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 checks
Cash and checks used to be the leading way to pay.
Pro: Cash and checks don’t require additional technology.
Con: Having a lot cash on hand is a security risk and requires time to reconcile and make deposits.
Cashless card payments include: credit cards, debit cards, prepaid cards, gift cards and contactless payments that allow customers to tap and go.
Pro: Less of a security risk and many customers now prefer to pay with cards. More efficient since no need for daily deposits.
Con: Will require training and investment to implement.
Mobile wallet payments
Paying with devices is increasingly common. Popular services include Apple Pay, Samsung Pay and Google Pay.
Pro: Mobile payments can speed up customer checkouts and offer more security.
Con: Will require training and investment in technology initially.
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. Learn more about becoming a Visa merchant
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
3 Based on testing conducted in August 2014 with IBM
4 Visa Payment Panel Study (2Q11 to 1Q12 time period); Visa MARS Data: March 2015 – May 2015
5 Figures are rounded, exclude Visa Europe and are as of December 31, 2014. Figures from the latest operational performance data