Negative cash flow is a sign that all is not right with your business so if you ever find yourself in this position it's important to take the time to look at ways you can turn it around. In previous articles, we've highlighted the many ways you can make sure that money is steadily and speedily coming into your business. And because payments from your customers are your major source of income it makes sense that this is also an important factor in getting on top of you cash flow.As you've probably already experienced, late payments can really mess with your cash flow and one of the main reasons your customers may be slow to pay you is that they find your payment methods inconvenient. The good news is there is an easy fix for that, so here are a few common payment options that will mean it's no longer an excuse.
Payment Through Credit Cards And Debit Cards
Believe it or not, many B2B customers nowadays prefer to use “plastics” for payments and even actively avoid those businesses that don’t accept cards for transactions. And it's easy to see why.
Just like you, retail owners are also busy managing their own businesses and they would rather choose to do business with a supplier who can make their lives easier. This is where offering credit and debit card payments becomes important. Paying through bank transfers and check can take up loads of time so when you accept card payments, you’re giving your customers an easy and hassle-free way to pay their invoices.
Payment Through Direct Debit
Accepting direct debit payments is another effective way to keep the cash coming into your business quickly. It's also a Win-Win for you and your customers - it makes paying you convenient and it also helps solve the problem of late payments.
Direct debit enables you to charge your customers automatically. So if you’re too swamped with paperwork and don’t have the time to chase people for unpaid invoices, this payment option is definitely for you!
One piece of advice though - there are a few processes you need to set up before you are allowed to direct debit your customers. So our tip is to look for a third-party service or an online payment platform that has the ability to process direct debit payments for you. It might require a bit of upfront work but in the long run you will reap the rewards.
Online And Mobile App Payments
As most of your customers already accept digital payment 24/7 from their customers offering online and mobile App payments to them makes sense.
Among the many ways you can get paid online is by integrating a payment gateway in to your website. These gateways work with banks and credit card processors to allow your customers to pay you online using the credit cards they prefer. Here in Australia, three of the most common payment gateways are SecurePay, Braintree, and PayPal.
Similarly mobile app payments are also becoming popular with B2B customers because they make it so easy to settle invoices. They can pay you anytime and anywhere they want, through the device that they use most: their smartphones. Some of the payment apps you can make use of are Apple Pay, Samsung Pay, and Android Pay.
Ordermentum is also a good answer for those wanting to improve their payment systems to get on top of their cash flow. The App offers a seamless ordering and payment process that is purpose built for the food and beverage industry. Your customers will be able to order and pay you anytime, anywhere and with the credit card and direct debit functions, you'll get paid faster.
By offering your customers convenient payment methods that will save them time and help them run their business more efficiently you'll find that late payments will soon become a rarity and not the status quo.
If you like the sound of that, then why not take a few minutes to try out the Ordermentum app here or you can request a free demo with one of our team members.
For more cash flow advice like this check out our blog.