Getting paid is arguably the most important aspect of running a small business.
As a small business owner, you’ve got a lot on your plate at all times. The last thing you’ll ever want to think about are delays in payment processing, but it’s something that can greatly affect your day-to-day bookkeeping, so finding a solution is a must.
In this post, we’re going to discuss a few of the best ways to enhance payment processing to make your business run more smoothly. Staying up to date with the latest technology will really benefit you here, so read on and learn what the best small businesses are doing with their payment methods.
1. Credit Cards, and More
The traditional method of accepting debit and credit card payments is still valid for most, but to stay current with today’s consumers, you’ll want to look beyond these methods. To give people the most possible options, set your business up to accept everything – mobile payments, contactless payments, and EMV payments.
Look at your customer base and make some analytical decisions to determine which payment processing methods you should be pushing forward. If you’re dipping your toes into international markets, there could be entirely different payment processing systems in place. The more options you can give people, and the more you push the newest technology, the faster you’ll get your payments processed and on the books.
2. Tackle Fraud Head-On
No matter what types of payment processing your company is using, fraud is going to create a lot of worries, the least of which will be held up payments. Fraud is one of the biggest reasons why companies are held up, and it costs you money every time you have to return money due to a fraudulent purchase.
Understand how fraud happens and take the proper measures to curb it. Use things like multi-factor identification, CVV code requirements, IP verification, and flagging for suspicious transactions. If you can properly verify your customers’ identity as they’re inputting payment information, you’ll be able to reduce the amount of fraud and keep payments flowing towards you and not away.
3. Email Invoicing
Having an integrated system for your payments can make things run so much more smoothly. Email invoicing is one of the best ways to do this, especially if you’re a service-based business. It allows you to quickly notify your clients on what they owe, how they can pay you, and when the payment is expected; all without you lifting a finger.
All you need to do is create invoice forms on a program like Adobe. Click to pay invoices even let your customers input their payment information directly in the link, then they receive an automatic receipt once it goes through. You’ll never have to file invoices or chase down delinquent payments again.
Streamlining Payment Processing
Now that you know how to improve your payment processing methods, your business can start thriving like never before. Not having to wait on payments, work around new payment methods, or worry about fraud will go a long way in getting the money in your accounts quickly and securely.
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