Originally written by Dan Matthews on Small Business
Cash flow is the lifeblood of enterprise. Plenty of small businesses go to the wall each year, despite being fundamentally strong, because without having a view of how much money they have for payroll, inventory and long-term growth it’s difficult to determine how much money is needed to safeguard their business.
Boosting cash flow, not just sales
It doesn’t matter whether your products and services are in demand if the money from sales arrives too late to pay for business-related costs. This is a balancing act that many businesses struggle to achieve.
The good news is there are several ways to control cash leaving your business, while ensuring money comes in thick and fast. They include leasing big-ticket equipment, negotiating better deals with suppliers, and creating an efficient system to crunch your numbers.
For businesses that get paid through invoices, there are strategies to speed up payment times and ensure your customers are solvent and reliable.
But what about businesses that take payment at point of sale – is there a way to ensure payments hit your bank account in good time?
Upping your cash flow game with Square
Firstly, you need a payment platform with a positive reputation in
Tag Archive for cashless payments
Hot Business News Today
How to sell anywhere with contactless payments
by Dan Matthews • • 0 Comments
Originally written by Dan Matthews on Small Business
The way consumers pay for goods and services has been revolutionised in recent years. From the coins and notes that we have all used for decades, to the smart digital applications of the 2020s, people now have more ways to pay than ever before.
As a small business owner, keeping up with advances in payments technology can feel like a challenge, but in truth getting set up is easier than you might think.
Why go contactless?
Cash remains a popular way to buy. According to the Bank of England, there are around £70bn-worth of notes in circulation, or about £1,000 for every member of the British public.
But plastic has caught up and, in 2017, overtook paper and coins as the UK’s preferred payment method. At the same time, the old-style Chip and PIN method has been joined by contactless as a quick and easy way to settle bills of £45 and under.
Before the coronavirus took hold in the UK, there were 889m contactless payments in February 2020 alone, the vast majority of which were made via credit or debit card. But customers also increasingly use their phones or smart devices to pay.
But at the peak of
Hot Business News Today
How to sell anywhere with contactless payments
by Dan Matthews • • 0 Comments
Originally written by Dan Matthews on Small Business
The way consumers pay for goods and services has been revolutionised in recent years. From the coins and notes that we have all used for decades, to the smart digital applications of the 2020s, people now have more ways to pay than ever before.
As a small business owner, keeping up with advances in payments technology can feel like a challenge, but in truth getting set up is easier than you might think.
Why go contactless?
Cash remains a popular way to buy. According to the Bank of England, there are around £70bn-worth of notes in circulation, or about £1,000 for every member of the British public.
But plastic has caught up and, in 2017, overtook paper and coins as the UK’s preferred payment method. At the same time, the old-style Chip and PIN method has been joined by contactless as a quick and easy way to settle bills of £45 and under.
Before the coronavirus took hold in the UK, there were 889m contactless payments in February 2020 alone, the vast majority of which were made via credit or debit card. But customers also increasingly use their phones or smart devices to pay.
But at the peak of
Hot Business News Today
5 reasons why (and how) you should meet demand for cashless payments
by Lee Jones • • 0 Comments
Originally written by Lee Jones on Small Business
For businesses in the unattended market, keeping up to date with ever-progressing technology poses a challenge. Cashless payments and new payment methods have been growing in popularity, and it can feel like a struggle to keep up. Not to mention the fact that the time and expense of upgrading self-service payment terminals can be intimidating.
However, failure to move with the times could cost merchants business.
Here are five reasons why (and how) any merchant who operates unattended terminals – whether they’re in hospitality, parking, transport, retail, transport or travel – should be looking to meet the demand for cashless payments.
>See also: Why businesses should go cashless: pros and cons
#1 – Cash has been dethroned
The old saying, cash is king, has become less and less relevant in recent years. Card payments in the UK have grown at an exponential rate, and research from UK Finance showed that the amount of payments made with physical money dropped by 22 per cent between 2006 and 2016. In fact, card payments overtook cash payments in 2016, with notes and coins accounting for just 40 per cent of spend. It’s predicted that, by 2026, cash will be used for