How small businesses can improve their payment processes

When you are running a business, you need to make it as easy as possible for your customers to pay you. Doing so greatly improves your chances of getting paid on time. It also makes it more likely that they will want to shop with you again. Here are some ways you can make it easier for them to pay for the services and products you offer.

Use your phone or a device to accept payments anywhere, any time

Investing in a modern payment app is by far the best approach. You download it onto your phone or device, set things up and you are good to go. From that point, you can accept credit and debit cards in a more effective and efficient manner than exchanging cash. 

Don’t go cashless yet

That being said, we are not far from becoming a cashless society. However, we are not quite there yet, so don’t stop taking cash. If you do you will lose at least some customers. Always have cash available and one of the special marker pens that you can use to make sure that the notes someone gives you are not fake.

Consider accepting payments in installments

It is important to be conscious of the challenges your customers are facing. Doing so helps you to adapt to their needs and provide a better service. This leads to customer loyalty and more repeat sales. 

With so many people struggling to make ends meet at the moment it is well worth looking into the possibility of letting customers pay in installments. Some service providers, for example, builders, already offer something similar. Many will ask for a deposit that covers the cost of materials and the first week’s overheads, wages, petrol, etc. At the end of that week, the client pays another installment to cover the next set of costs. If they have no money, work does not progress until they do. This type of payment system is something that most service providers could adapt and use for their businesses to ensure they don’t end up out of pocket.

Budget and track expenses

Budgeting is so important for businesses, small and large, as it ensures that they do not exceed how much money they have in the bank, which could lead to major issues. Monthly expenditures need to be assessed on a regular basis, making sure that nothing is being spent unnecessarily, as it all adds up. Set processes should always be in place for when money is due to come into the business bank accounts, as well as leave. For example, when it comes to paying employees. This should be on a set day each month without fail, as otherwise, it could mess with the banking figures and possibly even break a contract, leaving team members disgruntled. Always be sure to stay on top of your finances – you should really check what is going in and out each day, to be positive there aren’t any discrepancies or suspicious activity. If you do spot any problems, you can fix this as soon as possible, keeping your business afloat and your payment processes streamlined.

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