You’ve heard it over and over again: your small business needs to take credit and debit cards. Most consumers pay with plastic, and many are even eschewing that for mobile payments, so you need to catch up. You think about investing in a credit card reader, but they’re pretty expensive . . . and it turns out that going without one is not only more convenient but can actually improve your cashflow.
Cashflow is the lifeblood of a business: if you don’t have a steady flow of cash coming in, you could soon find yourself in trouble. There’s always going to be cash going out, but if you don’t have enough cash coming in to balance it, you could face difficulty making payroll or paying for supplies, and that’s going to really hamper your business.
Obviously, selling your product or service is the best way to keep cash coming in . . . but there’s another factor you might not have thought about: how long it takes you to get paid. If you’re waiting more than a few days to get paid, that can put a big hamper on keeping cash in your bank account.
With the SmartTrade app, you’ll get your cash within five days. Just hold the card in front of your smartphone camera, have your customer enter their PIN, and the payment process begins. Within five days, the money will be deposited. No going to the bank or scanning cheques required. And you don’t even have to use a physical credit card reader!
If you do a lot of business—over £30,000 per month—you’ll get your money even faster. Once you reach that level, you can expect your payments to be deposited within three days, which is about as close to instantaneous as you can get.
Sending out paper invoices and waiting for cheques to arrive in the post and then clear works for some people, but with the speed that the world is moving, you can get left behind waiting for all of that to happen. Why not speed things up a bit and make sure your cashflow stays steady?
Check out the other features you get with SmartTrade and sign up today to give it a try!
Image credit: Paul Falardeau via Flickr