So, you know accepting payments is what keeps your business afloat, but are you using the right system to process those payments?

Not all small business payments processors are created equal — and not all of them serve the same purpose. For example, you don’t pay for a bagel the same way you pay your housekeeper.

Chances are neither of them expects you to pay with cash these days. And your customers don’t want to pay you with cash, either. And just forget about them carrying a checkbook, anymore. (Does anyone?)

If you haven’t chosen a payments processor, or you’re not sure your current system is ideal, take this quick quiz to find the right one for you!

Take the Small Business Payments Quiz

Q1: What is the average cost of your product or service?
  • A: Either recurring payments of smaller amounts (ie: $50/ea) or large one-time payments ($500+)
  • B: Small, one-time payments up to $50.
Q2: Do you spend too much on processing fees?
  • A: WAY too much. It’s the reason I do not accept credit card payments.
  • B: Don’t we all? But it’s just part of doing business.
Q3: Do you need a card-swiping device?
  • A: No, I’m always on the move and I can’t juggle multiple devices.
  • B: Yes, I prefer these at my check-out stations.
Q4: Would your customers prefer to pay with bank draft, rather than credit card?
  • A: Yes, they often ask to pay from their bank account, rather than putting it on credit.
  • B: No, it’s not typically necessary for my products/services.
Q5: Do you want to break up large payments and schedule installments over time?
  • A: My clients would love that option!
  • B: This is not necessary for my business.
Q6: Do you accept tips?
  • A: That would also be a nice option!
  • B: Yes.
Q7: How quickly do you need access to the funds?
  • A: As soon as possible, but I’m used to waiting for checks to clear the bank.
  • B: Same day, or next day, max.
Q8: Would you like to offer financing to your customers?
  • A: Another great option my customers would love!
  • B: We’re just selling coffee and bagels here …

If you answered mostly A:

You’re probably a service-based small business that connects with your clients via scheduled appointments. You likely provide services with recurring payments, such as monthly lawn service or personal training sessions, that are pre-scheduled.

You routinely provide large ticket items, such as an A/C unit replacement or a medical spa treatment.

Any of these scenarios require you to provide a variety of payment options, and maybe even financing for your customers’ convenience.

And this benefits you, as well. For instance, let’s discuss a large-ticket item, such as a roof repair or replacement. If the charge to your client is $12,000, you need a payment processor that allows you to accept ACH (bank drafts) as well as credit cards and debit.

With ThryvPay, for instance, the ACH transaction fee to the business owner is either 1% or a maximum of $9. If you only take credit cards, you could be paying up to 3% (that’s $360!). If you accepted ACH, you’d only pay $9.

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Let’s take that same roofing customer who wants to pay by credit card. ThryvPay will allow you to charge a flat-rate convenience fee (although it won’t likely be as much of a cost-savings as ACH). You can also accept tips, too.

Same customer: They cannot afford the $12K now, and have asked you to make repairs instead. While this is still good business for you, what if you could provide transparent financing so they could replace instead of repair. That’s a win-win for both.

All that considered, you could probably use some extra support, transparency and security. We got you.

If you answered mostly B:

You perhaps sell smaller, one-time products or services. If you do not have a physical storefront, ThryvPay can work great for you, too. You can accept tips and ACH when it makes sense.

Meanwhile, you’re providing your customers with the digital payment option they expect from modern businesses today.

If you’d like to give ThryvPay a try but you’re not a Thryv user, check out the ThryvPay app, which is available for free download and at no monthly charge in the Apple App Store or on Google Play. For a limited time, we’re offering free transaction fees for your first $2,000 processed when you use the ThryvPay app.