Debit cards are another option, but to accept them, you will need to buy or rent a debit card terminal.
Most banks and credit unions offer business clients debit card equipment and services.
The major downside is that cash is risky because you could get robbed or lose it.
In cases like that, collecting from your insurance company could prove difficult if there's no paper transaction as proof.
Getting paid and money management can be tricky business because, in addition to customers, cash flow and managing your accounts properly is what keeps your business humming along.
Consequently, getting paid in full and on time, as well as understanding money management, has to become a priority, even if you elect to hire an accountant or bookkeeper to manage the books.Simply invest in a basic ledger and record all business costs and sales.Since you are doing it on your own, be sure to use a commonsense approach when calculating how much to invest in your business vs. Also remember to keep all business and tax records in a dry and secure place for up to seven years.Once you've chosen a name and registered your business, you will need to open a commercial bank account. Start by selecting the bank you want to work with--think small-business-friendly--and call to arrange an appointment to open an account. However, when you go, make sure you take personal identification as well as your business name registration papers and business license, because these are usually required to open a commercial bank account.The next step will be to deposit funds into your new account (even 0 is okay).This is the maximum amount of time the IRS and Revenue Canada can request past business revenue and expense information.In today's super-competitive business environment, you must provide customers with many ways to pay, including cash, debit card, credit card and electronic cash.If your credit is sound, also ask the bank to attach a line of credit to your account, which can prove very useful when making purchases for the business or during slow sales periods to cover overhead until business increases.Also be sure to ask about a credit card merchant account, debit account, and other small business services.If you're running a service business, one the most popular way people still pay for services is with a check.You have to take a few precautions to ensure you don't get left holding a rubber check, especially when dealing with new clients.