As a small business owner, it’s essential to have a payment system that works for both you and your customers. Payment systems are the backbone of any business, and selecting the right one can be a crucial factor in your success. The right payment system can speed up your cash flow, increase your revenue, and improve overall customer satisfaction.

With so many options available, though, finding the right one for your business can seem overwhelming. This guide will cover some of the top payment solutions for small business to help you find the best one for your company.

Examples of small business payment solutions.

Cash payments.

The most fundamental payment option, and one that has been around since the beginning of trade is cash. Cash is still the most widely used payment solution for small business even with the advent of technology. Accepting cash is straightforward and requires no extra transaction fees or equipment. If your small business mainly operates through face-to-face interactions with customers, then accepting cash is your best bet. Just ensure you have a proper way to secure it, such as a lockable safe, as cash is susceptible to theft.

Mobile payments.

Mobile payments are another popular payment method that small businesses can choose. Mobile payments work using a smartphone app or device. Transactions are completed when a customer taps, inserts their credit or debit card, or scans the QR code on their mobile device. Mobile payment options such as Apple Pay, Samsung Pay, and Google Wallet are widely accepted and easy to integrate into your small business operations. Mobile payments work great for small businesses with mobile teams or offsite sales.

ACH (Automated Clearing House).

ACH is an electronic network that enables direct bank-to-bank transfer between a customer and a small business. This electronic payment solution for small business is the most cost-effective way of receiving payments, and it is suitable for companies with recurring billing or invoicing. ACH is convenient for small business owners looking to avoid expensive transaction charges associated with debit or credit cards.

E-wallets.

E-wallets are digital wallets that enable customers to store credit card information, and other payment methods in a single location and also enable the customers to make online purchases. E-wallets provide a secure platform for small businesses as they eliminate the need for storing card information and make checkout simpler for customers. E-wallets such as PayPal, Payoneer, and Skrill are widely used, and small businesses can quickly set up an e-wallet payment channel.

Payment gateways.

Payment gateways are online tools that authenticate payment transactions between small businesses and customers. Small businesses can use payment gateways such as PayPal, Google Checkout, or Amazon Pay to integrate payment processes into their website. Payment gateways provide exceptional security features, such as validating the purchaser's identity and location before processing payments. Payment gateways are flexible enough for small businesses of all sizes and levels of technology expertise.

Cryptocurrency payments.

Cryptocurrency payments are one of the newest payment options and provide users with a secure and fast payment experience. Cryptocurrency payments can be made using Bitcoin, Ethereum, and other digital currencies. Cryptocurrency provides small businesses with low transaction fees compared to traditional credit card payments. However, using cryptocurrency requires a bit more knowledge and skill. It is not yet widely used as a payment method, but with its fast-rising acceptance, small business owners can look forward to integrating it soon.

Find the right payment solution for your small business.

SlidePay understands that no two businesses are alike, which is why we offer best-in-class pricing options built for the profitability of your business. With our simple and affordable payment solutions, you get cutting-edge technology with white glove service designed to help you manage your company’s finances more easily. Learn more about our solutions online, or use our booking tool to schedule a consultation today.