There’s no denying that the world is different than it was before COVID-19. One demonstration of this is the reality that people often don’t carry cash, even when they’re heading shopping or to a farmer’s market. Sometimes, this can lead to missed sales simply because the person had no easy way to pay you. With this in mind, it’s important to consider offering different payment methods (most of which can be contactless) so people have options on how to pay you – plus, it’s easier to track your sales because there’s a digital record of transactions. 

Check out these options for accepting alternative payment methods that don’t require hardware or a full POS system: 

PayPal 

PayPal is a secure way to send or receive payments. You can link bank accounts, debit cards, and credit cards to your PayPal account to transfer money. Using PayPal allows customers to pay with PayPal, Venmo, and major credit and debit cards. PayPal also gives the ability to both send and request money from a QR code, name, email, or phone number.  

Having a PayPal business account can also include features like Pay Later (which allows customers to pay in installments while seller gets paid in full upfront), direct invoicing, ecommerce options, and a full POS system to integrate and track all payments. PayPal for businesses also includes analytics to help you understand more about your sales and customers. Seller Protection is also included to ensure safety for sellers and buyers. 

Fees:  

• For accepting PayPal online: 3.49% +$0.49 per transaction 

• For accepting payment through QR code: 2.29% +$0.09 per transaction 

• For accepting payment online through credit/debit: 2.59% +$0.49 per transaction 

• For card payments in person: 2.29% +$0.09 per transaction 

Website: PayPal for Business | Business Payment Solutions | PayPal US 

Venmo 

Venmo is a free digital wallet app that allows you to send or receive money easily. Your account is linked directly to your bank account or debit/credit card. Your account can be found by QR code, username, email or phone number. Once money has been sent by customers, Venmo will then hold the money in your profile until you transfer the money into your bank account. All payments are tracked, allowing for easy recordkeeping. 

Venmo now offers the option of a “business profile,” which allows the account to represent the business rather than an individual. This type of profile also builds in the option for customers to add a tip. Customers can also be assured their information is secure and purchases are legit through Venmo Purchase Protection. 

For businesses that sell online, you can also offer customers the option to checkout through Venmo. 

Fees: For direct payment with business accounts: no setup fee, transaction fee of 1.9% + $0.10*, and no monthly fee. 

For accepting Venmo payments online: no setup fee, 3.49% + $.49 per US transaction. 

Website: Venmo for Business - Business Profiles | Venmo 

Facebook Pay/Meta Pay 

Similar to other contactless payment methods, Meta Pay allows customers to send money to you through Facebook, Messenger, Instagram, or as an online checkout method. It’s easy to set up, as it works with your Facebook business page.  

Fees: Free to set up with no additional fees. 

Website: Enable Meta Pay on Your Business Website | Meta Pay (facebook.com) 

Apple Pay 

Apple Pay allows you to send and receive money with other Apple users. Money received is kept in Apple Cash until transferring to your bank account or debit card associated with your account. If the seller has an iPhone and a supported app, they can accept payment through contactless cards and/or iPhone. Similar to PayPal, Apple also offers a Pay Later option. 

Fees: Free to set up with no additional fees, but must have an iPhone. 

Website: Apple Pay - Apple 

Square 

For several years, Square has been a method to accept debit/credit card payments in person through their reader system, which integrated with their ecommerce and POS systems. Now, Square readers are optional as Square also offers contactless payments through an app, which accepts various payment methods like contactless cards and Apple Pay and offering options to pay using typical debit/credit cards via QR code. Using the Square system, you can track inventory, send receipts, connect to receipt printer/cash drawer, etc. 

Fees: For payments in person. 2.6% + $.10. 

For payments online, 2.9% + $.30. 

Website: Retail POS System - Retail Point of Sale Software | Square (squareup.com)