Photo by CC user HLundgaard on wikimedia commons
In running your business, receiving customer payments (especially in a timely manner) is typically your first and foremost thought.
Stop to think for a moment where you would be without those payments coming in?
Your business would likely not survive very long, not to mention the fact that all the time and effort you sunk into it would all but go by the wayside.
For your business to stay on an even keel financially, making sure you are getting customer payments regularly is not a choice but in fact a necessity.
With the right payment processing approach in place, that becomes so much easier.
Don’t Take a Chance on Missed Payments
Whether you have been in business for many years or have recently opened up shop, knowing the ins-and-outs of customer payments and how to make sure there are no bumps in the road is critical.
This means staying on top of the following:
- Your business status – Would your business be classified as one that is high-risk? If so, there could be issues in terms of acquiring needed lines of credit. Such businesses can be those involving firearms, adult entertainment, gambling, dating services and more. As a result, it can be more difficult for high-risk merchants to do business on a daily basis. Finding a company that will offer you the right payment solution makes things easier from day one in business until you one day close your doors. By having secure credit card processing in place, your business won’t miss a beat;
- Your reputation – Does your business have a reputation as one that is always fair to customers? Are you known as a brand who takes customer security seriously? Both are very important to your ability to do business regularly. When it comes to being fair to customers, rewarding those consumers who go above and beyond the call when it comes to shopping with you is important. Treat such individuals with a little extra attention. In return, they’re more apt to want to buy more goods and services from you. They also are more likely to recommend your business to their friends and families, telling them you are fair and respected in your industry. As for customer security, today’s world of identity theft leaves many consumers worried that they could be next. To help alleviate such concerns, make sure all your monetary and credit transactions with customers are as safe as possible. You should be confident in the security you have deployed as a business owner, both that that can be seen and that which is not. In the event there is a breakdown in customer security, alerting the customer to his or her loss (if they are not already aware), along with doing everything possible to remedy the problem, both prove critical. The last thing you want or need is having a reputation as an unsafe business owner;
- Your customers – Finally, while most of your customers probably pay for their respective goods and services immediately (in the store or business) or in a relatively timely manner (via the mail or online payments), there will always be some who choose to delay paying you. Yes, some might simply occasionally forget to send out a payment, but there are those other customers who will choose to ignore their payment responsibilities. When both happen, they can upset your overall cash flow. When it is the latter taking place, you can find you and your business in a bind rather quickly. For those customers simply opting not to pay you, turning to a collection agency may be your only choice. In doing so, yes, it does cost your business money to go this route, but you certainly don’t want customers getting goods and services regularly without paying for them. Such actions can also hurt your ability to be seen by your creditors as low risk. Always do your best to be sure that the money owed you from customers is coming in on a regular basis, not sitting out there waiting and waiting.
When it comes to being a financially solvent business, do everything in your power to make sure you are not only offering customers the easiest ways to pay you, but that they are doing just that.