3 ways to speed up cashflow

Our experts share key insights on improving cashflow in small businesses

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Money. Capital. Funds. Profits.

No matter the term used, small business owners everywhere are performing the same payments-in/payments-out balancing act to keep business going.

We surveyed 1,000 SMBs to discover how they are speeding up cash flow. Here are three ideas they’ve implemented that could help your business win the cashflow battle:

  • Let technology do the heavy lifting
    45% of businesses agree that technology like management dashboards would help improve their view of payments. Why? It speeds up processes for paying suppliers and employees―as well as for receiving customer payments. And it brings research software services that integrate with your payments process to help with accounting. Some also feature invoice reminders to encourage customers to pay off their balances quickly.
  • Consider unusual funding options
    Traditional banks are still the most popular funding method among small businesses. However, 33% of SMBs feel that traditional banks haven’t made much effort to make business loans available for small business owners. This has spawned a trend toward alternate financing options, like peer-to-peer lending and crowdfunding. 59% of survey respondents said crowdfunding is a much easier option for funding and 62% said they would use it again. With thorough research, both traditional and alternate funding are viable options.
  • Let your customers make the rules
    The more convenience you add to your payments offerings, the more likely your customers are to pay you on time. If your customers can solicit or enquire about your services online, it’s best to allow them to pay for your services there as well. As a bonus benefit, this also elevates your customer experience and increases the chances of return and referred business. In fact, 58% of shoppers said they’d be more likely to shop more at businesses that offer multiple ways to pay.

Want more insights into what’s trending in payments? Interested in changes to consumer shopping habits?


Download the 2017 Payments Landscape Report

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