Electronic payment systems allow you to describe your income position with greater accuracy. You can understand which payments are outstanding when there is no cash handling. This will allow you to reduce this source of business risk.

Digital payments may need extra resources. You may need to set up a website, integrate your payments with your accounting software or use a third-party payment portal.

Electronic payments are just one type of payment method available. Understand what else is available to you.

Payment by online shop

Online shops are otherwise know as e-commerce solutions. You can add a shop to your website or to a marketplace. In either case, your solution will allow you to operate 100% online.

Understand the basics of buying and selling online.

Payment by point of sale system

A point of sale system (POS) helps you operate all your customer transactions in the same place. A POS system will run as a central hub for all transactions recorded for your business. An effective POS can act as a record for sales, inventory and customer management. You may be able to integrate it with other software or tools you have. These may include tools for accounting, e-commerce, inventory management or customer relationship management.

There are some POS systems that will manage inventory and sales records, as well as take payments. But not all POS systems have payment portals built into them.

This means that for some POS systems you'll need a separate card reader or EFTPOS machine from your bank to take payments.

You may also get card readers or merchant services from payment portal providers. They take a percentage of the payment to cover the cost of their portal services.

Payment by electronic invoice

Some accounting systems have invoicing software included. This means when you send an invoice to a customer they are able to pay you from that invoice. To be able to accept payments from your invoice software you may need to set up an extra payment service.

Learn more about e-invoicing for Australian businesses.