You have a product or service that customers want. And you have a range of options for how they can pay for it.
Forms of payment
There’s a digital transformation happening in payments. More customers are paying online and the options for paying in store continue to grow. You can accept a variety of digital payments, such as credit cards, debit cards, prepaid cards, contactless cards and mobile pay apps.
What’s the right fit for your business? Let’s take a look at the options and a few pros and cons.
Cash and checks
Cash and checks used to be the leading way to pay.
Pro: Cash and checks don’t require additional technology.
Con: Having a lot cash on hand is a security risk and requires time to reconcile and make deposits.
Cashless card payments include: credit cards, debit cards, prepaid cards, gift cards and contactless payments that allow customers to tap and go.
Pro: Less of a security risk and many customers now prefer to pay with cards. More efficient since no need for daily deposits.
Con: Will require training and investment to implement.
Mobile wallet payments
Paying with devices is increasingly common. Popular services include Apple Pay, Samsung Pay and Google Pay.
Pro: Mobile payments can speed up customer checkouts and offer more security.
Con: Will require training and investment in technology initially.
Digital payments are big for small businesses
While cash and check are a reliable way to accept payments, offering customers the choice of paying with a card or mobile device can actually help the bottom line. Small businesses have found that digital payments save them time.
Small businesses reported a sales boost after accepting digital payments.1
Processing a digital payment is 57% less expensive than processing non-digital payments when you factor in expenses and labor. 2
In a survey, SMBs agreed that customers spend more when they use cards instead of cash.2
¹Based on survey participants who reported either specific increase or no impact in sales volume after accepting digital payments. No participant reported decrease in sales volume.
²Based on 2018 Maru/Matchbox survey. Digital payments defined as wire transfers, cards (such as credit, debit, prepaid), mobile payments and peer-to- peer payments. Non-digital payments defined as cash, check and money orders. See Digital Transformation of SMBs: The Future of Commerce findings for more details.
Become a Visa merchant
Accepting Visa can help your business in a number of ways. When a business accepts Visa, research has shown that customers are more likely to enter a store and become a repeat customer. Customers are 3 to 5 times more likely to think the business is reputable based on Visa signage. Learn more about becoming a Visa merchant
World’s largest payment processing network
VisaNet is capable of processing more than 56,000 transaction messages a second.3
Customers spend more with cards
While the average cash transaction is $17, credit card purchases average $70 and debit card purchases average $36.4
World’s most popular card
Consumers carry 2.3 billion Visa cards worldwide.5
3 Based on testing conducted in August 2014 with IBM
4 Visa Payment Panel Study (2Q11 to 1Q12 time period); Visa MARS Data: March 2015 – May 2015
5 Figures are rounded, exclude Visa Europe and are as of December 31, 2014. Figures from the latest operational performance data
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