The most common form of payment is often overlooked or thought to be too expensive for some businesses. While expense is always a consideration, the speed at which your invoice is paid is of equal importance so this method is worthy of consideration.

Similar to credit cards but it is important to realize that this method of payment carries a lower cost basis. Additionally, the processing industry has increased the flexibility for businesses that want to limit the types of cards they accept.

You may be asking, “what is a digital wallet?” while having one on your cell phone and enjoying the consumer benefits at an ever-increasing rate. If it is good for the consumer, it may prove beneficial to your business as well.

This method of payment has lost favor with many businesses, partly because it has to be physically delivered but more so because of the risk associated with the check not being covered by the clients’ bank. It remains the lowest-cost payment method and thus worthy of consideration in some situations.

Physical checks are often converted to an electronic form when presented for payment simply so they can move through the clearinghouse more efficiently. Among the many benefits of this type of payment method is expense but there are many more that should be explored.

While we have listed the most common and popular payment methods here, there are many more, some of which may be ideal for your type of business. Additionally, more are being added which impacts the cost associated with the legacy methods. Various forms of financing, leasing, and pay over time options may prove beneficial as well.