5 Things Every Start Up Needs to Accept Payments
Starting a business is no easy task. Whether you work from home and sell goods over the Internet or you operate out of a brick and mortar store, the experience is some combination of exhausting and deeply rewarding.
We spoke with a number of entrepreneurs and small business owners who shared their experiences – both good and bad. While each made different mistakes along the way and some industries proved more successful than others, there was a general consensus as to how to avoid some common errors and streamline the start-up process.
Read on for five must-haves when it comes to accepting payments for your first business.
1. A bank account
Whether you work from home or you’re simply self-employed, every business owner needs to set up a bank account for the business. Some banks are wary of working with first-timers, so it’s wise to have significant capital backing your business. Financial experts at the firm, Online Trading Academy, advise entrepreneurs to build their personal assets before attempting to start a business to show banks they are credible. These days, it’s practically required that businesses accept credit cards for payment so if you’re just starting out, work with a reliable provider to help get set up to allow customers to pay with plastic.
2. An online payment option
Consumers these days have become so accustomed to purchasing goods and services online that small businesses that fail to offer the convenience of online shopping could lose out on sales. Even if you typically work out of a physical store, set up online payment options so consumers around the world can view and purchase items. This way, you can make money without customers ever setting foot in the building.
3. A Square card reader
The Square card reader and register app are essential for business owners or vendors who want to sell on the go. You can plug the reader device into a tablet or smartphone and accept payments anywhere at any time. It’s easy to use, convenient for the customer, and the data is recorded in a clear, manageable manner so you can go back and analyze sales after a day away from home base.
4. A smartphone
Regardless of whether you use a smartphone to directly accept payments or not, it’s crucial for entrepreneurs to own a phone that gives them the information they need when they need it. In the beginning, so much time is spent racing around and putting out fires, that not having a smartphone puts the business at a disadvantage. Some industry experts even advise entrepreneurs to carry two phones with them at all times; one for personal calls and another specifically for business.
5. A tablet and stand
Like a smartphone, a tablet can be an extremely useful tool for businesses. Touch screen tablet computers, like the iPad, make it easy for customers to pay by debit or credit card, and then allow the data to be seamlessly uploaded for further analysis. Tablets provide a better payment solution compared with smartphones simply because they offer the same mobility, but they often have greater storage space and have larger, more user-friendly screens. You can purchase tablet stands for less than $20 on Amazon and have an entire virtual register for accepting payment at your fingertips. One quick tip: Buy a stand for your tablet that can be locked down to the counter to prevent theft.
It’s impossible to start a business without making a few mistakes, but when it comes to growing profits and keeping customers satisfied, offering convenient payment solutions is key.
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