Yes! We Take Credit!
Foster Results recently received a phone call from one of our clients that was music to our ears. We had spent time in the past discussing the possibility of his small business accepting credit cards for payment. He had been reluctant to begin implementing this process — but began to sing a different tune after complications from a recent business dealing made him think twice about the credit card for payment option.
This particular client had just completed a large project with an out-of-state government agency and was surprised to learn that payment would be delayed 90-days to receive a check via mail.
Or, the payment could be made immediately using a credit card. Our client realized that the time was right — time to get set up and start accepting credit cards for payment.
So why such a long wait for a check? In the size of an organization such as a state agency or any large company, several people often touch and peruse the invoice in order to get final payment approval. This significantly increases the time that a client will wait for reimbursement for work already completed.
Do you want to get paid quickly? It’s a bit of a rhetorical question. Small business owners know the drill. No matter what service or product you provide it takes time to close the deal and therefore get the money in your hands. By accepting credit you will improve your cash flow and do so in a quick and easily tracked operation.
I don’t know a small business owner who isn’t preoccupied with cash flow. Honestly, small businesses must begin accepting credit cards; it really isn’t an option any more.
To get going, you’ll need to:
- Get set up. If your business is already a QuickBooks user, the process to accept payment with credit cards is quite simple and painless; businesses of any size can accept credit cards using QuickBook’s online merchant account service. Once set up, you can automatically send recurring invoices and collect credit card payments so customers don’t have to be reminded to pay you. Approved funds can be deposited into your U.S. bank account in a few business days. You’ll save time reconciling transactions by having your merchant account sync with your QuickBooks files instantly. You also can use mobile devices to accept credit payments.
- Let clients know you now take credit cards. Make sure you include the fact that your business now takes credit cards by including that information on your invoices, in any of your advertising and with postings within your place of business and/or on your website.
By accepting credit cards you’ll make it easier and more efficient for your clients to do business with. Accepting credit will help grow your sales, keep the cash flow coming, make collections easier and provide the type of customer service that we all demand today.