Payment Options for Small Businesses

Posted by on March 1st, 2019  •  0 Comments  • 

Payment Options for Small Businesses

Are you trying to figure out what the best payment options are to offer to your clients and customers?  We run through some of our favourites in this blog.

It can be difficult to wade through all of the options out there and decide what is best for you, your business and your customers. 

Initially we only used to offer our clients the choice of paying by bank transfer, cheque or cash, but realised that this was not ideal for everyone, so we have added some other payment options.  This has had the positive effect of increasing cash flow.

1/ Go Cardless

This enables you to set up a direct debit arrangement between you and your customer.  You can then either set up a recurring payment scheme or set it up to take payments when an invoice falls due.  This works like a dream if you link it to your accounting software. 

Standard Pricing is 1% per transaction with a minimum fee of 20p and a maximum fee of £2.

2/ Stripe

Designed to work with internet businesses and work well when integrated into your accountancy software, so that your client’s will have a link to click to pay.  They can then choose to pay by credit or debit card.  Pay as you go pricing is 1.4% +20p per transaction.

3/ Paypal

You may be more familiar with PayPal as it has been around for some time.  Over 20 million people in the UK have a PayPal account and it is a known and trusted brand.    It’s pricing is a bit more expensive.  For a small business with PayPal sales of less than £1,500 per month pricing will be 3.4% +20p per transaction.

If you have any questions about how to set up these payment methods or link them to your accounting software, please get in touch.

JLA Accounting Limited takes every care in preparing material to ensure that the content is accurate and up to date. However, no responsibility for loss for anyone acting from or refraining from acting as a result of this information can be accepted by JLA Accounting Limited.

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