How to Collect Payments for Your Business

Welcome back to Business and Budgets! There are many reasons why people choose to go into business for themselves. Making money is always at the top of the list. Today we will be discussing different ways to collect payment for your products and services. There are a variety of ways that you can accept payments from your clients, in this post I will focus on the ones that I believe to be the best, as well as the ones that I hate the most. No matter what option you choose ensure it is safe, user friendly and doesn't charge exorbitant fees.

Paypal Business

This is probably my favorite platform for a variety of reasons. The fees are 2.9% + 30 cent for every transaction, which is pretty average for payment processors.

  1. Safe: This platform protects the Business, so in the event that a client says they did not receive your goods or services, Paypal will not immediately snatch the money from your account. They will check with you first to ensure the customer is being truthful.

  2. Fast payout: Most payments are deposited immediately. I believe when you first get started your first couple payments will be delayed by 3-5 days.

  3. Hassle-free: I have never had an issue with Paypal, their platform or customer service.

  4. Options: Card readers, invoices and ACH

  • Upon signup you will be given a variety of add-ons including chip and touch-less card readers. Make sure to take advantage of these products if you make sales in person. Don't forget to download the Paypal Here app!

  • Invoices, if you are in the service industry or any other industry that requires invoices and deposits, Paypal is for you.

  • ACH: If you collect monthly or any other style of re-occurring payments, this is an option available on your business dashboard.

  • Ability to build your business credit through working capital, which has a fixed fee and is paid back as a percentage of your sales.


This is another one of my favorite payment processors. Deposits typically take one or two business days. It offers many of the same features as Paypal such as invoices, re-occurring payments and working capital.

  1. Easy to use: This is one of the easiest to understand platforms, even for non-tech savvy people.

  2. Familiar: Customers like to use safe platforms. Many customers have seen or used Squareup (Square) in their daily purchases.

  3. Low fees: This platform is a bit cheaper than Paypal when it comes to swiped or contactless payments. This rate is 2.6% + 10 cent per transaction. If the card is manually entered through the terminal it is a bit more at the rate of 3.5% + 15 cent per transaction.


This platform is extremely similar to Squareup. Different websites offer different integration options so you may see this one instead of Squareup. These rates are identical to Paypal at the rate of 2.9% + 30 cent per transaction. This platform usually deposits payments within two business days.


If you have ever joined me for Business and Budgets live on Instagram you have most likely heard me talk about this platform. I hate it. Not only have many people been scammed but it's unprofessional, difficult to manage clients and will be a headache during tax season. If you are using Cashapp I would suggest that you disconnect your card and delete the app. Google Pay is a similar but safer option.

Google Pay

This is of course a Google platform and accessible to anyone with a gmail account. Though it is not the most professional option, it is quick, easy and has no associated fees. Though, in order to send you money,