What Payment Options Should You Choose For Your Equine Business
One of the big questions you have to answer when setting up an equine business is, what payment options will you offer? You might not think it makes much difference but if the payment process is quick and easy, it improves the overall experience for the customer and makes them more likely to come back.
There are more payment options available than ever and people come to expect alternative payment options to be available. So, what payment options should your equine business offer?
Cash is in decline and many people are switching to alternative payment options. However, there are still plenty of people that use cash for a number of reasons. Many people prefer cash because it helps them keep track of their spending and some people just like the simplicity of it. If you run a retail business in the equine sector, it’s likely that a lot of your customers will want to pay in cash. Don’t make the mistake of thinking that you are modernizing your business by stopping cash payments because you are just alienating a percentage of your potential customer base.
However, the situation is different at the minute and if you want to coronavirus proof your business, you need to offer alternatives to cash and limit the use of cash as much as possible.
Most people pay for things by card these days, so you need a good system in place for taking card payments, and that extends further than a simple chip and pin machine. Take this merchant account provider, for example; they offer chip and pin machines as well as point of sale systems and mobile payment systems, which all integrate together. This offers you and your customers a lot of flexibility. When people are paying large one-off payments for equine equipment or grooming services, card payments are ideal. If you take payment by card in-frequently, then it may be more cost effective to use a pay as you go option for processing card payments such as iZettle, which gives you a small card reader which links to your mobile phone or tablet to process the payment.
Direct debits are necessary in any situation where your customers pay regular payments. For example, if your equine business offers boarding services, it’s very inconvenient for you and your customers if they have to make manual payments every week or month. You make life so much easier for everybody if you give your customers the chance to set up a direct debit and take payments automatically for recurring services. It also means that you don’t need to worry about missed payments for boarding services, which can affect your cash flow. Direct debits are also a great choice for service providers like farriers who may not see the horse owner when visiting the stables & helps avoid you having to chase for the promised bank payments or “missing” cheques.
People rarely use cheques these days, but that doesn’t mean you should do away with them for good. There are still some people that like to pay upfront for things with a cheque, and that works great for you. Instead of paying a monthly direct debit for horse boarding services, customers can pay for a year in one lump sum, which increases your cash flow and makes things simpler for everybody.
These are the main payment options that all equine businesses should offer, but you should also look into alternative payment methods like Paypal or mobile pay.