KNOWLEDGE CENTER: Payments businesses accept matter [Column] | Business
The COVID-19 pandemic has led to increased adoption of the technology in many industries, including payments and banking. Even with the adoption of mobile payments, when it comes to making payments, consumers want the flexibility to use whatever method works best for them, including cash.
A recent national study of 1,500 people by Cash Connect and OnePoll found that 40% prefer to use cash as a means of payment, and 51% of those surveyed agreed that using cash helps them to budget their money, underpinning the idea that cash remains a pillar.
Knowing these preferences among consumers, it is important that businesses continue to accept a variety of payment methods, from credit cards to mobile wallets to cash.
But how does a business balance consumer preferences with the different costs associated with each payment method and the security of those payments?
There are many payment options and cash management solutions available that can help make businesses more efficient and secure, allowing them to continue to offer a variety of payment methods to meet customer demand without burdening their operations. .
You do not know where to start ? Here are some things to consider that could help you better manage your business payment options and cash cycle.
• Consult the types of payments: To accept many payment methods, you will need a merchant services account, available at many banks, which allows payments to be transferred via Visa, MasterCard, etc. to your professional bank account. Business owners should also check out online payment systems like PayPal, which allows you to make payments to anyone with an email address through their credit card or checking account. Other popular forms of payment are mobile wallets like Apple Pay and Samsung Pay, providing ease of use with increased security. Work with your bank to help you find merchant services, a key component of your business, that best suit your needs.
• Make digital money: Safety and efficiency are two very valid concerns that business owners and financial decision makers often cite when handling cash. By making cash digital, these security and efficiency concerns can often be mitigated. Awesome, so how do you do it? Solutions like smart safes can help digitize cash. Smart vaults allow businesses to deposit money directly into a secure vault that automatically calculates the amount of money deposited, removing human error from the equation. The deposited money is then available in the company’s bank account the next business day, without having to visit the bank in person. Security controle. Effectiveness, cross-checking.
• Move money more easily: Now that the money is in your smart safe, how do we get it to the bank? Many businesses (75%) currently use the “cash to bank” method, which means that someone carries money at the end of each business day to the bank for deposit. This method is not only risky in that it leaves your business vulnerable to theft, but it is also operationally inefficient. Solutions such as armored vehicle management services can help alleviate these problems. Once you’ve deposited your money in your smart safe, an armored carrier management service can help you move money from your business to your bank, removing human error from the equation and making you. giving back time to you and your employees.
• Know your cash flow intimately: Managing a business’s cash flow is one of the most essential functions of any business because cash flow keeps businesses alive. It is important that business owners and financial decision makers have an intimate knowledge of balances and accounts. By knowing your checking accounts, you can budget more appropriately and even discover uncashed or unpaid invoices. Likewise, this knowledge will allow you to better plan for the months to come, especially by preparing for the unexpected.
Finding the right balance between what works for your business and your customers will not only help you grow your business, but also provide top-notch customer service. Receiving payments is at the center of every business, and it’s important to analyze all available solutions and technologies while keeping in mind the immediate and long-term needs of your business.
John D. Clatworthy is Senior Vice President, Director of Client Services and Strategy at Cash Connect®, a division of WSFS Bank, which is a leading provider of ATM safe deposit boxes and services. related in the United States. He has over 20 years of experience in the financial services industry.