While accepting credit cards helps your business bring in more revenue, it does come with a cost. Don’t be shocked to find out after you start working with a merchant card processor that there are hidden fees.
Did you know that you could be showing a profit and still be going bankrupt? It’s true. The definition of bankruptcy is running out of cash. Why are profits and cash flow often very different at a point in time? Here are five common reasons and what you can do about them.
You’re a small business owner, not a collection agency. You’re probably not all that good at or fond of dunning customers who don’t pay their bills on time. Unfortunately it’s a real problem and that reality should motivate you to become an expert in keeping your cash flowing in a timely manner.
Bagging the elephant is what many companies shoot for. Although these can be very profitable and present great growth opportunities, you must be careful not to put your business in a compromising and stressful situation.
A few weeks ago, I received an email from a frantic new business owner. One of his clients—a very large company—had an outstanding invoice that was 90 days past due. Concerned and cash-strapped, he wanted to know what he should do.
One of the challenges of working in the B2B space is that most commercial clients don’t pay their invoices as soon as you deliver your product or service. Instead, companies ask for 30- to 60-day payment terms.
Just a few years ago, accepting mobile payments was a novelty that only a select few businesses provided to their customers. Today, businesses have a variety of mobile payment providers to choose from, making it an affordable and simple solution to implement in a changing marketplace.
Customer invoicing is a vital part of business operations that directly affects a company’s customers and vendors, as well as the company itself. Invoicing sounds like a simple procedure, but it can get quite complicated, depending on the circumstances.
After an extensive amount of research, you’ve finally decided that accepting mobile payments will benefit you and your company. Congratulations! You’ve made a great decision. You are joining a growing number of small businesses taking advantage of this advance in technology.
Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.