Step 10: Decide on the Method of Payment to accept
How will your Clients/ Customers pay you? What Method of Payment will you accept: Cash, Check, Credit Cards, ACH or Online payments?
Cash is nice, but, depending on your type of business, your Clients/ Customers may prefer to pay you with something that will allow them to track the spending on their books.
Checks are still used widely, and, with online banking and the ability to deposit them via cell phone app, still very easy to use.
However, in the current online and cash-less method, Credit Cards and ACH are increasing in popularity. Credit Cards will always come with a Merchant Fee. You may or may not be able to charge your Clients/ Customers for that fee, thus eliminating that cost to you. ACH payments are easy as they require the Client/ Customer to do all the processing and the funds will directly be deposited in your Bank Account. Accounting Software will sometimes enable you to send invoices to your Clients/ Customers directly from the platform with a link for them to pay you directly in the invoice, eliminating any manual transaction and enabling you to be paperless.