No one type of payment is best – it will depend on the needs of your business and what your customer’s chosen payments methods are. Make sure you understand how the different methods work, some of which include:
- EFTPOS payments,
- Credit card & debit card payments
- Direct debit payment (this can be via Bank Transfer or BPAY),
- Cash,
- Gift cards & Vouchers, and
- In Kind (an exchange of goods or services)
Some less common payment options can include:
- Online payments,
- Cheque,
- Money order payments, and
- Bitcoin and digital currencies
Things to consider before selecting your payment method(s) are service fees (often a small percentage for each card transaction) and transaction costs (banks may charge you a transfer or payment fee).
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