The easier it is, the faster you’ll get the money
These days, there are many options available for customers to pay you, and for you to make payments yourself. If you offer your customers different options, including the latest technology such as mobile and online payments, then you’re going to see the money faster and more easily.
The bottom line is that if you give your customers the options to pay on the spot, using the latest technology, they’re probably going to use it, and enjoy the convenience. It means you do not have to spend time sending invoices, then wait for payment – the money’s in your account and can be reinvested in business growth.
It also means the customer has been given an option to pay the way they prefer. Anything you can do to enhance your customer experience means they’re more likely to come back – and to tell their friends about you.
Faster payments = improved cash flow
Customers paying on the spot is usually the way it goes in retail businesses, but service-based businesses have often relied on invoicing and cheques. And this means a slow-down on their cash flow cycles, as they wait for payments to be processed. Not only that, but it means business owners have to spend time working out and sending invoices, and following up on late payers. This is all time that could be spent growing the business:
- Having the money in your account faster means it can be reinvested in more stock, employing more people, expanding your facilities and buying more equipment. We work with Chase Merchant Services and can help you get your payments processed faster.
- You’re not following up on debt and sending out invoices. So you’ve got more time to spend ON your business, rather than IN it.
- Online payments – if you accept and make payments online, you’re making the whole process easier on your customers and suppliers. It also opens up the possibility of expanding your sales into an online store.
Credibility and professionalism
If you can offer your customers not only multiple options to pay, but the latest technology to do so, you’re positioning yourself as someone who understands that business is not a 9-5 entity anymore. You’re showing the need to be flexible and up-to-date, which can only boost your credibility in the eyes of your customers and suppliers.
Here at Meridian we can help you offer different payment solutions to your customers, so that you’re seeing the cash in your business faster.
Talk to one of our Small Business Advisors. They’ll take the time to get to know you and your business, and can help tailor financial solutions that fit your needs.