Complete Guidelines For Choosing The Right Payment Method For Your Business

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JAKARTA - When you have an increasingly growing business, the payment method is one of the important roles, especially in determining the smoothness of a transaction between business people and their customers or business partners. The reason is, the selection of the right payment method will also have an impact on transaction fees that need to be paid.

In addition, choosing payment methods also greatly affects transaction speed. Do not let business operational activities stall just because they choose the wrong payment option. For this reason, business people must be smart in choosing and determining the appropriate payment method.

However, how can business people determine the right payment method for their business? If you are a business player who is questioning this, then please see the full review in this article.

Currently, business people are faced with various payment methods, ranging from bank transfers, electronic wallets, to virtual accounts. However, before choosing one of these methods, you must know important consideration factors when selecting it.

- Ease of Use: You will certainly tend to use payment methods that tend to be familiar and easy to use. Make sure that the method chosen does not take up much of your work time.

- Transaction Security: Business partner confidence in your business will increase if you make payments using methods that prioritize data protection.

- Transaction Fees: Pay attention to the costs imposed by payment service providers for each transaction. Do not let your transaction fees swell because you choose the wrong payment method.

- Integration with Business Systems: Ensure payment methods can be integrated with your business platform for operational efficiency.

Here are some types of payment methods commonly used by businesses in their operational activities:

1. Cash Payments

This traditional payment method is still relevant to businesses, regardless of business scale.

Small businesses operating in areas with limited access to digital services will certainly prioritize this one method. However, several medium and large scale businesses are also still using this method, especially for the purchase of small-valued operations or equipment.

2. Bank Transfer

Bank transfer remains the main choice for large transactions or B2B (Business-to-Business). Ease in recording transactions makes it ideal for administrative needs.

3. Digital wallet

Digital wallets seem to be becoming increasingly popular because of their convenience and speed. With high smartphone penetration, digital wallets are options that you must consider.

4. Virtual Account

Virtual account is a method of sending money based on a unique number. Generally, one virtual account number only applies to one transaction only.

This method can be taken into consideration because it is able to prevent you from sending payments twice accidentally. On the other hand, if your business partner wants to make payments to you, then you can offer them a virtual account payment to prevent payment nominal writing errors and avoid multiple deliveries.

5. Credit and Debit Cards

Corporate cards, both debit and credit, can also be the best payment method for you. The reason is, this card allows you to manage your expenditure limit independently and manage the use of cards for one particular business activity.

If you are choosing the best corporate card for your business, then the Aspire App Corporate Payment Card is the right choice.

With Aspire, you can issue an unlimited virtual corporate card. Give the cards to your team members to speed up the procurement and purchase process.

In addition, you can also determine the expenditure limit and set the use of cards for certain teams, merchants, or projects. All expenses via card can also be monitored in real-time through just one dashboard.

Not to forget, you can also enjoy cashback of 0.5 percent for each transaction using an Aspire corporate card.