Business Payment Methods Essay Example for Free

Business Payment Methods Essay At this time of building my business I need to consider the ways in which I will permit my customers to pay for the books that they buy from my book store. Today there are a wide array of payment solutions available for any buyer of goods and services and to buy books, almost all modes of payment available can be used by the customer whether it is electronically or by direct use of card at the shop or by paying in cash. If the customer is   regular and can be trusted or is a regular bulk customer, check payments can also be accepted. In view of the competitions in the sale of books I have to take some element of risk in this regard in keeping with the business practices. For direct sales at the store a wide choice of payments are available to the customer. He can pay directly in cash or by credit or debit card. I believe cash payment has the least hassles applicable as the money has already come in the moment a sale is done. In the ase of debit and credit cards a wide margin has to be provided for without any applicable discounts since a percentage of the sale amount has to be given to the financial institutions as part of the applicable commission for use of their services. The business of electronic payments is growing rapidly in view of the convenience involved and a wide array of payment options are available which are acceptable in the case of my book store. In addition to the tradition card payments other options are also cceptable to me such as mail order, online payments, acquiring bank payments and through payment bureaus. I understand that as long as a sale is taking place I can accept 2 any of these payment modes provided the financial institution is reputed to make fast payments and is reliable for its transparency in fair dealings. In such cases I may have to reduce my margins a little, but that is ok since most businesses work on volumes and hence I can make up on the low margins.