It’s tempting to allow your clients to use whatever payment method is most convenient for them – because at the end of the day, you just want to get paid. But some payment methods have surprising pitfalls that could end up biting you! Below are 3 payment methods that can cost you big time.
Checks
Check payments in the event industry are declining for several different reasons. Most people don’t carry checks around with them anymore (let alone make a payment in-person), checks take several days to process, they get lost in the mail, and they can bounce. While you may think accepting the occasional check is a courtesy to clients, it’s likely more trouble than it’s worth. Check out our recent blog: why you should think twice about accepting check payments with more details about why checks are rapidly becoming a thing of the past.
Venmo
Let’s face it, Venmo is not meant for business use and there are penalties for using it as such. Here is an excerpt from their website; “Venmo is designed for payments between friends and people who know and trust one another.” Link to Venmo’s policy here.
It’s tempting to use because of the convenience and the fact that most customers are familiar with it. But unless you sign up for a Venmo business account, it is not a viable payment processing option for your company. We recommend avoiding potential problems down the road by skipping Venmo all-together for your business.
Paypal, Stripe, and Square
These platforms are well-known and used in the event industry but, as an individual user, you are paying retail rates – anywhere from 2.9% – 3.5%. And in these uncertain times – where every dollar counts more than ever – you could be pocketing less for your services than you need to! Partnering with a vendor like Rock Paper Coin offers you the benefit of a low group rate for processing fees.
RPC works hard on your behalf to negotiate the lowest group rates possible with their processor. There is power in numbers and with RPC, you can leverage that to increase your bottom line. In addition, there are often hidden fees, batch fees, and confusing fee structures to navigate when you go directly to a payment processor. Knowing you will always be charged a flat rate means better budget forecasting and peace of mind about payments.
Don’t waste another dollar, sign up for RPC today
