A well-managed cash flow is the backbone for any successful business. How quickly clients pay invoices can be the difference in turning your business from surviving to thriving. Imagine having clients pay on time every time? Even better if you didn’t have to exhaust admin resources or time on the phone to make this happen!
In this article we’re going to share our top tips on how to improve cash flow by getting paid faster.
Get paid faster
A successful small business is never short of clients. While that can mean plenty of work, it might be a case where doing the paperwork and sending out the invoices is taking up time that you don’t have.
An efficient, automated system that allows you to issue invoices instantly and with ease, can help ensure clients pay on time.
Let your clients pay with ease
Don’t let restricting payment methods stop your cash flow! Accepting all major credit cards as payment options avoids excuses for late payments. The more options you provide, the more quickly your clients are likely to pay.
Go one step further – make sure that straight from the invoice, the client only needs to click one button to make payment.
Acknowledge clients for making a payment
Giving your clients an instant ‘thank you’ message the moment payment is made is not only a timely token of thanks, but will likely be remembered by the client.
A cleverly crafted ‘Thanks for Paying’ email can have positive impacts in a range of areas. From encouraging future timely payment through to eliciting further sales, a thank you for the payment email is a simple tool that can be implemented to assist with credit control. Depending on your accounting or invoicing software, this can be built in to be automatic. For example, it might be as simple as adding a message to the top of your automatic payment confirmation email.
Take advantage of technology and use a digital and secure payment system that will allow you to receive payments 24/7.
When business moves quickly, keeping up can be a challenge. Going digital can help you stay on top of outstanding and upcoming payments.
With B2Bpay, you can easily add a ‘Pay now’ link to your invoice template. That way, every time you send an invoice your customers, they can easily pay your invoice with card (on any device). And if you use Xero, MYOB or QuickBooks our smart integrations mean that your invoices will be automatically updated to ‘paid’.
B2Bpay: The online solution
B2Bpay is a branded payment portal that allows businesses to accept card payments online from their clients. Easy to use and free to set up, you also get rewarded.
Once joining B2Bpay, the payment process is straightforward:
1. Invoice your customer
Making it easier for your client, a B2Bpay payment link or button is included on your invoice template. B2Bpay can also be connected to Xero, MYOB, Quickbooks and other accounting software.
2. Client pays you via B2Bpay
Payments can be made using the client’s nominated card. B2Bpay accepts all major credit cards (including Amex, Mastercard, VISA and Diners), making the payment options easy for your client.
B2Bpay is a great option for your clients too, as they can improve cash flow by taking advantage of their credit card’s interest free period up to 55 days. Another benefit of paying with card, as shown in this Deloitte survey showed that 82% of businesses agree that credit and debit cards are the fastest way to make payments.
3. Funds sent to you
Funds are transferred to you by EFT or BPAY within 3 business days. You earn 1 Qantas Point for $20 paid to you with VISA or Mastercard. This is a great way to boost your Qantas Points, just for getting paid.
You will also receive notification to your computer or mobile the moment a payment is processed, keeping you up to date around the clock.
B2Bpay: Boosting Your Business Cashflow
The Deloitte survey mentioned earlier also showed that 73% of businesses who use B2Bpay have improved their cash flow. Moreover, they can reduce payment chasing by 61%, which results in a dramatic drop in bad debt.
Become a B2Bpay Bonus Biller
Want to have a competitive edge in your industry? By signing up as a B2Bpay Bonus Biller, you can offer extra Qantas Points to clients paying your bills. They will also generate their own credit card reward points when they pay using VISA, Mastercard, American Express or Diners Clubs.
What does it cost?
Nothing. B2Bpay is the no cost solution for you to accept card payments and get paid faster. There are no terminal fees, merchant service fees or monthly charges. There is no cost to receieve payment, as your customers or clients pay the card processing fee on top of your invoice. You can of course choose to absorb this if you wish.
With such great incentives, and the ease of use (at no cost), B2Bpay offers your clients a way to make immediate payments. Clients can generate rewards through B2Bpay while your business continues to build a well-managed and healthy cashflow.
Click HERE 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 205 575 today.