Easy methods to optimize money circulation with cashless funds
Cash flow is the company's lifeblood. Many small businesses hit the wall every year despite being strong from the ground up, because without an overview of how much money they have for payroll, inventory, and long-term growth, it is difficult to determine how much money to back up their business is needed.
Increase in cash flow, not just sales
It doesn't matter if your products and services are in demand if the money from sales arrives too late to pay the business costs. This is a balancing act that many businesses find difficult to achieve.
The good news is that there are several ways you can control cash exiting your business while ensuring that money arrives quickly and tightly. This includes leasing big ticket equipment, negotiating better deals with suppliers, and creating an efficient system to get your numbers figured out.
For businesses that get paid by invoices, there are strategies in place to reduce payment times and ensure that your customers are solvent and reliable.
But what about companies that accept payments at the point of sale? Is there some way to make sure payments get into your bank account on time?
Improve your cash flow game with Square
First, you need a payment platform with a positive reputation in your market. one with thousands of happy customers and a strong approval rating. Next, make sure they have an open and transparent fee structure with no hidden costs that could affect your bottom line.
At Square, the money arrives the next working day upon receipt of payment. The money is there when you need it and best of all, there are no hidden fees. (By comparison, some other merchant services can take anywhere from three to seven days to transfer funds to your account, while others charge an additional fee for next-day deposits.)
The system allows you to track your sales in real time. Whether it's late at night or on the weekend, Square is always ready to move your money when you need it. You can instantly initiate bank transfers for 1% of the total transfer amount. With a single click, it's in your bank account and ready to cover essential costs such as inventory, salaries and repairs.
The Square Dashboard, which is free with your Square account, allows you to keep track of transactions, trends, and an up-to-date overview of the health of your business.
You can see what has been sold, how much stock has left the premises and most importantly, when you will be paid. Square Dashboard offers business intelligence that puts you in charge.
> See also: How to Sell Anywhere with Contactless Payments
Products that strengthen your business
Square also offers a range of hardware and software solutions to help your business move forward seamlessly. With Square Reader, for example, you can make chip and PIN payments, as well as contactless and mobile payments using Apple Pay and Google Pay.
It's pocket-friendly and connects wirelessly to your mobile device so you can use it in your business and on the go. It processes transactions quickly and gives you the peace of mind that the money will be in your account soon.
Depending on your needs, you can try Square Terminal and Square Stand, which offer your customers an easy and convenient payment method.
Square Terminal is a portable card machine that allows you to take payments in a variety of customer-friendly ways while managing items, printing receipts and most importantly, getting paid quickly. It was designed with ease of use in mind, so you can start using it right away.
Like Square Terminal, Square Stand is designed to be simple and intuitive to use. It turns your iPad into a point-of-sale system with a swivel function that allows your customers to enter their data privately and securely. It comes with a Square Reader and Dock so you can accept chip and PIN payments, as well as contactless payments through a card, phone, or smart device.
Square Online, meanwhile, has a professional site builder and a wide variety of design templates. Without any programming knowledge, you can create a new, easy-to-use website that can be accessed on any device.
The important thing is that it merges with Square Point of Sale and your item catalog, syncs your inventory and ensures easy inventory control. You can also sell on Facebook, Instagram, and other channels.
Last but not least, there's Square's electronic point-of-sale (ePOS) system, which you can use to manage records and inventory, as well as sales and payments. You can create customer profiles to better serve loyal buyers as well.
EPOS technology helps you speed up the checkout process, connect to third-party apps, and add new employees and locations as your business grows. Square has ePOS systems for every type of business: restaurants, retail, professional services, and more.
Optimizing cash flow remains one of the biggest challenges in business. However, with the right technology, equipment, and software, it is possible to accelerate the flow of money into your business without compromising.
Better still, you can get new customers, get critical data info, and manage inventory levels to make sure you don't miss out on all of your critical sales.
To learn more about how Square can help your business with contactless experience, click here