10 Digital Payment Methods For Your Self-Care Business
Digital payments are a game changer for the self-care business. This article will explore different methods, as well as a breakdown on how they work.
Digital payments are a game changer for the self-care business. This article will explore different methods, as well as a breakdown on how they work.
Digital payment technology can revolutionize your self-care business operations. As a safe and secure way to accept and process transactions, digital payment methods can streamline the customer experience and boost revenue.
Digital payment processing is rising in popularity across a number of different self-care industries. Some data estimates overall digital wallet spending will increase to over 11 trillion dollars in 2024, followed by a growth of over 9% to reach a total of more than 16 trillion dollars by 2028. Another survey by Forbes Advisor revealed that more than half of the participants stated they use digital wallets for purchases over traditional methods.
With digital payment services quickly becoming the preferred method of transaction, it’s never been a better time to ensure you’ve got at least one type of digital payment available at your self-care business. This article will explore several different types of digital payment methods you can use, along with how they work, and how they can benefit your business.
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What Is a Digital Payment?
A digital payment is any type of electronic transaction that doesn’t require a physical check, cash, or other tangible currency. Digital payments can be made through credit/debit cards, mobile wallets, apps, smartwatches, phones, websites, and other online methods.
4 Reasons Why Digital Payments Are Key For Beauty & Wellness Businesses
Investing in digital payment technology can have a significant impact on how well your beauty and wellness business operates. Below, we outline a few different benefits of switching to digital payment methods.
1. Enhances the Customer Experience
Digital payments can expedite checkout and streamline the client experience, allowing patrons to pay for their services and tip via quick, contactless transactions. Faster checkouts are a convenience that saves you time and reduces wait times for customers, so you can get back to providing quality service for your other clients.
2. Captures Card Info
Digital payments can also log the customer’s payment info, simplifying deposits or other necessary fees (like for no-shows and cancellations)—even refunds and charge adjustments. Many digital payment software can also track past client transactions, creating a digital trail of spending, and providing a convenient snapshot of your financial history with a customer whenever you need it.
3. Provides Security
Many digital payment methods come with critical security features like authentication, authorization, and encryption that can keep clients’ data safe and protected. Secure transactions can reduce the risk of fraud or identity theft, and taking the protection of your clients’ sensitive data seriously can help build valuable trust between you.
4. Generates Valuable Data
The right digital payment services can provide you with important data on your clients, giving you insights into customer behavior, spending habits, favorite services, and preferred visit times. Knowing these details can help you cater to specific clients, allowing you to tailor-make experiences to their satisfaction.
Get the intel you need to better service your clients with GlossGenius!
How Do Digital Payments Work in Beauty & Wellness Businesses?
Digital payment processing is relatively simple. Keep reading for an overview of how digital payments work for your self-care business.
1. Customer Initiates Payment
The transaction begins once a client has provided their payment information—whether through a credit card, debit card, digital wallet, Apple watch, third-party processor, or other contactless method.
2. Payment Processor Verifies Customer Identity
Before the transaction takes place, the digital payment processing software verifies the customer’s identity (either through confirming card info, biometrics, PIN codes, 2FA, or other security methods). Once successful, the platform is able to debit or charge the necessary funds from the account.
3. Payment Data Is Transferred
The customer’s bank, also known as the issuer bank, confirms the available funds to complete the sale. Once that’s confirmed to the payment processor, the funds are debited from the account and transferred to the acquirer's bank (also known as the merchant’s bank).
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10 Types Of Digital Payment Methods To Consider For Your Beauty & Wellness Business
Below, we’ve outlined some common types of digital payments you can utilize at your own beauty and wellness business.
1. Credit and Debit Cards
A popular method of digital payment is bank-issued credit and debit cards. You can accept credit or debit cards via swipe, chip insert, or tap methods. Standard card processing machines are often fixed near the entrance or reception desk for client convenience.
2. Point Of Sale Systems
Point of Sale (POS) systems are dedicated technologies made specifically for expediting checkout, tracking transactions, and in some cases, providing insights into your finances. POS systems often require card reader hardware, (which may come at an additional fee). Credit card readers gather and transmit the client’s credit or debit card details to the payment processor. The transaction is approved and completed if the customer’s bank confirms sufficient funds are available for the purchase. Card transaction technology can provide portable payments, so you can use a reader or tablet no matter where you are. This is especially useful if you run a mobile business and often take your transaction processing on the road.
GlossGenius offers a robust POS system for beauty and wellness businesses, allowing you to manage client transactions and accept a wide range of payment types.
3. Digital Wallets
Digital wallet payments include methods like Apple Pay and Google Pay to provide convenient, cardless payment transactions. The best part is, many smartphones already come with these built-in digital wallets to help store payment info for ease of use. However, there are plenty of other free wallet management apps to choose from, including PayPal, Venmo, and Zelle. (Important to note that using digital wallets does not exclude you from taxes. Check the IRS guidelines to ensure you properly report your transactions come tax time!)
4. QR Codes
QR codes utilize a phone’s camera technology to make transactions without the use of additional hardware. With a QR code transaction, the merchant provides a scannable code loaded with all the payment info. The client then scans this code with their own mobile device, which links to an app/site/wallet where they can confirm the amount and complete the payment.
5. Biometric Payments
Biometric payments rely on facial recognition or fingerprint technology to complete transactions. By relying on unique physical traits to verify identity, you can offer an added layer of security to your financial transactions. Most mobile devices already come equipped with this technology, which can make it easier for you to implement it at your beauty and wellness business.
6. Contactless payments
Contactless payments are great for completing transactions without physical interaction. Contactless payments require Near-Field Communication (NFC), a wireless technology that uses a radio frequency to connect with the necessary devices. Many types of digital payments already utilize touchless methods, accepting payment through means like mobile wallets or biometric technology, simplifying and streamlining the checkout process (and even supporting your more germ-conscious clients and staff).
7. Gift Cards
Prepaid gift cards are another way to accept payments at your beauty and wellness business. With a prepaid card, funds are already approved and loaded onto a payment card for use, so when it comes time to settle a transaction, all the client has to do is swipe. This method can also help guarantee that there won’t be a shortage of funds when it comes time for the client to pay the bill.
8. Social Media Payments
Social media payments allow you to accept transactions for products or merchandise through your social media platforms such as Instagram or TikTok. This method is also great for bookings, making it extra convenient for clients (especially those who happen to scroll by your page and like what they see) to instantly schedule an appointment and pay the deposit directly through your site.
9. Crypto Payments
Cryptocurrency is another way to make digital payments from your devices. This decentralized currency relies on the blockchain to record transactions, but also offers a protected and secure way to facilitate payments with your clients.
10. Integrated Payment Processors
In-app payments can be made directly within your dedicated mobile app or website, but usually rely on online payment gateways to handle transactions. For example, if your salon app doesn’t come with its own payment processor, you may need to link up with a service like Stripe or Square to accept payments. This involves signing up for the payment processing service which is usually free—but these platforms make their money by charging a fee percentage of your transactions.
Transform Your Payment System With GlossGenius
It is essential that your beauty and wellness business adapts to evolving technologies in order to better optimize your operations and maximize client satisfaction. Digital payment services offer businesses like yours a chance to secure your payment processes and provide clients with a convenient way to settle their bills.
GlossGenius is an all-in-one business management solution for beauty and wellness businesses, offering key features like Online Booking, Finances, Payments, Payroll, and Instant Payouts for your digital payment options and finance tools. Streamline your daily tasks, track sales, and pay staff all from one convenient app.
You can try 14 days free when you sign up for a free trial with GlossGenius!
FAQs
Below are some commonly asked questions regarding digital payments.
What are the costs for accepting digital payments?
The cost your business pays to accept digital platforms varies depending on which payment processing service you use. Unlike ACH bank transfers (which you can accept for free), there is often a charge for using credit or other digital payment methods. For example, GlossGenius charges a flat fee of 2.6% for all digital transactions.
How do I choose the right digital payment method for my beauty and wellness business?
When it comes to payment processing, you don’t have to choose just one—you can support a number of different digital payment methods at your establishment. However, to better pinpoint which ones will be the best fit, make sure you research each platform’s security, compatibility, and fees to understand exactly what you’ll be getting out of each service. It’s also worth it to check how long it takes for your business to receive payments, and whether the payment processor will actually elevate the client experience and make your (professional) life easier.
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10 Digital Payment Methods For Your Self-Care Business
Digital payments are a game changer for the self-care business. This article will explore different methods, as well as a breakdown on how they work.
Digital payment technology can revolutionize your self-care business operations. As a safe and secure way to accept and process transactions, digital payment methods can streamline the customer experience and boost revenue.
Digital payment processing is rising in popularity across a number of different self-care industries. Some data estimates overall digital wallet spending will increase to over 11 trillion dollars in 2024, followed by a growth of over 9% to reach a total of more than 16 trillion dollars by 2028. Another survey by Forbes Advisor revealed that more than half of the participants stated they use digital wallets for purchases over traditional methods.
With digital payment services quickly becoming the preferred method of transaction, it’s never been a better time to ensure you’ve got at least one type of digital payment available at your self-care business. This article will explore several different types of digital payment methods you can use, along with how they work, and how they can benefit your business.
[CTA_MODULE]
What Is a Digital Payment?
A digital payment is any type of electronic transaction that doesn’t require a physical check, cash, or other tangible currency. Digital payments can be made through credit/debit cards, mobile wallets, apps, smartwatches, phones, websites, and other online methods.
4 Reasons Why Digital Payments Are Key For Beauty & Wellness Businesses
Investing in digital payment technology can have a significant impact on how well your beauty and wellness business operates. Below, we outline a few different benefits of switching to digital payment methods.
1. Enhances the Customer Experience
Digital payments can expedite checkout and streamline the client experience, allowing patrons to pay for their services and tip via quick, contactless transactions. Faster checkouts are a convenience that saves you time and reduces wait times for customers, so you can get back to providing quality service for your other clients.
2. Captures Card Info
Digital payments can also log the customer’s payment info, simplifying deposits or other necessary fees (like for no-shows and cancellations)—even refunds and charge adjustments. Many digital payment software can also track past client transactions, creating a digital trail of spending, and providing a convenient snapshot of your financial history with a customer whenever you need it.
3. Provides Security
Many digital payment methods come with critical security features like authentication, authorization, and encryption that can keep clients’ data safe and protected. Secure transactions can reduce the risk of fraud or identity theft, and taking the protection of your clients’ sensitive data seriously can help build valuable trust between you.
4. Generates Valuable Data
The right digital payment services can provide you with important data on your clients, giving you insights into customer behavior, spending habits, favorite services, and preferred visit times. Knowing these details can help you cater to specific clients, allowing you to tailor-make experiences to their satisfaction.
Get the intel you need to better service your clients with GlossGenius!
How Do Digital Payments Work in Beauty & Wellness Businesses?
Digital payment processing is relatively simple. Keep reading for an overview of how digital payments work for your self-care business.
1. Customer Initiates Payment
The transaction begins once a client has provided their payment information—whether through a credit card, debit card, digital wallet, Apple watch, third-party processor, or other contactless method.
2. Payment Processor Verifies Customer Identity
Before the transaction takes place, the digital payment processing software verifies the customer’s identity (either through confirming card info, biometrics, PIN codes, 2FA, or other security methods). Once successful, the platform is able to debit or charge the necessary funds from the account.
3. Payment Data Is Transferred
The customer’s bank, also known as the issuer bank, confirms the available funds to complete the sale. Once that’s confirmed to the payment processor, the funds are debited from the account and transferred to the acquirer's bank (also known as the merchant’s bank).
[CTA_MODULE]
10 Types Of Digital Payment Methods To Consider For Your Beauty & Wellness Business
Below, we’ve outlined some common types of digital payments you can utilize at your own beauty and wellness business.
1. Credit and Debit Cards
A popular method of digital payment is bank-issued credit and debit cards. You can accept credit or debit cards via swipe, chip insert, or tap methods. Standard card processing machines are often fixed near the entrance or reception desk for client convenience.
2. Point Of Sale Systems
Point of Sale (POS) systems are dedicated technologies made specifically for expediting checkout, tracking transactions, and in some cases, providing insights into your finances. POS systems often require card reader hardware, (which may come at an additional fee). Credit card readers gather and transmit the client’s credit or debit card details to the payment processor. The transaction is approved and completed if the customer’s bank confirms sufficient funds are available for the purchase. Card transaction technology can provide portable payments, so you can use a reader or tablet no matter where you are. This is especially useful if you run a mobile business and often take your transaction processing on the road.
GlossGenius offers a robust POS system for beauty and wellness businesses, allowing you to manage client transactions and accept a wide range of payment types.
3. Digital Wallets
Digital wallet payments include methods like Apple Pay and Google Pay to provide convenient, cardless payment transactions. The best part is, many smartphones already come with these built-in digital wallets to help store payment info for ease of use. However, there are plenty of other free wallet management apps to choose from, including PayPal, Venmo, and Zelle. (Important to note that using digital wallets does not exclude you from taxes. Check the IRS guidelines to ensure you properly report your transactions come tax time!)
4. QR Codes
QR codes utilize a phone’s camera technology to make transactions without the use of additional hardware. With a QR code transaction, the merchant provides a scannable code loaded with all the payment info. The client then scans this code with their own mobile device, which links to an app/site/wallet where they can confirm the amount and complete the payment.
5. Biometric Payments
Biometric payments rely on facial recognition or fingerprint technology to complete transactions. By relying on unique physical traits to verify identity, you can offer an added layer of security to your financial transactions. Most mobile devices already come equipped with this technology, which can make it easier for you to implement it at your beauty and wellness business.
6. Contactless payments
Contactless payments are great for completing transactions without physical interaction. Contactless payments require Near-Field Communication (NFC), a wireless technology that uses a radio frequency to connect with the necessary devices. Many types of digital payments already utilize touchless methods, accepting payment through means like mobile wallets or biometric technology, simplifying and streamlining the checkout process (and even supporting your more germ-conscious clients and staff).
7. Gift Cards
Prepaid gift cards are another way to accept payments at your beauty and wellness business. With a prepaid card, funds are already approved and loaded onto a payment card for use, so when it comes time to settle a transaction, all the client has to do is swipe. This method can also help guarantee that there won’t be a shortage of funds when it comes time for the client to pay the bill.
8. Social Media Payments
Social media payments allow you to accept transactions for products or merchandise through your social media platforms such as Instagram or TikTok. This method is also great for bookings, making it extra convenient for clients (especially those who happen to scroll by your page and like what they see) to instantly schedule an appointment and pay the deposit directly through your site.
9. Crypto Payments
Cryptocurrency is another way to make digital payments from your devices. This decentralized currency relies on the blockchain to record transactions, but also offers a protected and secure way to facilitate payments with your clients.
10. Integrated Payment Processors
In-app payments can be made directly within your dedicated mobile app or website, but usually rely on online payment gateways to handle transactions. For example, if your salon app doesn’t come with its own payment processor, you may need to link up with a service like Stripe or Square to accept payments. This involves signing up for the payment processing service which is usually free—but these platforms make their money by charging a fee percentage of your transactions.
Transform Your Payment System With GlossGenius
It is essential that your beauty and wellness business adapts to evolving technologies in order to better optimize your operations and maximize client satisfaction. Digital payment services offer businesses like yours a chance to secure your payment processes and provide clients with a convenient way to settle their bills.
GlossGenius is an all-in-one business management solution for beauty and wellness businesses, offering key features like Online Booking, Finances, Payments, Payroll, and Instant Payouts for your digital payment options and finance tools. Streamline your daily tasks, track sales, and pay staff all from one convenient app.
You can try 14 days free when you sign up for a free trial with GlossGenius!
FAQs
Below are some commonly asked questions regarding digital payments.
What are the costs for accepting digital payments?
The cost your business pays to accept digital platforms varies depending on which payment processing service you use. Unlike ACH bank transfers (which you can accept for free), there is often a charge for using credit or other digital payment methods. For example, GlossGenius charges a flat fee of 2.6% for all digital transactions.
How do I choose the right digital payment method for my beauty and wellness business?
When it comes to payment processing, you don’t have to choose just one—you can support a number of different digital payment methods at your establishment. However, to better pinpoint which ones will be the best fit, make sure you research each platform’s security, compatibility, and fees to understand exactly what you’ll be getting out of each service. It’s also worth it to check how long it takes for your business to receive payments, and whether the payment processor will actually elevate the client experience and make your (professional) life easier.
Download Now
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Get the latest articles, inspiring how-to’s, and educational workbooks delivered to your inbox.
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