Improving Cash Flow with Payment Options

The success of a business lies in many factors – one of these is your payment options. Your systems of payment can make or break your transactions with your customer. There are a lot of times where customers would opt not to engage their selves in a business transaction upon discovering a company’s payment option. This is something you should avoid in order to cater to as many customers as possible. And as we all know, more customers means more cash.

There are innumerable points to ponder on in choosing your company’s payment option. Here is a list of some considerations to make sure that you will not only make the right decision, but the best one.

  • Identify how your system should work depending on your enterprise. First and foremost, consider what you do. Do you provide goods? Or services? Do you provide these to consumers? Do you provide these to sellers in the form of retails? Do you provide these to other businesses? Or do you provide these to a company?
  • Consider what you need and where you can acquire these needs. To successfully manage the whole system, identify what resources you should have and you should access. Should you need to visit the bank? Where would the nearest bank be? Does your client have access to the bank? Does your customer know how to make transactions in the bank? Should you opt for cheques? Would this make it easier for your customers? Would this make it easier for you?
  • Take note of the time that you and your customers need in order to fully carry out your transaction. Never forget that time is of the essence. No customer, nor business, is willing to allot a very long time in carrying out transactions. There are some credit card offers that automatically download statements into software accounting packages. This way, your customers can ensure that no matter how they pay, their bank statements and their accounting records are coordinated.
  • Make use of various technologies. How should your system work? BPAY enables businesses to transact payments through a banking facility of a financial institution. It can be conducted online or through telephone lines. This system, however, is only available to companies who are registered BPAY billers. For years, this system has worked with a number of institutions in order to provide an easier and simpler sign-up process, especially for small enterprises. Small businesses believe that this system adds credibility to their enterprise.
  • On the other hand, an Electronic Funds Transfer or EFT is a system of direct transferring of funds from one account to another. It can also be carried out through telephone lines or computers. This system allows an instantaneous movement of money among the involved parties. Before implementing your payment option, be sure that you know how it works.
  • Last, but certainly not the least, aim for credibility and customer satisfaction. The efficiency of your business and the welfare of your customers should always be on the top of the list.

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