01 May [INFOGRAPHIC] 3 Ways For Building Material Suppliers to Improve Cash Flow
1 in 5 construction companies report that cash flow is a consistent problem for their operation, and if your clients are struggling to maintain positive cash flow, they may delay paying you, and that can lead to cash flow issues for your own business. View our infographic to learn 3 ways building material suppliers can improve cash flow. For a more in-depth look at this topic, read the corresponding blog post.
1. Create a clear credit policy. The longer an account is overdue, the more time you’ll need to invest in collection efforts—that labor costs you money and could be better utilized elsewhere. To get started, you should:
• Know your state’s collection laws
• Reach out in advance
• Send an open account letter
• Hire a collector
2. Invest in a business management software. A business management software will help you take advantage of every minute of the day and every dollar in your account. Managing orders, inventory management, and dispatch in one central hub allows you to take on more business without hiring additional employees.
3. Offer convenient payment options. Accepting credit card payments means you’ll receive funds more quickly, and that leads to an increase in cash flow, freeing up more capital to be used for day-to-day operations, payables, and growth planning.
Payment Integration—Streamline operations by partnering with a processor that can seamlessly integrate into your business management software.
Mobile Processing—Unleash your sales team and allow them to collect payment when they meet with contractors and project managers in the field.
If you’re a building material supplier looking to boost cash flow with convenient, safe, and affordable payment processing, BASYS would love to be a resource for your business.
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BASYS Processing as a business partner
If your processor doesn’t offer industry-leading solutions and world-class customer support, please call BASYS Processing at (800) 386-0711 or enter some basic information in the form below. Let’s talk about creating a true business partnership that will help you exceed your goals.