What do you need to set up when you’re starting business? Here’s some tips, links and calculators to cover the basics.
The easier it is, the better it is for your cash flow
We’ve come a long way from paying wages to staff in brown envelopes each week, and spending Sunday nights at the end of the month writing out cheques for the month’s bills.
Online and mobile payments are allowing us to spend less time on these admin tasks, and more time on growing our businesses. Debit cards are the most common mobile payment billing method at almost 57 percent. *
It’s also much more convenient for customers now. We’re used to this in retail where you pay immediately, often with a card or more recently with tap and go technology. Now service-based businesses are using mobile options to receive payments, and also make payments too. The number of people paying with mobile technology is increasing year after year so by using this technology you’re giving more of your customers the option to pay the way they prefer.
The benefits of faster payments
Online and mobile payment options (both in-store or on the go) will allow you to:
- Accept payment immediately after the customer has received the goods, or you’ve completed the service. No need to wait.
- Have the money in your account faster so it can be reinvested in more stock, employ more people, expand your facilities and buy more equipment
- Spend less time chasing up debts or poor payers.
- Spend less time sending out invoices. So you’ve got more time to spend ON your business, rather than IN it.
- Have the necessary funds to meet your own expenses. If you pay your bills promptly, you’re going to develop a better relationship with your suppliers. Automating your payments and setting up direct debits (NAB Business Cards) mean you’re reducing the stress, hassle, and administrative burden.
Business is no longer 9-5
If you can offer your customers not only multiple options to pay, but the latest technology to do so, such as online and mobile payments, you’re showing that you're someone who understands that business is not 9-5 anymore.
You’re showing the need to be flexible and up-to-date, which increasingly sees business being done outside the office, store, or showroom. This can only boost your credibility in the eyes of your customers and suppliers.
To wrap up, everyone wins
The goal of every successful business owner should be to grow and expand their business. And one of the easiest and most effective ways to do this is to make sure you’re remaining relevant and up-to-date. One of the ways to do this is by using up-to-date payment methods.
You get paid faster, customers can pay when it suits them, and suppliers get paid more easily.
Please consider if the products mentioned are right for you by reading the product terms and conditions or PDS, available from NAB, before making any decisions regarding the products. All products referred to above are issued by National Australia Bank Ltd ABN 12 004 044 937.