What Payment Types Should My Business Accept?

There are more than 200 different payment types, from cash to ApplePay to Bitcoin. However, it’s not necessary for your business success that you provide your customers with all 200 options. But where does that leave you?

As a small or medium-sized business, you don’t have the luxury of trying out different combinations of all 200 payment types until you find your top ten or twenty. So, you do you go about choosing the best payment types for your business? Here are some payment types your business should accept, and why they are beneficial.

Cash or Checks

It seems like a no-brainer that your business should accept cash as a form of payment. But the truth is – there are a few instances where accepting cash may be unnecessary.

If your business has any sort of physical presence – a storefront, food truck, even a mall kiosk – accepting cash is something you should almost certainly do.

Some physical businesses, like gas stations, no longer accept cash for a number of reasons, but that is a practice that can definitely turn customers away from doing business with you.

Other reasons you would not need to accept cash include if:

  • You have a physical business that only accepts payments over the phone or online (like a takeout-only restaurant, for example)
  • You are a business that frequently deals in high-dollar transactions
  • You only deal with commercial or bulk order customers

Checks, on the other hand, are a seemingly outdated form of payment for B2C transactions. But they are still used frequently in B2B transactions. If you are a retail business, it is up to you.

While you may alienate a certain demographic of customers by not accepting personal checks, it’s important to know that check fraud is one of the biggest problems when it comes to fraudulent transactions.

There is a lot of sensitive information on a check, and if you don’t deal much with check payments now for your business, you’ll likely do well without adding it to your payment options in the future.

Credit or Debit Cards

Credit cards are one of the most popular forms of payment, both at physical locations and online. There aren’t any special caveats here. Accepting credit card payments is essential to your business. You will lose customers if you don’t accept them.

There is a small number of retail businesses that refuse to accept credit cards because their sales volume is very low and the extra transaction fees will cost the business more money than the payment service is worth, but generally, this speaks to a failing business model.

Debit cards work in much the same way credit cards do. And, in most cases, the technology that processes a debit card approves them even faster than it does credit cards. In general, if you are accepting credit cards, you already have the ability to accept debit cards, too. The only downside for the consumer is that there are also fees associated with these transactions – and the fees are different than credit card fees.

ACH Processing

By the end of 2022, more than 80% of payments are expected to be processed digitally. The comfort with digital payments has historically been lagging in older consumer groups. But since the pandemic, more people in all age groups are starting to prefer digital methods for their efficiency and convenience.

There are many ways in which consumers already interact with the ACH system:

  • Direct Deposit paychecks
  • Online or auto bill pay for utilities or recurring services
  • Using third-party payment apps like Paypal, Venmo, CashApp, etc.

ACH is one of the most convenient payment methods, for both the merchant and the customer. They are one of the safest and most secure payment options you can offer as well. Offering ACH payment processing is almost certainly a growth opportunity for your business if you aren’t already offering it as a payment option.

Mobile Payments

Mobile payments are made up of payment apps, for the most part. Peer-to-peer (P2P) payments are often carried out through third-party firms like Paypal, Apple Pay, Zelle, Venmo, and others.

Much like with online payments, consumers have become much more comfortable making payments via mobile devices since the beginning of the coronavirus pandemic. Part of that is due to the increased security of the apps coupled with the decreased availability of in-person transaction options.

But the popularity of mobile payments doesn’t look to be waning any time soon.


Accepting virtual currency comes with some risks. But many government organizations and US-based institutions have now set their sights on finding a way to regulate cryptocurrencies like Bitcoin.

There are pros and cons to offering any payment options, and cryptocurrency is still an emerging payment type. However, some industries may greatly benefit from allowing crypto payments.

We would recommend doing some research on the risks and benefits of accepting these payments as they relate to your industry or operations.

All Your Payments in One Processing Platform – ReliaFund

At ReliaFund, our mission is to set each and every customer up for success. We also recognize that success looks different in every business and every industry. That’s why we provide a scalable, high-value payment processing platform.

Our integrated platform allows you to connect outside applications, send customers digital receipts, and so much more.

We offer:

Schedule a consultation today to learn more.

What Payment Types Should My Business Accept?