The feast or famine cycle is a common struggle among small business owners. Often times, this is due to a cash flow problem. The cash flow problem is usually a result of business owners not getting paid fast enough.
Faster payments are usually an afterthought for business owners. They often think having a great skill will be enough to get paid, but that’s not the case at all. The reality is you need to create systems in your business that allow for faster payments and more revenue.
Here are some of the ways business owners can use online systems for faster payments and more peace of mind.
Automatic invoicing and follow-ups.
If you’re handling all of your invoicing yourself, it’s likely that you’ve forgotten to send an invoice or two. You’ve probably also dropped the ball on payment follow-ups. That’s because, as a business owner, you can’t be doing everything yourself.
One way online payments can help with faster payments is through automation. By automating invoicing and payment follow-ups, business owners can get paid faster.
Easily accept credit cards.
Research shows that businesses that accept credit cards get paid 11 times faster than those that don’t.
Let’s be real. Watching money leave the bank is painful and writing checks is annoying. If you feel that way then it’s very likely your clients feel that way too.
By offering an option to pay with credit cards, you get paid faster because people want to get the payment of services over with. There are also several other advantages to using credit cards like rewards points and organization.
Move with the times.
If you follow financial news, you may have seen a lot of talk about digital currency (also known as cryptocurrency). In fact, many businesses are already accepting cryptocurrency as a form of payment. Why? Because cryptocurrency is the future of payments.
Many online systems also now allow you to accept multiple forms of payment in your business – including cryptocurrency. By taking advantage of this, you can get faster payments because you’re moving with the times.
Calm any fears about security.
One of the biggest concerns people have about paying for goods and services is security. Financial fraud is rampant in several forms and people are (rightfully so) guarded about handing over sensitive information.
The good news is online systems can offer the security you need. They also help you stay compliant. As a result, you can calm your clients’ fears about security and get faster payments.
Build sales funnels with online systems.
Online systems allow you to easily create sales funnels that can lead to faster payments and more revenue.
For example, we all know about the importance of free opt-ins to add people to your list. What if on the “Thank You” page you offered an upsell to a product? You’d likely make more money.
Payment processors allow you to take payments directly from your website, landing pages and emails for faster payments.
Incorporating online systems into your business will allow you to get paid faster and therefore increase your revenue. Best of all, these are all small tweaks you can start implanting in your business right away.