31st March 2016 - 4 min read
We’ve talked before on how to turn any one of your hobbies into a side income, and even elaborated on how to leverage social media to help sell your stuff online. But what we haven’t told you about is how best to get paid.
There are many ways to receive payment from your customers and the method you choose can affect how smooth your day-to-day business will be. Here, we have a general breakdown on the different payment methods you can choose from and their pros and cons.
The classic way to get paid. Deliver your goods straight to the person and receive cash directly from them.
Small local businesses where the goods or services rely on excellent customer relations, or side businesses that are in their early stages or not looking to expand too quickly. Examples: special interest hobby items, antiques, local seasonal items or handmade goods.
Another method that’s less cumbersome than cash on delivery. You give out your bank account number and wait for your customer to bank in the funds before delivering your products.
Businesses that have been using cash on delivery, but are looking to slowly expand. Businesses that sell products to customers unlikely to have credit cards. Example: any drop-ship business, businesses that are state-wide, but not nationwide.
The ubiquitious plastic used for all types of shopping, from online retailers, to petrol stations, to an ice-cream cone from the supermarket.
Most businesses seeking to expand to the most number of clients and customers.
As you can see there are good points for each of these methods of payment. The most important thing is to understand what your business needs are and choose the one that makes the most sense for you. While we’re on the topic, here some different types of online payment gateways you can choose from and how to pick one.
Do you have an idea of how to choose the best payment method for your side business? Do let us know in the comments section below!
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