BoothBooks Vendor Tip #25: Payment Methods

There is no denying that now more than ever, technology guides the way we do things. In our world, we rely on it to get us through our daily life. For many of us, we have transitioned away from the almighty dollar and gone to the (hopefully) mightier debit card. Even something as simple as our morning bagel is now a technological experience. As vendors, it is important to stay up to date on the easiest ways to buy, and while it may seem like cash is the simplest way to go, you could be putting your business at risk by clinging to that cash register.

Thankfully, there are solutions, and as the technology grows, those options are easier to obtain. Debit and credit cards have changed the way we pay, but companies like Square and PayPal allow you to stay ahead of that change, by allowing vendors with a smartphone to accept payments via mobile card readers. This keeps your business from missing out on those last-minute sales when everyone has emptied their cash reserves after a long market weekend.

Even without cards, there are other purchasing options available to customers. Apple Pay is a great new way to allow businesses to accept a payment from an attached bank account. Customers can sync their Apple Watch or iPhone with their accounts, making purchasing even simpler. But what about our non- Apple customers? Programs like Venmo and CashApp let you send money directly between phones, and it is simple as a retailer to accept payments from customers, at no cost to you.

Although there are many non-cash options, we can’t forget about our green friends. After all, cash is king, and it feels good to walk away from a busy market with spendable profit. However, we must keep in mind that carrying large amounts of money can be risky, so it’s good to practice caution. Never keep more than $20 bills in your register, and try to only keep what you need to make change. Also, it’s recommended that vendors keep a sturdy safe or lockbox, preferably out of site, like in a camper or car, with the doors locked. No one wants to walk away from a day of sales with less than what they started with, so be vigilant.

No matter how customers choose to pay, it’s up to vendors to stay ahead of the ever-growing technology. Utilizing the resources that are available, retailers can keep up to date on mobile card readers, payment apps, and even Google for those newest fire-proof lock boxes.

Be sure to check back regularly for more great market tips!

BoothBooks creates best-in-class market management software. Easily handling payment history, vendor registration, layouts, reporting, and more. To find out more visit our website, or check us out on social media.