Small business owners are in business to make money. Whether theyâ€™re selling retail products, offering a service or theyâ€™re a B2B operation, theyâ€™ll have customers who need to pay them. Offering a variety of payment options means theyâ€™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. Itâ€™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, itâ€™s not such an issue. These days, most stores have credit and debit card options, meaning the moneyâ€™s in their account immediately. But for service-based and B2B businesses, getting their customers to cough up can sometimes be tricky.
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 theyâ€™re not going to waste time chasing up late invoices.
And those arenâ€™t the only benefits. When a bank is convincing a small business owner to ditch invoicing, itâ€™s worth telling them that:
If small business owners do have to send out invoices, itâ€™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, everyoneâ€™s online these days and everyoneâ€™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 firstname.lastname@example.org to find out how we can help you.
Glen is the founder and CEO of The Small Business Company, a New Zealand based agency that specialises in helping banks communicate with small businesses through content marketing. He has written a number of books on small business principles and is a sought after consultant and conference presenter.