While it may sound easy to pay your friends for that nice dinner or pay your roommate the rent, you are being naive if you think it is a simple task. Before the technology of today, you would have to go to the bank and fill out forms just to pay someone an amount you owed them. If you are someone who runs a relatively small business, that may seem like a huge hassle and maybe you are not comfortable with handling a decent amount of cash. Thankfully there are other methods you are able to collect your payments without having to constantly drive over to the bank, wait in line, fill out forms, and wait a day or two for your money to be available in your bank account.
Credit Cards Are a Way to Go
If you are someone who does not want to deal with cash, credit cards are a pretty good bet for you. They are easy to use and almost everyone today has one. You would have to look pretty far and wide to find someone who does not have at least one form of the card on them. An issue you may run into when you use credit cards is the fees they take from your sales. Most major credit cards usually take a percentage of your sales just for using their card. So while you get 100% of the profit when you are paid by cash, you do not get that when it comes to credit cards. Now the companies will not be taking a very high percentage, so you will be receiving almost all the profits, but that is definitely something to look out for when you start setting up your shop and that good old credit card machine. Remember, every credit card is different, so one might have a higher fee percentage than the other. So you will definitely want to do your research.
Payment Apps Are Possible Too
Another option you will have at your disposal is using a payment app. These are apps like Venmo and Zelle. If you are not informed on those apps or do not trust them, you can always look up how to build a p2p payment app and create your own that fits your specific style of business that you run. As is the deal with credit cards, you will usually have to pay a fee when you transfer the money you have in your app into your bank account. The upside though is most of the time that transfer is instant so that money is available to you right away when you need it.
In the end, there are numerous ways that you can help make payments into your bank account a lot easier. In today’s world, going to the bank is just another hassle and thing you have to do. If you can, cut that middleman out and make your cashflow much better more efficient than it ever was before.