How might my potential customers pay for my goods and services?

This question focuses on payment methods for businesses and spending trends. Cash, credit, swipe vs chip vs tap, payment plans, etc. There are many factors when selecting payment methods. Payment volume may affect fees for certain processors, security considerations of having cash on hand vs securing digital payment and having internet.

Needs Assessment

Process to refine the Question:

• What do you currently accept for payment?
• Are you looking for a list of payment types and methods?
• Are you considering the costs related to each method?
• Are you considering the security needs for each method?

Resources and Next Steps:

Catalog / Guide Documents

• Bureau of Economic Analysis (BEA) Consumer Spending - Larger trends on consumer spending.

People and Organizations

Business Support Organizations

• U.S. Small Business Administration|SBA
• Resource:PG County Small Business Development Center (SBDC)
• Resource:Hispanic Business Center
• Resource:PG County Economic Development Corporation
• SCORE Mentor Services

Comments

• There are many factors to consider when choosing payment and liability vary (magnetic swipe puts liability on vendors while chip and tap are often assumed more by the issuer). Internet access is critical for payment processing as well as upfront costs vs ongoing costs.