Tiffany's Take: Taking Payments As A Small Business Owner | Ep. 80

Key Takeaways

• 1

  Evaluate payment solutions on six key criteria: reliability, affordability, flexibility, training, speed/mobility, and security.

  Reliability: Check if the system uses internet or phone line and have a manual backup plan for outages.

  Affordability: Compare monthly subscription fees plus per-transaction costs (flat fee + percentage).

  Flexibility: Ensure you can switch between hardware, phone apps, or tablets if needed.

  Training: Choose systems with intuitive interfaces; review knowledge bases before committing.

  Speed & Mobility: Prioritize fast processing and lightweight options for pop-ups or vending.

  Security: Most major providers offer strong protection, but confirm PCI compliance.

• 2

  Transaction fees vary by entry method—swiped cards usually cost less than keyed-in entries due to fraud risk.

  Swiping or dipping the card signals lower fraud risk and lower fees.

  Manually entering card details increases fees because the card is not physically present.

• 3

  Popular POS options include Square, Toast, Shopkeep, Shopify, PayPal, and bank-provided systems—match the tool to your business type.

  Square: Low-cost, mobile-friendly; good for new vendors and pop-ups.

  Toast: Tailored for restaurants.

  Shopkeep: Strong for brick-and-mortar retail with quick-add buttons and discounts.

  Shopify: Best for e-commerce with real-time inventory sync between online and in-person sales.

• 4

  Every 10th episode is a Q&A session where listeners can submit questions via moneytalkwitht.com/asktiffany.

  Listeners are encouraged to submit questions for future Q&A episodes.