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 Cheques
Cash and checks have been the leading payment options for a long time.
Although these methods o fpayment appear easy to implement, large cash transactions can pose a security risk. Also, the time it takes to reconcile and make cash or cheque deposits can hurt your productive time.
Cashless card payments like credit cards, debit cards, gift cards allow customers to pay more securely are more efficient because they remove the need for daily cash deposits.
Adopting this payment option for your business requires some training and investment to implement.
Mobile devices have become a constant in our everyday lives, and making payments with your devices is becoming more popular.
This payment option helps speed up customer checkouts both online and offline while offering more secure transactions.
Visa's QR payment solution, Visa on Mobile, is easy to use and requires little training to incorporate into your business.
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.
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
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