08 Nov 5 Ways to Improve Your Receivables
As Nolan Bushnell, the founder of Atari and Chuck E. Cheese, once put it, “a sale is a gift to the customer until the money is in the bank.”
Have you ever waited months on end for a customer to pay you? It’s not uncommon, but it can have serious consequences. Businesses can fail because they don’t have enough cash flowing in, even when sales are booming. Read on to find 5 easy things you can do to operate more efficiently and get paid faster!
1. Offer discounts to customers who pay early
This is the simplest and most common way for businesses to increase the speed of receivables. And it doesn’t have to be a large discount. It can be as little as 2%. Even though this will be a slight hit to the bottom line, it will improve your business’s cash flow, which has the potential to help fuel growth.
2. Increase pricing
This isn’t an absolute. Some businesses have their products and services priced too high or to perfection. However, you wouldn’t know the answer unless you changed price points in order to see which were best received. It’s possible that you’re leaving money on the table by pricing your products and services too low.
3. Ask for deposits
When a customer makes a purchase, ask for a deposit. By adding deposits on all sales, cash flow will see a big boost.
4. Communicate with suppliers
If you establish a good relationship with suppliers, they will be more likely to negotiate with you on payment or payment date changes.
5. Give customers the ability to pay online
The average invoice takes $17 and 10 days to process — in fact, the entire lifecycle of a transaction stands at 34 days in the U.S. market. Can you afford to wait that long to get paid? A digital payment solution will cut your billing cycle, and funds will be deposited in your account much faster.
BASYS Processing as a business partner
Does your current processor understand the unique struggles of your industry? Do they provide great rates and personal customer service? Are they offering solutions to grow your business and being proactive about helping you reduce risk and increase your savings?
BASYS Processing features:
• A friendly, live voice will answer the phone when you call; no automated phone systems
• In-house PCI Compliance team to walk you through the process step-by-step, improving security and reducing costs
• Accept payments in person, over the phone or online
• Next-day funding options
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, plus solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personal Payment Processing.
Learn more at basyspro.com, and connect with us online at: