When running a small business, it’s important to make the most efficient and effective use of your time, talent and resources. One good way to do this is by outsourcing some processes to make your company more productive and profitable. Being able to identify which processes it makes most dollars and sense to outsource is vital. The document preparation for your merchant account is one of them. There are a number of excellent long-term benefits wise outsourcing can provide for small businesses. The following are a few of them.
- Increased Efficiency
Handling the document preparation for your merchant account properly can be a complex and time consuming task. Rather than saddle your company with a task which it isn’t prepared to handle, it makes sense financially and operationally to outsource the task to an expert. That company or individual will be responsible for doing all the research and writing it takes to ensure your merchant account document preparation is handled properly and in a timely manner while freeing up your staff to focus on other tasks for which they are better suited.
In today’s fast paced, competitive, business environment, small businesses must make the most out of the time, talent and energy of each staff member. Asking people without the proper training or experience in merchant account document preparation to take on that task is not the most effective and profitable way to use your limited manpower and resources. Instead, you should pay the small fee it takes to outsource the document preparation process for your merchant account and have it handled quickly, efficiently and effectively by a properly-trained, experienced, professional.
- Focus On Your Core Competencies
As a small business, the best way to be successful and profitable and put your company on a solid foundation for the future is to focus on your core competencies. Having your small staff spend time and energy attempting to handle tasks for which they are not properly trained takes them away from doing what they do best. While preparing the necessary documents for your merchant account is an important task, if attempting to do it in-house takes away from your ability to focus on your core business, it is costing your company money. It’s far better to outsource that task and allow your entire staff to focus on your company’s core competencies.
Small business have a finite amount of manpower and resources. To be profitable those resources should be focused on making the business productive. It makes far more dollars and sense to have every staff member’s limited time and attention focused on the products and services that generate the income the company needs to thrive and grow. Once you understand that, it’s easy to see paying to outsource your merchant account document preparation as a small, worthwhile, investment in a peripheral activity, while focusing on your core competencies is your real priority.
- Controlling Your Capital Costs
While cutting cost isn’t the only reason you should consider outsourcing some of your document preparation, it certainly is a major factor. By simply outsourcing this task, you can convert a fixed cost into a variable cost. Your company will no longer need to make a staff member spend time focusing on document preparation. By outsourcing that task, you release human capital that can be a more productive investment elsewhere in the business. This enables your company to get a greater return on the investment it has made in the employee.
One of the largest expenditures any small business makes is in its staff. To get the most out of this investment in the early stages of the company, outsourcing some tasks that are of lesser importance to creating your income-generating products or services is a smart way to control capital costs. It enables you to focus your human capital directly into your company’s revenue-producing activities. This type of wise outsourcing can make your company more attractive to potential investors. When they see how you are able to manage and control capital costs by making wise, timely, investments in outsourcing, they will be more likely to invest in your company.
- Reduce Labor Costs
Outsourcing document preparation for your merchant account helps your company to reduce labor costs. Hiring and training staff to handle short-term, peripheral projects and tasks can be very expensive. Plus, temporary employees are often unable to fulfill your company’s expectations in terms of speed and effectiveness. That means you could be forced to lengthen the time you keep them on staff while they figure out the proper way to take care of your document preparation needs. For a small company, that additional labor cost can take a big chunk out of their bottom line.
When your company outsources getting your merchant account documents prepared, you know exactly what it will cost, how long it will take and that the job will be handled properly by a well-trained, highly-skilled, experienced, professional. One who will not have to be on the company’s insurance plan or require anything other than the agreed upon fee for their services. For a small company that is trying to keep labor costs under control, this type of outsourcing agreement is the perfect choice. It gets the document preparation done quickly and properly and keeps labor costs down.
- Reduces Risk
Every investment a business makes has a degree of risk. Hiring someone to do document preparation or assigning someone from your staff to do the task carries a certain level of risk as well. It assumes that person will understand not only how to prepare the documents, but also the market forces, the competing merchant banks, government regulations, evolving technologies and financial conditions that are always in flux and change very quickly. When you outsource your document preparation, it is incumbent on the company or individual you hire to take all those things into consideration when completing the job.
Outsourcing means you have hired an entity to do a specific task. That entity is required to have a high level of expertise and experience in the task they agree to perform. Should they fail to perform the document preparation to the quality to which they agreed, they will forfeit their fee. That means they assume much of the risk associated with making sure the job is done properly. This makes outsourcing this type of task a lot less risky than assigning a staff member to do it.
- Complete The Projects Quickly
One good reason small businesses should consider hiring an outsourcing firm to handle their merchant account document preparation is the speed with which they can get the project completed. Outsourcing companies who do document preparation have the resources and trained personnel to take care of the project right away. Trying to handle that same project in-house could end up taking the company weeks or even months to complete. They will have to hire or assign the right people, make sure they are properly trained, then provide them with the support and resources they need.
Outsourcing your document preparation is a fast and easy way to ensure the project is completed in a timely manner. It takes the guesswork out of opening a merchant account and can help a company to be able to safely receive and make payments in a flash. If you want to ensure your small business merchant account documents are prepared as quickly and accurately as possible, then you should consider outsourcing the job to a well-trained, highly-skilled, professional.
