When we sell our products and also when we offer services to our customers then our customers will pay us money and choosing the right payment options will help us to make the payment system fast and easy for us and also for customers which make our customers comfortable and relaxed because they don't have to worry about the payment systems, when i go to shopping some stores only accept cash payments and the cash money i have in my wallet will not be enough for paying for that good so i change my mind and leave without buying the product and this will make the business owner lose some money because of lack of the payment system, so having the right payment system will increase the rate of getting more money in return of our products.
Which is better for our business accepting cash payment or online payment?
- Thread starter kirubel
- Start date
We use both in our business and it works well. Adapting to your customer's needs when it comes to payment procedures can make a huge difference in your sales. Some will prefer to use their credit cards, while some definitely still love to use cash.
- Thread starter
- #5
Yeah having both cash and online payments will increase the income amount and also there will be more payment option of the customers, there are some good that need huge amount of money to buy and for that using online banking system will help.
It could be differ from country to country and area to area, in my locality where my shop is located, mostly people don't know whether something exist with the name of online payment, so at least for me there is only option left which is cash payment.
- Thread starter
- #9
In most of the countries especially on those 3rd world countries the society don't have much idea about online payments including in my country most of the society don't know about it and only small amount of peoples use the online payments.
I think it is a matter of preference, depending on which you are more comfortable with. These days most people tend to use online transfers more than cash payments. I believe it would be best for a business startup to be able to accept both.
- Thread starter
- #11
True accepting both cash and online payments have good opportunity and chance for the customer and also for the business or shop owners, peoples may not carry cash moneys some times so the shop having the online payment will give a good chance.
Yea, like myself most of the time i usually move cashless cause when i consider the time i would be going to the ATM to get cash or even the charges they would take if i decide to use the local POS near me, i would rather not withdraw. There have some stores i no longer buy from cause they do not accept ATM cards and also do not accept transfers.
- Thread starter
- #15
You are right also in my country there are many stores who don't accept bank transfers and don't have POS machine for payment options and that makes the shopping very hard, and i have to take some huge amount of cash when i buy something.
For my own kind of business, it is cash payment that would favor me the most.
