Payment Method

What is a payment method?

A payment method is how your client transfers money to you. Common options include checks, credit cards, bank transfers, and cash. Each method has different processing times, fees, and convenience factors. Offering multiple payment methods makes it easier for clients to pay promptly.

Common payment methods

Options to consider accepting:

• Credit/debit cards — Convenient for clients, typically 2-3% processing fee
• ACH bank transfer — Lower fees, takes 2-5 days to clear
• Checks — No fees but slow and can bounce
• Wire transfer — Fast but expensive, usually for large amounts
• Cash — No fees but requires in-person exchange
• Online payment services — PayPal, Venmo, Zelle—convenient but may have fees

Choosing which methods to accept

Accept methods that balance convenience, cost, and speed. Card payments are convenient but have fees; ACH is cheaper but slower. Many businesses accept multiple methods and let clients choose. Always include clear payment instructions on your invoices.