As we know, cash flow plays an important role for the efficiency of business. When you don’t have sufficient funds for operational needs, it will be difficult for you to process the things needed in doing business. For example, when you want to produce goods. Of course, you need the budget needed to buy clothing materials and provide production equipment.
One way that can be done to keep cash flow stable is through the payment process. The more optimal the payment process is, the easier it will be for businesses to manage their business income and expenses through sales reports. So, if you want to improve your business performance through the payment process, you can try some of the following solutions!
[Also read: Payment Gateway: Online and Offline Business Payment Solutions]
Often, business actors print invoices and send them to the customer’s address. This method of payment certainly takes longer than sending it directly to the customer’s email or instant messaging. In the Cashlez Application, you can make bills practically and send them to customers. So, they can immediately find out how much the bill is and the payment deadline.
Apart from providing digital invoices, you can also speed up the payment process through online transaction methods, for example, such as Cashlez Link which allows customers to transact using credit/debit cards online, QR, and Virtual Accounts. You can use this payment method directly from the Cashlez Application. After creating the payment link, share the link with your customers.
[Also read: 7 Practical Ways to Prepare Non-Cash Payments for MSMEs]
The faster you send bills to customers, the faster they will process the bill. So, use time effectively so you can earn income faster. Apart from that, speeding up the billing process will also help you ensure cash flow runs smoothly. If possible, you can also adjust the delivery of bills with the customer’s payment schedule. For example, your customer pays the entire bill on the 30th. So, make sure you send the bill before that date.
To avoid problems with cash flow, you can also implement a deposit system. Apart from that, this system will also help you ensure that customers can make payments on time. So, before the order is processed, the customer must first send funds whose nominal value you have specified. After that, the remaining deposit can be returned to the customer or saved for the next order.
What can you do to get customers to pay faster? Of course, you need to make offers to them, for example in the form of discounts or direct gifts. In addition, discounts can also be given when customers make large transactions.
One way you can use to make the payment process more effective is to shorten the payment time. Of course, you can discuss this provision with the customer in advance. If they agree, then you can implement it. Not only that, you can also apply payment terms that must be made after services/goods are provided to customers.
The payment process has an important role for business. When you implement an optimal payment process, you will have no trouble managing your business. You see, the smooth running of your business really depends on the available funds. Let’s make the payment process more optimal through the Cashlez Payment Gateway.