[This article was written by Rachelle Wilber.]
Effective management of payment transactions can be one of the keys to success for smart business owners. More than ever, small business owners are reliant on cash flow, and the only way to manage this business process is by having real-time awareness of how cash moves through the company; the goal is to not only to promote a smooth flow of cash but also to encourage it through payment solutions.
Ability to Accept Payments
When it comes to accepting retail consumer payments, the customer will always be right. It is crucial for small business owners to match the payment preferences of as many customers as possible. Let’s say a fashion boutique owner notices that young women enjoy paying with Venmo. If she fails to implement this payment option, she could risk losing customers.
Making Mobile Payments as Simple as Possible
In addition to offering options such as Venmo, it is essential that store clerks become thoroughly familiar with the process. The idea is to make payments easier for customers so that they will feel more comfortable at checkout. When point-of-sale systems are installed, all clerks should be trained on how all mobile payments are handled.
Secure Business-to-Business Payments
B2B payments are not like their retail counterparts; they are traditionally more flexible but also more complex. With B2B clients, company owners should strive to facilitate the payment process in order to encourage immediate transactions, thus increasing the speed of cash flow. New B2B payment systems let companies settle payments with just an email address; this is similar to the way PayPal was able to grab a major share of the digital payments market a couple of decades ago, and it is a method that just about anyone enjoys using. Forget about sharing banking information over the telephone or writing paper checks; you want to give B2B clients the ease of paying online and from their smartphones.
Streamline the Payment Process Through Integration
Small business owners who use POS and customer relationship management software should strive to integrate their payment systems. Even if it takes a technology consultant to connect all systems and design new workflows, this should be seen as an investment and not as an overhead expense.
In the end, the advent of digital payments and other technologies is something that small business owners should strongly consider in their companies. Failure to take advantage of digital payment tools will only result in falling behind competitors.
Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on Twitter and Facebook: @RachelleWilber; https://www.facebook.com/profile.php?id=100009221637700