Small business owners face a number of challenges in growing and operating their companies, but advances in technology have simplified one facet of business – payments. Digital and mobile technology provide business owners quick access to capital, freeing up time, expanding growth options and cutting “paperwork” down to a few clicks of the mouse.
Historically, payments and collections have been time consuming. All of the essential cash management chores such as recording payments, preparing deposits, driving to a bank branch, waiting in line and reconciling the books cost companies money. However, through the use of remote deposit and payment technology, payments are received and processed digitally via computer, smart phone, tablet and a variety of payment gateways. The result? Less time and money needed to track and manage cash flow.
Business Gets Digital
Remote deposit enables businesses to deposit paper checks from any location. Simply scan the check or snap a picture of it using the camera feature of your smart phone and upload payments to the company account on line.
Most banks now offer remote payment and deposit capture solutions designed for small business owners. Business online and mobile banking services also provide you with access to accounts on your schedule – 24/7 – so you can balance the books after dinner if that works best for you. You save time, cost and hassles by managing business accounts remotely.
Time and money are scarce business resources. Remote deposit conserves these resources, increasing the productivity of staff from CFO to data entry clerk. Today’s digital and mobile technology simplifies the process of payment collection, deposit and reconciliation, leaving more time and capital to grow a business to profitability.
Capital Access – NOW!
Remote payment and deposit are conveniences for customers too. The more payment gateways you offer – from on-line cash transfer sites to debit/credit cards at point-of-sale, and from paper checks and even cash, the faster your business is paid. It is as simple as that.
Cash flow management is essential, especially in a lean economy. By accepting payments when and where it’s convenient for customers, your small business gains faster access to funds too. Rather than having to drive to a bank branch and get there before closing (which typically means 5:00 or 6:00 pm) to make deposits to your business account, you can make your daily deposits remotely and gain same-day or next-day availability of those funds.
Smart Phones = Smart Business
More and more customers today make payments using their smart phones – payments that are deposited into the company account when they’re received. Today, customers and company owners don’t even need a computer or a Wi-Fi hotspot to make and pay for a sale.
If you have cell phone coverage, you have access to the company books. And with highly-encrypted data transfer protocols, transactions are safe and secure no matter where or how they’re made.
The same goes for payments from customers. Money is transferred securely into your accounts, with complete deposit records available for printout anytime, anywhere – remotely.
Time To Get Digital?
You bet it is.
Using this established technology, your business saves time (and that’s money), customers have numerous ways to make payments and you have access to funds faster.
Payment reconciliation is handled automatically, and you can even sync up payment and account information with your client relations management (CRM) software to track every order, every payment and identify downstream log jams before they become problems.
The initial expense is low, the learning curve is short and your business benefits from the day you go digital. So, get on board and get up to speed.
Remote deposit and payment capture is the way business is done…and done right.