Payment options – the more, the better

Payment options – the more, the better

Get paid faster

Small business owners are in business to make money. Whether they’re selling retail products, offering a service or they’re a B2B operation, they’ll have customers who need to pay them. Offering a variety of payment options means they’ll get paid faster, boosting their cash flow and increasing their chances of business growth.

And banks who support small businesses will often have a range of payment solutions available. It’s a good idea for small business banking advisors to walk their customers through all of the options, so that together they can decide on which ones are best for the business, tailoring them if need be.

When it comes to retail-based businesses, it’s not such an issue. These days, most stores have credit and debit card options, meaning the money’s in their account immediately. But for service-based and B2B businesses, getting their customers to cough up can sometimes be tricky.

People like paying on the spot

Small businesses that used to rely on the old-fashioned invoicing method should start seeing it as a thing of the past. If they can get their customers to pay them using up-to-date payment methods such as online, credit card, debit card and mobile, not only will they have the money in their account faster, but they’re not going to waste time chasing up late invoices.

And those aren’t the only benefits. When a bank is convincing a small business owner to ditch invoicing, it’s worth telling them that:

  • In the majority of cases, their own clients will actually prefer to pay on the spot. If they’re a window cleaner and they’ve just finished a great job, a client will prefer to use an immediate payment solution because they’re happy with the outcome and the payment’s done and dusted. They don’t have to wait for an invoice and then write out a cheque. This is where mobile payment solutions are ideal.
  • They don’t run the risk of checks bouncing. Modern payment solutions will debit the money from their client’s account immediately.
  • If they’re offering the latest in payment options, that builds credibility in the eyes of their clients and could give them an edge over the competition.

If small business owners do have to send out invoices, it’s always worth including information on the invoice that allows their client to pay online or with a credit card, rather than sending a check through the mail.

The fact is, everyone’s online these days and everyone’s got a smartphone. If small business owners offer their clients payment options using the internet and mobile technology, it makes it easier for everyone.

Here at TSBC, we can offer you great content around the benefits of online, mobile and credit card payment solutions. Contact us on sales@tsbc.com to find out how we can help you.

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Glen Senior
Glen Senior

CEO Glen Senior has been helping small businesses start and grow since 1989. Along the way, he has published 6 books on small business development and business planning, created training courses, built e-learning platforms, and developed Microsoft USA’s Small Business Plus program which was delivered into 9 countries.Since 2005 Glen has focused on the banking sector and has built up an extensive knowledge of how banks can engage with the small business segment. He has presented at a number of small business banking conferences and is sought out as an opinion leader in this space.