You also have to offer a balance of payment methods so you do not risk inconveniencing your customers.įor e-commerce companies, you need to give your customers diverse choices to pay via their preferred options, or they can simply head to another e-commerce site. Not all digital payment solutions are built the same – with some taking a few days to clear, involving more paperwork and charging a high service fee, while others are cleared instantly and have lower fees, improving your business cash flow.Ĭhoosing which types of payment solutions to offer your customers is also dependent on the business you are running. Beyond physical cash, businesses have to process digital payments or risk being shunned by customers who expect contactless payment options. Many entrepreneurs may neglect to provide the right payment solutions to their customers, and in particular, understanding the most convenient and cost-effective way to be paid. Providing The Right Payment Solutions For Customers To Pay You Implementing digital payment solutions to ensure your customers can pay easily and conveniently will be important for them to return and to improve your cash flow, ultimately, impacting your business survival. This includes having a good HR policy, onboarding the right digital payroll and accounting tools, and protecting your company with insurance and cybersecurity tools.Īs we accelerate into a #newnormal, customers will also increasingly expect to pay cashlessly. You also have to do essential things that seem to have nothing to do with bringing in customers or sales. Read Also: Guide To Opening A Business Account For Your Start-Up In Singapore This means negotiating rental space, hiring the right people, dealing with suppliers, as well as incorporating the right business entity, opening your business bank account, and many more things. Īpart from having a good idea and a viable business model, entrepreneurs also need to have a good grasp of the operational aspects of running their business.
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