Tips for Better Cash Flow in Your Small Business
August 30, 2022
The real superheroes of America are blue collared; Handymen, Home Service Technicians, and Small Businesses. But while you build America with your blood, sweat, and elbow grease, don’t forget to keep an eye on your bank balance. Here’s a pro-tip to get the most value out of your cash flow.
Use The Fastest Way To Accept Payments AND Access funds
Most payment methods might process payments instantly, but you’ll still have to wait 2-3 days to see the money in your account. At ScanPay, we offer our heroes the fastest way of accepting payments and accessing funds from your customers today. Just 2 minutes is all it takes to get payments from your customers, directly into your ScanPay banking account. Use your money right away with the ScanPay Visa debit card or withdraw as cash for free at over 55,000 ATMs. If instant payments from customers are not your primary concern, you can still use ScanPay to always offer the most set of payment options to your customers. It’s got all the ones your customers would like to select from.
Quick Tips If You Already Use ScanPay
Pay Important Bills First
It’s great to commit payments to all suppliers together, but it may deplete your cash flow. An unforeseen delay in payments may strain your business relationships. Simply review your bills, sort them based on your priorities and pay the essential ones first. Remember to scan your business relationships for early payment discounts and steer clear of late payment penalties.
Find A Flexible Supplier Instead Of The Cheapest One
Business is as much about trust and relationships as about professionalism. Always discuss payment terms with suppliers before making a choice. Suppliers offering the lowest prices may not necessarily be the most flexible.
Offer Credit With Convenience
If your nature of business requires you to offer credits to your customers, try and show them the flexibility you can offer. The easiest way to encourage faster payments from them are to reward quick-paying customers with discounts. Your customers can also access financing through ScanPay’s integration with Klarna. Customers pay in 4 interest-free installments, but you get the entire amount instantly.
The Tip You May Just Need Right Away If You Are Yet To Switch To ScanPay
Get Access To A Line Of Credit
While using ScanPay is a no-brainer for better cash flow, another option is to get a line of credit. The upside is quick access to funds for capital investments, but the downside is the risk of future repayments and interest costs in low cash flow situations.
To sum it up, there are many ways to improve your cash flow. Take a bird’s eye view of a month of your regular business cash flow and compare them with these tips. You will know the changes you must make, payment solutions to switch to, and the payment practices to drop.
A salute to the heroes of the economy from your sidekicks in payments.
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