As an entrepreneur, you will often have to deal with large amounts of money. Financial management is a huge part of a business, and includes everything from payroll and fake check stubs, to everyday customer transactions. Accepting payment arrangement is another financial matter you may have to consider. Below are a few things to consider before taking that leap:
Make Sure the Customer is Legitimate
When you think about fraudulent business schemes, you typically think of a business scamming a customer out of their money. However, today we are seeing a significant rise in customers using scam tactics on businesses. With the advancement of technology comes ways that people can be deceived. Until the money is received, you can never be sure that the customer has a legitimate form of payment. Before agreeing to payment arrangements, be sure to run a background check on customers you do not know. Make sure to authenticate their details before processing a payment. This way, you can stay safe in the knowledge that you are selling to the right people.
Offer Options
As a modern business, you cannot simply accept cash as a payment option anymore. There are tons of people out there and you need to cater for as many different payment types as you can. For example offer the option for cash, debit card, credit card, PayPal, Apple Pay and more. This will ensure that you can get the biggest possible range of customers and that they will choose to buy what they need from you instead of someone else.
Confirmation
When setting up a payment page for your customers you need to make sure that you add a page between entering payment details and order processing which makes sure to confirm everything the customer is purchasing as well as the prices of items, shipping, and other fees. The customer can then click ok to this and the order will be sent. This helps you ensure that no customer complains about not knowing your terms.
Get It In Writing
Always print off a receipt or send one to their email address! It is more important than anything else that you make sure you have confirmation of the order in writing which has been approved by the buyer. This keeps you safe from liability and ensures that a customer can’t go back on an order after it has already gone through. This will protect you as a business and a brand and keeps you safe from lawsuits in the future.
Payments are easy to create for your customers, you just need to make sure to take the time to complete every task as well as you can to ensure all customers are satisfied with your service. You can always follow up a week after the order processes to ask the customer for feedback on your product. This will allow you to check that it has arrived safely and that it is the best quality for your customers.
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