Category Archives: Uncategorized

Adding a Payment Account in Xero (to receive payments)

Adding a Payment Account in Xero (to select when configuring in B2Bpay)

Some of our customers come across an issue when they go to select the “Payment Account” in B2Bpay, and there is nothing there to select (see example below). If this is the case,  you will need to go in to your Xero Account and add a code to your Bank Account (where you receive funds) or add a bank account with a 3 digit code.  Follow our step by step instructions below to get this configured.

How to accept card payments through your invoices for free

Know exactly when you’re getting back by accepting payments online. Customers expect paying to be easy. Let them do it their way by supplying credit card payment options. This gives them flexibility and convenience when it comes to paying your invoices. It also helps you too as getting paid faster means a boost in cash flow and no more bill chasing. 

Benefits of using B2Bpay to accept payments: 

B2Bpay is a secure online payment portal for businesses to accept all major credit card payments at no cost. Clients will find it easier to pay with more options and far more convenient with online access.  

Need more reasons? 

Convenience 

B2Bpay reduces payment chasing, saving your business time and resources.  Being paid faster also reduces bad debt while boosting cash flow.  

B2Bpay gives customers to pay their invoices from any device at any time. Without having the fuss of cross-checking bank statements, you can check all payment transactions straight from the B2Bpay dashboard. 

Earn points 

B2Bpay not only guarantees faster payment, you also earn Qantas points each time a customer pays with their credit card. For every $20 paid to you through a VISA or MasterCard credit card, you receive 1 Qantas Point. How’s that for double benefits?   

Customers can also earn points when they pay you with their credit card. Not only does it encourage them to pay on time, B2Bpay leads your business with a competitive edge.  

Rewarding customers each time they make payment is a great differentiator from your customers. It will also build loyalty and encourage on-going patronage. 

Simple Click and Pay Button 

Customers want to be able to pay you with ease and their preferred options. By adding a simple “Click and Pay” button on your online invoice, customers can immediately link to a secure payment page with your company logo. Customers can conveniently pay by credit or debit card. 

Just a few simple clicks to immediate payment. 

Set Up is Easy and Free 

Unlike other platforms, setting up B2Bpay requires no additional IT build or bank set up. There are no monthly fees and initial set up is at no cost.   

Our locally based customer support team will make sure the B2Bpay platform works within your business requirements. There are no changes to your existing system or banking arrangements.  

Once B2Bpay is set up, it’s simple and easy to use. No need for training. Also, merchant facilities aren’t required. It’s all ready to go! 

Seamless Integration  

B2Bpay’s seamless integration with accounting software like Xero, MYOB or QuickBooks makes online credit card payments easily accepted with automatic reconciliation.  

Automatic reconciliation means you no longer need to spend hours cross checking manually or risk human error. You can monitor and track all payments through the B2Bpay dashboard at any time, in real time. 

Even if your business doesn’t use any of these programs, the B2Bpay team can actively work with you so you’re able to add a Payment Link to any invoice. 

How does B2Bpay work? 

Simply sign up for B2Bpay with the online form. Our customer support team will promptly be in touch to set up your portal with the business logo. From there, the process is straightforward: 

Step 1: Our customer support team will help connect your accounting software – Xero, MYOB, Quickbooks or others – from your B2Bpay dashboard. 

Step 2: You can start sending your invoices online. From your accounting software you can include B2Bpayment information on your invoice, which gives your customers the option to pay by credit, debit card or bank 

Step 3: Upon receipt, your customer can immediately pay their invoice via B2Bpay. Payments are made using the customer’s nominated card. 

Step 4: Within 3 business days, funds are received to you by EFT or BPAY Plus you receive 1 Qantas Point for every $20 paid to you via VISA or MasterCard. No transaction, merchant or card terminal fees are incurred. There are processing fees which can be found on our homepage.

Step 5: Once received, funds are automatically reconciled in Xero, MYOB, or QuickBooks. As an additional bonus to your business, customers will pay the card processing fees. Receiving payments from customers through B2Bpay does not incur any costs at your end.  

Need more information? 

Click onto the video to find out how B2Bpay can help you get paid faster through your invoices, while saving you time and costs. 

Businesses love getting paid through B2Bpay 

What better way to show you the genuine business benefits of B2Bpay than through our happy clients? John Liu is COO of Human Care Australia Pty, leading global supplier of hospital and healthcare equipment has given his clients an easier quicker payment method with B2Bpay.  

“Our patients are finding B2Bpay really easy to use. We were not accepting credit cards before and now we are but at no extra cost to us. I am also able to take credit card payments at my reception desk which makes life a lot easier,” said John. 

B2Bpay: Get Paid Faster for Free 

If hefty bank or merchant fees have steered your business from accepting credit card payments, B2Bpay is here to change your mind. 

Streamlining your online invoices to include credit card payments, B2Bpay provides the ideal payment solution. Customers can pay through their nominated card while you earn Qantas points with each payment they make.   

Most importantly, all the benefits that come with using B2Bpay are at no cost to your business. 

Click HERE to sign up today! For more information feel free to drop us a line. To chat with someone from our locally based customer support team, call us on 1300 205 575. 

 

 

 

Why Cashflow is Important to Small Business

Running a successful small business is no easy feat. Once you look past the enticing opportunities such as setting your own schedule or becoming your own boss, you are met with the startling reality that 60% of Australian small businesses shut their doors within the first three years of opening(1),  So, what’s going wrong? Is it simply poor management, or perhaps lack of foresight and vision? While there are surely numerous factors at play, it has ultimately been reported that 82% of small business cite one main reason for going out of business: cash flow. 

What Is Cash flow? 

To learn how to avoid this main roadblock, it is essential that you first understand it. Cash flow is a complex concept that many small business owners make the mistake of overlooking. At its core, defining cash flow is simple: it measures the movement of money flowing in and out of your business.  

While profit and cash flow are correlated, there is a difference between the two. Since cash flow only represents the balance in your bank account, your business can turn a profit but still have zero cash. If you are selling products, yet have more expenses than earned income, you will have negative cash flow.  

Defining ‘accounts payable’ and ‘accounts receivable’ is also useful when expanding on this concept. Accounts payable refers to a liability account that tracks the money leaving your business (i.e. payroll, business expenses, loans etc), whereas accounts receivable is an asset account that keeps track of money coming into your business (money you receive from customers for the goods and services you provide).  

To understand where this comes into play when determining cash flow, your business could turn a profit of $30,000 in one month, but only see $10,000 of that in cash flow, because the rest is pending in accounts receivables. These accounts are crucial when balancing your accounting and calculating the profitability of your business. 

Forecasting Cash Flow 

To secure the future and survival of your business, it is essential that you forecast your cash flow. This will equip you to handle both unexpected and planned expenses, ensuring that your spending is efficient. If you’re a seasonal business owner for instance, strong cash flow management will become even more crucial, as you’ll see an influx of cash during your open season, with little cash in the remaining offseason months of the year. 

The best way to keep track of cash flow in your business is to run a cash flow report. A cash flow report is a report that shows you cash received and cash paid, illustrating your business’s cash position at the end of each month. For example, you will see what happens to your cash when a customer pays a bill, your business pays a supplier, or you hire an independent contractor.  

If you wish, you can typically break down a cash flow report into three segments for best tracking: operating flow, investing flow, and financing flow. Operating flow refers to any income or spending that comes from your net income, such as buying merchandise or revenue from your products and services. Investing flow covers business investments, such as buying commercial property or equipment, which will be used repeatedly to directly increase your business’ efficiency or profitability. And thirdly, financing flow refers to transactions around dividends, debt or equity.  

Investing in New Staff/Products 

If you have recently started or launched a new business, you will need to invest some cash. This may include anything from purchasing new equipment, to building a website, or placing a deposit on a new office space. Don’t be alarmed if you initially see more cash output than input. However, you will ultimately need to fund these expenses while still having some capital left over for when your business opens its doors. To do so, you’ll have to carefully protect your cash flow. 

To begin, consider investing some of your own money to cover your start-up costs. You may also want to explore financing options such as a business loan, line of credit, or small business grant to help with the initial costs.  

Keep Track of Overdue Payments 

Chasing consistent late payers can hinder your business. Forecasting your cashflow allows you to see the impact on your bottom line and give you adequate time to alert clients and the need for effective credit control and timely payment strategies  

Preventing Overspending 

Every business will have time-sensitive revenue goals and targets, so forecasting your cash flow is essential inyou understand when and if they will reach these goals. Forecasting allows you to see the breakdown of your budgeting, by seeing the movement of cash into and out of the business. This will not only reveal whether you are landing over or under budget, but it will help you to increase the accuracy of your future budgeting. 

Plan for Seasonal Trends and Cash Gaps 

Seeing cash gaps allows you to put an effective payment plan in place.  Plan to set aside enough cash from peak sales periods to cover your operating expenses during off-seasons or slower seasons. You may also consider setting aside an extra cash buffer to cover unexpected costs.  assist.. Having an overview of your expenses and when they are due is important so create a calendar for your operating expenses and add entries of all recurring payments and their due dates. 

Budgeting for tax payments 

Tax payments always seem to spring up more quickly than you would expect. However, many business owners aren’t aware that you can actually pay the ATO by credit card, meaning you’ll have money available in your bank account for longer. You can hold onto your cash during the interest-free period on your credit card, without it costing you any interest so long as you pay your credit card bill on time. Read more about paying the ATO by credit card, all while earning full credit card reward points by using B2Bpay here. 

Common Cash Flow Mistakes 

Overspending 

Impulse spending, during the start-up phase, can be tricky to navigate. While it does take money to make money, not all expenses are necessary. Keep your eye on the bottom line, considering the cost-benefit of every single expense. Create a realistic budget and be sure to stick to it! Continuously calculate how any purchases will delay your breakeven point (i.e. the point when your plan for your business to earn back the cost of your initial spending). 

Not getting paid quickly enough 

Delayed payments, and unpaid invoices from clients can quickly kill the cashflow of a small business. Small businesses that don’t establish strict late-payment penalties and collections policies are often the most vulnerable. While it may feel risky to ask for payment from your customers at the start of a new business, it is important to remain diligent and consistent about collections. Once your clients know that you’ll be reaching out the moment a payment is late, they will be less likely to delay your payments. Good policies tend to include a given percentage late fee penalty after approximately 5 days, or work stoppage after 30 days past due (for service-based companies). 

Overestimating future sales volumes 

It takes a tremendous amount of confidence and positive thinking to start a small business.While this quality may be essential for a new business owner/s, it is important to maintain a heavy sense of realism when it comes to managing your cash flow. 

Once your business has been operating for a few years, it’s a good idea to complete objective and continue to  practice realistic forecasting based on past numbers and evidence. You can use actual past revenue data from your own business or other businesses in your industry as a baseline for predicting future sales and identifying trends. This will help you come up with some realistic projections, and consider variation over different periods (i.e. the holidays). 

However, if you are still in your first few years of business, you may want to consider working with a mentor from your own industry. They will be able to help you project future sales, and even offer sales figures from past personal experience to assist you in predicting upcoming figures. 

Not having enough cash on hand 

No matter how well planned you are, unexpected costs are a reality of being a business owner. This shouldn’t be a make-or-break it issue, so long as you have a cushion of savings to rely on. But if your company is functioning on a zero or negative account balance, one low profit month could be devastating. 

Be sure to maintain an account balance equivalent to at least two months of your operating expenses. This will ensure that you have the appropriate reserve in place, should you unexpectedly require it. 

How B2Bpay Solves Cash Flow Issues 

 B2Bpay addresses one of the most common cash flow issues — getting paid faster! By using B2Bpay and accepting all major credit cards, your clients will be encouraged to pay you more quickly. The range of payment options also helps to avoid excuses for late payments, as B2Bpay now even accepts payments from bank account. 

With a B2Bpay payment link or button included on your invoice template, making payments will be quick and simple for your client. Funds will be transferred to you by EFT or BPAY within just 3 business days. Plus, you’ll earn Qantas Points on all eligible payments you make or receive with B2Bpay – allowing you to accumulate reward points that may help reduce travel and accommodation costs for your business! 

Along with these benefits, B2Bpay is a great option for your clients’ cashflow as well, as they can take advantage of their credit card’s interest free period up to 55 days.  Read more on the benefits of improving cash flow with B2Bpay here. 

Connect Your Accounting Software with B2Bpay 

B2Bpay has the ability to easily connect it with your Xero, MYOB, or Quickbooks accounting software. Once you’ve connected your accounting software with B2Bpay, all of the payments you make and receive will be automatically recorded in one location, with no manual entry required.  

Stay organised and avoid late fees by viewing all your pending invoices in B2Bpay to pay in one click. You’ll also be able to save time with automatic recording as when you pay, your software will automatically be updated and reconciled for you! 

Accepting payments is just as simple. You’ll be getting paid faster by accepting credit card payments online, at no cost to you. B2Bpay will set you up with a unique, branded payment page, where customers will simply need to click the ‘Pay Now’ button on invoices to be directed to your payments page. You’ll save time, and keep close track of payments, as all your customers’ payments will be auto recorded in your accounting software. 

Conclusion 

Cash flow issues are one of the most difficult, and daunting, aspects of small business ownership. However, with careful planning and spending, you’ll be prepared for both the expected and unexpected, setting you up for success. 

 B2Bpay is a great no cost solution for you to ensure a positive cash flow stream by accepting card payments and getting paid faster. There are no terminal fees, merchant service fees or monthly charges. Meanwhile, you’ll be earning Qantas Points to use for business, just for getting paid. 

With such great incentives, and the ease of use (at no cost), B2Bpay offers your clients a way to make immediate payments and generate their own rewards through B2Bpay while your business continues to build a well-managed and healthy cashflow. 

ClickHERE to become a B2Bpay Biller today and start saving time and money for your business. Let B2Bpay take the hassle away from payment chasing so you can focus on what you do best – making your customers happy and growing your business. For more information on how to become a B2Bpay Biller, speak to one of our specialists on 1300 625 647 today.  

 

(1). According to the Australian Bureau of Statistics: http://www.abs.gov.au/ 

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Connect to MYOB

You now have your own branded Payment Page set up with B2Bpay, where you can easily accept credit card payments online. What’s more,  both you and your customers will be rewarded with Qantas Points when payments are made through this page.

And if you use Xero to invoice your customers – the great news is you can set B2Bpay up as a payment option and your customers can simply click ‘Pay Now’ from your invoice and be taken to your Payment Page with the amount and reference already pre-populated.  Simply follow the instructions below to set this up.

Instructions

Step 1

Log in to Xero

Step 2

Click on your Company Name drop down on the top left hand side, then click on ‘Payment Services’ and select ‘Add Payment Service’

Step 3

Select ‘Use a custom URL’, and enter the following details and then press ‘Save’

  1. For Name – type ‘B2Bpay’
  2. For Your Custom URL – cut and past this URL into the field:
    https://pay.b2bpay.com.au/BUSINESS?paymentamount=[AMOUNTDUE]&customerreference=[INVOICENUMBER]
  3. Once pasted, replace the word ‘BUSINESS’ in the above URL with your merchant code. For example if your payment page address is pay.b2bpay.com.au/ABCBusiness, then replace ‘BUSINESS’ in the URL with ‘ABCBusiness’
  4. For Pay Now Text – enter what you would like for the text on your invoice. For example “Pay now by Credit Card

Step 4

Once this has saved, go back to ‘Settings’, then ‘Invoice Settings’ and in ‘Options’, select ‘Edit’

Step 5

In the field ‘Payment Services (Credit Card)’ on the right hand side, select ‘B2Bpay’

You’re done!

Your invoices will now include a link for customers to:  View and pay online now  using B2Bpay.

This link will bring them to an online version of the invoice with a payment link.

The amount and invoice number will be pre-populated.

Instructional Video

We’ve also put together a short video which takes you through the above steps

Need further help?

Email us [email protected]  or  call: 1300 205 575

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How to add a ‘Pay Now’ link on your Xero Invoices

You now have your own branded Payment Page set up with B2Bpay, where you can easily accept credit card payments online. What’s more,  both you and your customers will be rewarded with Qantas Points when payments are made through this page.

And if you use Xero to invoice your customers – the great news is you can set B2Bpay up as a payment option and your customers can simply click ‘Pay Now’ from your invoice and be taken to your Payment Page with the amount and reference already pre-populated.  Simply follow the instructions below to set this up.

Instructions

Step 1

Log in to Xero

Step 2

Click on your Company Name drop down on the top left hand side, then click on ‘Payment Services’ and select ‘Add Payment Service’

Step 3

Select ‘Use a custom URL’, and enter the following details and then press ‘Save’

  1. For Name – type ‘B2Bpay’
  2. For Your Custom URL – cut and past this URL into the field:
    https://pay.b2bpay.com.au/BUSINESS?paymentamount=[AMOUNTDUE]&customerreference=[INVOICENUMBER]
  3. Once pasted, replace the word ‘BUSINESS’ in the above URL with your merchant code. For example if your payment page address is pay.b2bpay.com.au/ABCBusiness, then replace ‘BUSINESS’ in the URL with ‘ABCBusiness’
  4. For Pay Now Text – enter what you would like for the text on your invoice. For example “Pay now by Credit Card

Step 4

Once this has saved, go back to ‘Settings’, then ‘Invoice Settings’ and in ‘Options’, select ‘Edit’

Step 5

In the field ‘Payment Services (Credit Card)’ on the right hand side, select ‘B2Bpay’

You’re done!

Your invoices will now include a link for customers to:  View and pay online now  using B2Bpay.

This link will bring them to an online version of the invoice with a payment link.

The amount and invoice number will be pre-populated.

Instructional Video

We’ve also put together a short video which takes you through the above steps

Need further help?

Email us [email protected]  or  call: 1300 205 575

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B2Bpay is now rewarding businesses for getting paid

  • To mark a successful first year, we have launched an exciting enhancement to our reward program
  • We are now rewarding businesses with Qantas Points when business get paid as well!

Backed by Qantas Business Rewards,  we are revolutionising how SME’s do business and to celebrate the 1-year anniversary since our launch, we are excited to deliver even more rewards for Australian businesses.

Over the past year we have helped over 5000 SMEs earn Qantas points and credit card points when paying their business expenses.

“B2Bpay has had such a successful first 12 months and we are thrilled to be celebrating through introducing a major enhancement to the platform that delivers even more value to Australian business owners and their customers,” says General Manager Kevin Butler.

“We have learnt that many of the SMEs we’ve helped with simpler more rewarding ways to pay their bills also need support with how their customers pay them. Business owners often struggle to know where to start when accepting card payments. B2Bpay offers an easy solution that also boosts lucrative Qantas points balances not only for your business but for your customers as well,” adds Kevin Butler.

Businesses receiving payment don’t need to feel guilty as their customers also earn Qantas Points from B2Bpay in addition to their credit card points when they pay bills. Businesses receiving payments on B2Bpay will now earn 1 Qantas Point for every $20 paid to them by Visa or Mastercard and their customer also earns 1 Qantas Point per $100 in addition to the points provided by their credit card.

“The Qantas Business Rewards program makes it easy for business owners to earn Qantas Points on their everyday business expenses and it’s been wonderful to see so many businesses taking advantage of the B2Bpay platform over the past 12 months. In recognition of the first anniversary of B2Bpay’s launch we are very pleased to be expanding rewards to businesses when they get paid,” said Eric Jelinek, Head of Qantas Business Rewards.

Here’s how it works:

  1. Simply tell us that you want to become a Biller by visiting our website and clicking ‘Get Started’. We’ll set you up with an invoice payment page (all at no cost to you).  
  1. We will help you add a ‘pay now’ button or payment info to your invoice templates.
  1. Your business will earn 1 Qantas Point for every $20 of eligible payments made to you using this invoice page. Not a Qantas Business Rewards member? – join free.

A business must be a Qantas Business Rewards Member to earn Qantas Points for business. Membership and Qantas Points are subject to the Qantas Business Rewards Terms and Conditions at qantasbusinessrewards.com/terms. Qantas Points for business are offered under the B2Bpay Customer Terms and Conditions. Qantas Points for Mastercard and Visa transactions are offered under Zenith Payments Terms and Conditions.

Media contact: Sari-Elle Kraemer, Alpha Consult