The best in-person payment methods

With all the buzz around online shopping and online payments, you might think in-person payments are a thing of the past. But guess what? About 80% of retail sales still happen in physical stores! That means if you own a business, having a solid in-person payment setup is super important. In this article, we're going to discuss the best ways to accept payments face-to-face so you can pick the right one for your business. Let’s dive in!

1. Understanding in-person payment methods

Alright, let’s start with the basics. What are in-person payment methods? Simply put, these are payments that happen when the customer is present with their payment i.e cash, card, or their wearable payment device—like when someone hands you a $20 bill or swipes their credit card. It's all about making the sale right there on the spot.

So why does this matter? Well, think about it: the easier you make it for your customers to pay, the more likely they are to buy from you. Plus, keeping up with the latest payment trends, like contactless payments and mobile wallets, can make your business look pretty savvy.

2. Traditional payment methods

Let’s take a trip down memory lane and talk about some of the old-school ways of in-person transactions.

Cash

Good old cash. It’s simple, doesn’t come with any fees, and everybody accepts it depending if your client is carrying cash. But, there are some downsides. Carrying a lot of cash can be risky, and let’s be honest, not everyone wants to deal with counting change. Still, cash is hanging in there—it actually makes up about 12% of all transactions in the U.S.!

Checks

Believe it or not, some people still use checks! While checks aren't as common in stores, they can be handy for service-based businesses. Imagine you’re a contractor—you might have clients who prefer to write a check for their new deck or kitchen remodel. The downside? Checks can bounce, and who has time for extra trips to the bank?

Credit/Debit Cards

Credit and debit cards have been the go-to for years for in-person transactions. They're quick, easy, and almost everyone has one. In fact, about 81% of shoppers prefer to pay with cards. Whether your customers are swiping or tapping, cards make paying a breeze.

3. Modern payment methods

Now, let’s talk about some of the newer, cooler ways to pay.

Mobile wallets

Mobile wallets, like Apple Pay, Google Wallet, and Samsung Pay, are becoming all the rage. They let customers store their card info on their phones and pay with a quick tap. The global mobile wallet market size is projected to hit around USD 88.36 billion by 2033, increasing from USD 8 billion in 2023 with a CAGR of 27.20%. It’s fast, it’s easy, and it’s secure—what’s not to love?

Contactless payments

If you haven’t heard of contactless payments yet, you’re in for a treat. With a quick tap of a card or phone, the payment is done within seconds. This method isn’t just about speed—it’s also super hygienic. Contactless payments shot up by 30% during the pandemic because people didn’t want to touch those grimy card readers. If you run a busy coffee shop or fast-casual restaurant, offering contactless payments can keep things moving smoothly.

QR Code payments

QR code payments are kind of the new kid on the block. Customers just scan a code with their phone, and bam—they’re taken to a payment page. This method is huge in places like China and is starting to catch on in the U.S. It’s simple and versatile—perfect for places like farmers’ markets or pop-up shops.

4. Payment terminals and POS systems

If you’re going to accept in-person payments, you’ll need the right tools for the job. Enter payment terminals and POS systems!

A payment terminal is a device that reads cards and processes payments, while a POS (Point of Sale) system does all that and more. It can manage sales, track inventory, and store customer data. It’s like the Swiss Army knife of payment processing!

When choosing a payment terminal or POS system, you want to look for a few key features: compatibility with different payment methods, top-notch security, processing fees and ease of use.

Why is Helcim a popular choice?

Helcim has this sleek, super-easy-to-use POS system that’s great for small and medium-sized businesses. Imagine you own a cute little bakery in US called "Sweet Treats." You decide to go with Helcim because they offer clear pricing with no monthly fees and a transaction fee of 1.83% + 8¢ for in-person transactions (1.68%+8¢). No hidden costs sneaking up on you! You don't believe it? Why don’t you submit some basic financials in the link below and let the Helcim team do some number crunching for you and prove that they can save you a lot of money.

But here’s the real kicker—Helcim’s customer service is top-notch. Picture this: It’s a busy Saturday morning, and your payment terminal suddenly stops working. Yikes! You call Helcim’s support line, and within minutes, a friendly rep walks you through troubleshooting. Disaster averted! Later, you learn Helcim has a 97% customer satisfaction rate, and it’s easy to see why.

5. Choosing the best payment method for your business

So, how do you choose the best payment method for your business? It all depends on what you need!

Factors to consider

Think about the costs—other than the processing fees, are you okay with paying a bit more for any premium features? How about ease of use? If you have a busy shop, you might want something quick and simple. Don’t forget about what your customers prefer. If everyone seems to be using Apple Pay, maybe it’s time to add that option.

Industry-specific needs

Different businesses have different needs. If you’re running a retail store, you might need a POS system with solid inventory management features. Got a food truck? A mobile-friendly payment terminal could be just the ticket.

6. Security and compliance

We’ve gotta talk about security. Payment fraud is a big deal, so it’s super important to choose secure payment methods.

Importance of security

Keeping your customers’ info safe is key. A data breach can hurt your reputation and cost you big time.

Compliance

That’s why it’s crucial to pick payment methods that follow security standards like PCI DSS. This helps ensure all companies that handle credit card info maintain a secure environment.

7. Future of in-person payments

What’s next for in-person payments? The future looks pretty exciting!

We’re already seeing things like AI in payment processing, which can help spot fraud and offer personalized experiences. Biometrics, like fingerprint and facial recognition, are making payments more secure and convenient, too.

In the next 5-10 years, we might see even more cool stuff, like smart devices and IoT in payment systems. Imagine paying for your morning coffee with just a nod at the barista, thanks to facial recognition tech!

Wrapping it up!

So there you have it! There are tons of great in-person payment methods out there, each with its own pros and cons. The best one for you will depend on your unique needs and your customers’ preferences. Take some time to weigh your options, and you’ll find the perfect fit that keeps your business thriving and your customers coming back for more.

Sweetener alert!

Ready to explore your options? Take a closer look at Helcim and see why they’re a top choice for businesses that want a reliable, cost-effective POS system as compared to others. Helcim’s buyout program can give you further motivation to switch. Have questions or need more personalized advice? Click below to find out more

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