Running a small business comes with many different challenges; getting paid should not be one of them. If you are still waiting on checks, manually sending invoices, or juggling many different payment apps, it is time to start simplifying your process.
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You can make it easier for your customers to pay, and this will lead to better cash flow, fewer delays, and a more professional experience. That’s how you can streamline your small business’s payments below.
Offer Multiple Ways to Pay
Your customers expect to have flexibility; this is something that is happening for many businesses now. Some prefer to pay by credit card, while others prefer to pay by bank transfer, digital wallet, or tap to pay. By offering more than one way to pay, you are removing any problems and reducing the chance of there being delayed payments.
If you’re only accepting one method, such as cash, then you’re likely going to be losing business. An integrated payment system means that you are able to accept credit card payments in person and online. This means you don’t even have to switch platforms or create any extra steps for your customers.Â
You have less admin work, and it is convenient for both you and your customers. Have a look at different payment solutions, as well as credit card processing payment solutions; it will make accepting payments much quicker, secure, and simple, whether you are selling things at a market, running a small salon, or running an online shop.
Use Invoicing Tools with Built-In Reminders
Manual invoicing is something that could extremely slow down your cash flow. You might forget to send it; you might even forget to create it. Your clients may also forget to pay you. You follow up days later, and it all adds up to delayed payments.Â
You need to make sure that you are switching to an invoicing tool that enables you to create branded invoices in minutes, send them instantly via email, and accept online payments directly from the invoice. It’s also good to have a system that enables you to automate reminders for overdue payments.
The fewer steps that you have between you and your customers receiving the invoice and being able to pay it, the quicker you are going to have the funds in your business.
Keep Payment and Bookkeeping Systems Connected
When your payment tools are in sync with your bookkeeping software, everything starts to become much easier. You don’t have to have two lots of data entry, and you don’t have to be up at night sitting there and crunching numbers.Â
When you have a payment, it gets logged automatically in the system, and you are able to see your income in real-time, track your expenses, and pull reports whenever you need them.
If you’re not ready to use accounting software, you can even use just a basic dashboard to track paid and unpaid invoices. This will help you stay more organized and have a better idea of your finances.
Final
It doesn’t have to be complicated to be paid on time as a small business; it’s actually something that is fairly achievable.
Just follow these three tips above, and you should be able to reduce the amount of stress you feel and make sure that you are paid on time as a small business.
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