When operating a small business, cash flow is incredibly important. The goal is to have access to your funds consistently and predictably in order to pay employees and vendors and order supplies as needed. We have a few tips to help increase cash flow and receive quicker payments.
Next Day Funding
If having adequate funds is not the issue, but receiving them on time is — then you may want to reconsider your merchant service provider. With Cynergy Data Texas, our clients receive their money within one business day. Funds, not a memo post, are secured electronically to your bank of choice. You can also process well into the evening, rather than deal with an afternoon cutoff time that other credit card processors impose.
Easy Payment Options
If your business provides local services and only accepts cash or check — you may be leaving money on the table. If potential customers are asking if you accept debit or credit, it’s time to adapt. Fortunately, we have straightforward, no contract options for those in need of a credit card processing solution.
Give us a call and we’ll happily take a look at your business volume and whether working with a merchant service provider is in your best interest.
Loyalty Programs
Loyalty programs can have a serious impact on your repeat business. Be sure to design a loyalty program that is beneficial for both parties. If a customer is to receive a free meal on their 10th visit, ensure the value of the previous 9 purchases covers the cost of the 10th.
The Clover POS systems that we offer make creating loyalty programs very easy, as everything is tracked electronically and customers are prompted when they’re close to a reward and notified when it’s time to claim.
Upfront Incentive
In the case that your business relies on fewer, more expensive transactions rather than volume — consider offering your customers a small incentive to pay in full upfront, rather than breaking it into several payments. When given the choice, customers may choose to receive a 5% discount rather than waiting for delivery or project completion.
However, it is very important that these customers feel protected throughout the transaction and that customer service is not sacrificed at any point because tender has already been received.
If your business is struggling to receive payment on-time and predictably — give us a call at 512-250-2380 to discuss our solutions.