3 Top Payment Solutions for a Franchise Business
To maximize your revenue, your franchise business should provide clients with different ways to make payments. This means a variety of payment solutions that a majority of your target market uses so you can capture every sale possible.
Provide customers with several choices and they will close every transaction with you. So, what payment solutions are available for a franchise business?
This is a popular choice for businesses that can’t afford the merchant fees that come with processing fees using credit and debit cards. A smart franchisee knows that “cash is king” but that should not be the only solution available. Cash payments are fast and low cost. But they are also insecure, with the occasional fake notes thrown in.
The convenience and security of credit card payments make them a top choice for many customers. This is why using credit cards is the world’s leading payment method next to cash. But it is costly to set up. Credit card companies charge incidental fees, flat fees, and transactional fees that are each assessed in different ways. Transactional fees, for example, are assessed per transaction, while flat fees are assessed on a monthly basis.
Visa and Mastercard are two of the dominant players in the market and are widely accepted anywhere around the world. Aside from processing services for these traditional credit cards, mobile solutions are also available, such as PayPal and Square.
Most people expect a business to accept some type of credit card, and you are sure to be at an advantage if you can. But you also need to think about the processing fees.
Although not applicable to all franchise businesses, online payments do present another option. What is great about this solution is that a company will have a broader reach and payment processing is automatic. It is reliable, fast, and cheap. Many consider online payments as the future of convenient and secure payments.
Armed with this information, you can determine the most suitable payment solutions for your franchise business.