If your small business isn’t ready to accept and process incoming money efficiently, it can be a serious problem for cash flow. One in three such companies report their payments are being delayed due to staffing problems handling the processing. Credit card payments can help remove some of the required labor, and put the money in your account sooner. So can communicating with customers to remind and guide them towards making payment, before it lingers and turns into an issue for collections.
Key Takeaways:
- To get paid on time create credit card payment options
- late payments can drastically negatively affect a company’s bottom line
- communicate better to ensure that late payments aren’t as detrimental
“Late payments can have a material impact on a company’s bottom line and in many instances, can be the final straw for a small business.”
Read more: https://insidesmallbusiness.com.au/planning-management/how-to-keep-your-small-business-afloat
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