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Finance

How to Streamline Your Business’s Payment Processes

No matter how long you’ve been in business, you’re likely to have a more complex billing process than you need to. Having dozens of spreadsheets and different forms of paying your employees or accepting payments from customers can add to the confusion—and even cause you to lost valuable business. That’s why it’s important to look deeply into the way you process your payments and how you can make it more efficient.

 

Here’s how you can make improvements to your payment models and create a more organized system.

 

Consider your merchant account

 

Who you process billing with can have a large influence over whether or not the correct system processing is in place. The best merchant account will have a comprehensive billing platform that allows you to integrate your information so you don’t constantly have to be looking up the conditions or contact info for your clients. This is especially important when you are running cards online since you will be held to additional standards and might have to pay more bills because you are charging for your product or service online.

 

However, you don’t necessarily have to be held to paying unnecessary fees if you have done your research. Many merchant accounts add on extra costs that they might not tell you about until your bill comes. Some of this might be related with whether or not your transactions are PCI compliant or if they have submitted your information to the IRS for tax purposes. These are required for them to do and they add extra fees in order to make money. Not only does this cost you cash that you don’t need to spend, but it can also muddle your books.

 

Use integration

 

As more and more applications have the ability to communicate with one another, it makes sense that you should be able to utilize this in order to make your business run more efficiently. You can often quickly allow different apps to be able to access information, whether it is a record of how payments were made and whether or not it is a repeat client. Overall, this makes possible for you to perform multiple functions in one place rather than multiple types of applications.

 

Schedule automatic payments

 

You might not have scheduled automatic payments for your recurring clients for several reasons, but the truth is that it is costing you precious time to remember to log onto your payment system and issue a receipt every time. For customers you have had for years and you don’t expect to leave, putting together some automatic payments can save both you and them time. Consistency can be a good thing when it comes to streamlining payment processes for everyone.

 

In conclusion

 

When you have a bunch of moving parts, you should have your payment processes down pat. With some simple tweaks, you can take the hassle out of making sure transactions are being performed correctly and that your processes are well in order.

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November 19, 2019