Accepting Digital Payments and How To Deal With Pesky Fees

It’s no secret that more small businesses than ever are shifting toward accepting digital payments. According to Visa survey data, 82% of small businesses in 2022 planned to enable digital payment options! And it’s no secret why: digital payments are the fastest, most secure, and most transparent way for business owners to get paid. They’ll help you increase revenues, get paid faster, and ultimately come away with increased visibility of your cash flows at any given point in time.

However, there’s one drawback with digital payments: the fees. And we get it – because while it’s generally a good idea to accept credit card payments, doing so can be expensive. Luckily, there’s a solution. The single best way to minimize your exposure to fees is by adding a convenience fee of your own to invoices. As the name suggests, this is simply a small fee that is added to an invoice to help offset any of the costs associated with processing payments digitally.

And while, yes: it’s possible that some customers will be resistant to added fees, you should be aware that convenience fees are a completely standard tool that every small business owner should consider using when it comes time to getting paid digitally! 

Benefits of including a convenience fee

Here are a few of the benefits that come with convenience fees: 

• Convenience fees will allow you to recoup some of the costs of accepting digital payments.
• Convenience fees can help you increase sales volume – and with that – your bottom line.
• Value your time? Us too. Giving your customers the flexibility to pay digitally is all about convenience – and freeing up everyone’s time for a small price is well worth it.

So don’t fear those dreaded fees. The majority of your customers will appreciate having the ability to settle invoices digitally, and your bottom line will appreciate not having to absorb processing fees every time you get paid! 

And, if you’re ready for a more streamlined approach for your invoicing process, be sure to check out TrulySmall Invoices. Get started with a free trial today: TrulySmall Invoices!