Friday, 23 February 2018

Information and commentary for the small business banking industry

Why small businesses should be offering more payment options

14 Dec

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.

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.

The below article looks at 15 of the most popular online payment solutions – something a small business advisor might like to discuss with their customers.

Read the full article at: www.entrepreneur.com

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