Accepting Payment Overview

We are all familiar with the saying that cash is king! Most people only dream of owning a cash business, for obvious reasons. Your new business might be the realization of those dreams… or not!

 
 
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Watching it flow in...

On occasion, customers will ask to pay with credit cards or checks and obviously, it’s safer for a business owner to be paid with either cash or credit cards. We suggest that you NOT accept checks as payment, especially from out-of-town clients because if the check is returned by their bank for whatever reason, collecting out of your state will be much more difficult. Become accustomed to informing customers that it is your policy to not accept checks. You will find that most people will understand, and will be more than happy to pay you in cash, or by other acceptable means.

There are now several companies that offer mobile devices that attach to a cell phone whereby it is possible to accept credit cards without a traditional terminal. We advise you to investigate these companies and consider the additional costs carefully before signing up.

When you receive a cash payment, deposit it directly into your company’s bank account. It is best to carefully plan and develop procedures by which everyone involved in your company clearly understands what is expected.

We have provided links to several commonly used companies that offer fast, easy, and secure payment processing if you choose to use them. 


Resources

Intuit Go Payment

Square

PayPal

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In case we didn’t mention it... Don’t take checks from strangers!

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Paypal Secret!

 A little known fact about PayPal is that they are a bank in their own right. In fact, the longer use keep an account, they will build internal credit for you and your company. Before you know it, you can get a line of credit by using their service.