Apparently for the first time we are spending less physical cash and using “virtual” payments more.

I am surprised it has taken this long, to be honest.

Why would you want to use cash?

It helps you to budget.  When you are out of money and the wallet is empty you can’t spend any more.  Simple.  It also helps to feel “real” about your money.  If you are a kinaesthetic type of person this is probably the way you feel happiest.  I remember having a French client and we discussed the fact that money in went into his right hand jacket pocket, and if there wasn’t enough there, he wouldn’t buy.

Why should you accept online payments as a business?

Because people will buy the course or service they want because they intend it to be an investment.  It is a business purchase, very different from paying for a cup of coffee and a piece of cake.

Last month for the first time two of my clients made payments to me via their mobile phones.  They had set up payments before and it was easy to simply pay the same amount again.  We are all getting more confident with online payments, and smart phones and tablets have made it easier when out and about.

I was at a craft fair at the weekend and wanted to buy a lovely vase.  Luckily the potter was able to take cards so payment was easy as I had a card but not enough cash and no chequebook.

Then we moved to a stall of wooden turned product and my friend wanted to buy a bowl.  The wood turner did not have the facility to take cards, so it had to be cash or a cheque.    As it happened it was not very expensive, and the cash was found.  If it had been a lot of money, however, the purchase would not have happened.

So we talked about taking payment (well, I did!)  and discovered that the stall holder was thinking of taking up the new option from paypal. We had a big discussion with the neighbouring stall holders, too, who were also in the same situation.  Paypal makes quite a low initial charge then a percentage on top but it may well be a cheaper option than taking cards with a card reader.   However it does require customers to have a smartphone, internet access and a paypal account but all those things look increasingly likely these days.

So if you do not have the option to take easy payments from your clients, now is the time to take the step.

Money is on the way out, and of course helps your clients to budget and resist those impulses to impulse purchase!

What business owner wants that?