and fewer people are carrying sufficient cash for all of their purchases.”
Debit and credit cards tend to come along with modest processing fees, generally around 1 to 3 percent. There is also the risk of experiencing chargebacks, which occur in the event of fraud or a dissatisfied customer. That means businesses can sometimes be on the hook for a transaction they believed was completed.
Read more: https://www.businessnewsdaily.com/10876-accepting-digital-payments.html