Why is it a good idea to have different methods of payment?
It depends on the business. If customers only need to have one method of payment, limiting the access to that single method makes no difference. I can give one such example from my own company. We just won a contract to supply the State of North Dakota with a particular commodity. They asked if we would allow payment by check, credit card, or bank wire transfer. While offering credit card and/or wire transfer options might be more convenient to the customer, they are more costly to us. Since the contract is already awarded, and we are assured the business, there is no benefit that will be lost by incurring the expense of processing credit cards or wire transfers. On the other hand, if you’re dealing a lot with consumers or businesses who could conceivably take their business elsewhere if you don’t offer different methods of payment, you would be wise to make options available.
