Whether you run a business empire or a startup that you are managing from home, getting paid on time is critical. When that does not happen on a regular basis, you will soon run out of cash. A situation that could lead to you having to fold a profitable business.
For example, if you make clothes to sell you need money to pay the power bill to keep the machine(s) going and to buy cloth and thread. If you don’t have the money to buy the materials to make the next batch of clothes or pay for your electricity you will quickly go out of business. Sometimes you will have to do so still owing money to your suppliers and others. Managing your cash flow is essential, you need to get paid on time to be able to do this – equipping your business so that it is quick and easy for you to receive payments from your customers is of the utmost importance. Here we will explore ways of doing so.
Use your phone to accept payment
Most of us have our phones on us at all times. So, it makes sense to use that to accept payment. As you can see when you click the link, it is really easy to set up a card reader for phone owners. There are several types available. Small ones that are super portable and efficient are the most popular. But, if you prefer, you can buy ones with bigger screens, with a docking station. Those are designed to sit on a countertop, just like a traditional smart till would. They are all easily movable, therefore, should you want to take one of the larger types and set it up at a festival or market you can comfortably do so.
Be prepared to accept cash
There is no doubt that being paid electronically is quick and convenient. The temptation to go completely cashless is understandable. However, it is worth stopping and thinking before you do this, for the reasons outlined here. If you do decide to offer this service to your customers be sure to practice a reliable way to check for fake notes and coins. There is a surprising amount of false money in circulation. You can find out which currencies are most affected by reading this article.
Use invoices that have a payment link embedded in them
If you provide services, the chances are you will need to provide your customers with an invoice. Then wait for the client to open and pay the invoice. Sometimes, it is weeks before they do so. Now, there is a way to potentially avoid that time lag. It is now possible to use a template to prepare the invoice at the end of the job. You can then potentially say something like, “I’ll just send you your invoice now. To pay it you just need to click the link.” When you do that in front of the customer, the chances of them pulling their phone out of their pocket and paying you there and then are surprisingly high. Even if they don’t do it that second, they are far more likely to pay you fast. The clickable payment link makes it a job they can get done in less than a minute.
Never miss a sales opportunity
When you equip yourself and your employees to be able to take payment anywhere anytime you will never miss a sales opportunity.
