Being an entrepreneur often means grappling with the challenge of client payment. It’s not just about getting your clients to pay, but also deciding on the most effective means to process their payments. Traditional methods like checks are becoming less popular, especially in this digital era, causing many entrepreneurs to resort to different digital payment systems. Here are three payment systems that are easy to use:
CASH APP
Cash App is a popular choice due to its simplicity. It’s pretty straightforward: just link your bank details and you’re ready to go. It provides a link which you can share with clients for direct payments. You can then choose to deposit these funds directly into your bank account or leave them in the Cash App account for future payments. A great thing about this app is that it’s free, meaning you get to keep 100% of your earnings.
VENMO
Venmo is another favorite among numerous users, mainly attributable to its no-fee policy and simplicity. This peer-to-peer payment service allows you to send and receive money from anyone using Venmo. Payments are as straightforward as inputting the recipient’s email address and amount to be sent. The ease of requesting money from clients or paying vendors and friends with this platform makes it a top pick for entrepreneurs.
PAYPAL
PayPal is a well-established payment platform with a global reach, making it desirable for overseas transactions. It operates similarly to Cash App and Venmo in regards to accepting client payments. However, PayPal offers additional features such as invoicing, tax documentation, reports center, and more, making it appealing for growing businesses. While PayPal does charge a fee for business accounts (currently at 2.9% + $0.30 per transaction), it’s vital to note that money received as “Friends and Family” as opposed to “Goods and Services” is exempt from this fee.
In the end, receiving payments via digital platforms like Cash App, Venmo, and PayPal has made entrepreneurship easier, especially in our technologically advanced society. While the first two are better for personal transactions with no fees, PayPal might be the better option for businesses seeking in-depth reporting and invoicing functionalities.
It’s essential to pick a platform based on your business needs and your client’s preferences to ensure smooth transactions. Have any digital payment platforms improved your business transactions with clients? Please do share!
