Payment Collection for Small Business: QuickStudy Laminated Reference Guide to Customer Payment Options

By Christopher Matthew Spencer

Entrepreneurs and small business owners, get everything you need to know about getting paid. Technology for processing payment transactions is changing the way your business can look and feel to your customers and potential customers. It is easier than ever to start your own business with the tools available. In 6 laminated pages you will get a breakdown of what you need for your size business, costs, security concerns and examples of what options you have to choose from.
6-page laminated guide includes:

• Payment Methods Businesses Offer
  • Drawback & Benefits of Every Option
• The Size & Nature of What You Do
  • Small Shops
  • Medical Offices
  • Food Trucks
  • Law Firms
  • Restaurant & Retail Stores
  • Mobile Merchants
• Evaluating the Cost of Doing Business
• Security & Precautions
  • Cash & Checks
  • ACH Transactions
  • Money Orders & Cashier’s Checks
  • Cards
  • Invoicing
  • COD
  • Wires
  • Online Payments
  • Bad Debt
• Returns & Refunds
• Being Nimble
• Tactics for Success

Suggested uses:

• – know where to start and get direction regarding payment systems for the type of business you would like to start or have already started
• Small Businesses – evaluate payment systems whether you have one in place or not, there is money to be saved and possibly a better option to be explored
• Giveaways – chamber of commerce, trade schools, and any business that would benefit from handing out this guide rather than a squeeze ball or pen at tradeshows or to knew clients

• Language: English
• Publisher: BarCharts, Inc.
• Release date: May 1, 2018
• ISBN: 9781423240556

Christopher Matthew Spencer

Christopher Matthew Spencer was among the earliest adopters of the internet. He's been writing books and articles and developing successful education for entrepreneurs and internet users ever since. He has sold over 200,000 items online and provided consulting to many Fortune 1000 companies, including eBay, NETGEAR, Visa, and Qualcomm. Christopher has provided comprehensive training at more than 200 industry trade shows and has delivered keynotes and presentations at the top ten trade shows in the world. Christopher's education and training have been personally endorsed by Forbes Celebrity 100 entrepreneur Kathy Ireland, who runs a billion-dollar marketing and branding agency. Christopher has successfully bought and sold many companies and has run a bakery, an office products distribution company, a commercial fundraising agency, a television production company, a publicity firm, a celebrity brokerage, a hotel, a bar, a restaurant, and a real estate development firm. He presently owns and operates a full-service marketing, consulting, and technology agency servicing firms of all sizes. Christopher's personal mission is education through demonstration and he attributes his success to happiness and the pursuit of all things he finds "fun" in life. He is an insatiable learner and he loves sharing his knowledge with anyone who desires it. Christopher lives in Burbank, California.

Book preview

Table of Contents

Did You Know?

Who Is This Guide For?

Payment Methods Businesses Offer

The Size & Nature of What You Do

Evaluating the Cost of Doing Business

Security & Precautions

Returns & Refunds

Being Nimble

Tactics for Success

Did You Know?

U.S. businesses sold $15.6 trillion worth of goods in 2016.

The use of cash dropped 7% over the past 10 years.

The use of paper checks fell 34% over the past 10 years.

All forms of cashless transactions increased in volume by over 45%.

In one year, $63.8 billion was spent using debit cards, and $31.4 billion was spent using credit cards.

One in twelve purchases is made online.

Who Is This Guide For?

Individuals and merchants of all sizes require solutions that are priced fairly, don’t require a degree in figure-it-out-ology, and help minimize financial risk. Sales and marketing experts are adept at convincing people that they should want something, whether or not it benefits their business. Sales ethics vary between merchants, so before considering a purchase, the prudent individual:

Speaks to industry peers

Consults with several reputable vendors

Reads user manuals

Puts their hands on actual systems

This guide is for any size business where the number of decision-makers is small. While every industry has unique challenges, there is no reinventing the wheel required. There is a powerful and reliable solution for everyone. Lawyers, doctors, auto detailers, carpet cleaners, housekeepers, artists, eBayers, Amazonians, and Etsy-ers; people who sell at trade fairs; people who operate boutiques, restaurants, food trucks, gift shops, and auto repair locations; and any other small-to-large company will benefit from the information offered in this guide.

Payment Methods Businesses Offer

Cash

This payment method continues to play a key role in customer spending.

It is the leading payment method for small-value transactions and is sometimes used for relatively largervalue transactions.

It remains an important payment method for lowerincome customers.

Roughly 40% of purchase transactions are made with cash, but it only represents 14% of total customer spending.

Benefits of Accepting Cash

You will attract the cash-only customer.

The money is in your hands immediately.

You will never be subject to a chargeback.

There are no bank fees or merchant accounts required and no equipment to buy.

Drawbacks of Accepting Cash

Your business will need to keep sufficient