Customers don’t always make timely payments. And then you’re stuck with the task of playing loan shark.
It might feel like you have no control over payments, but there are a few tools out there can increase your payment options and get your cash flow healthy again.
The easiest ways to do this are through recurring billing and auto-pay options.
Recurring Billing
Several resources make it possible for you to use recurring billing.
Instead of manually creating an invoice each time, with a few clicks, billing can become an automated process, freeing you up to focus on the important parts of your business.
Stop creating invoices manually and use electronic invoicing.
Let online forms or software do the work for you.
Programs can easily store customer data like names and addresses, so invoicing repeat customers is a breeze.
Some of the top programs on the market are:
- QuickBooks
- Freshbooks
- Due
Many have capabilities like invoice batching, the ability to create quotes and estimates, email integration, multiple invoice templates, and an app version.
Auto-Pay Systems
Another way to speed up payment is to make the process as convenient as possible for your customers.
Automated payment processing systems are perfect for regular, loyal customers.
Even if some customers prefer to use card or cash, it’s a good idea to have at least one auto-pay option available.
Today 50 percent of small businesses still only accept cash.
But with so forms of payment online, there’s no reason to remain married to paper money.
Especially when it’s costing businesses an estimated $7,000 a year.
You shouldn’t have to miss out on sales or struggle with late payments because of payment options. Here are some of the most popular auto-pay systems today:
- PayPal
- Apple Pay
- Square
- Stripe
There are several other options, all with different fees, web options, and in-store options. Check for easy website integration, a clear user interface, and if you need it, a physical card reader to take on-the-go.
Get paid faster and don’t leave it for tomorrow! For more tips on small business basic accounting success, visit us at LUXA Enterprises – Outsourced Accounting.
