Key Insights on Improving Cash Flow in Small Businesses

Money. Capital. Funds. Profits. No matter the term used, small business owners everywhere are performing the same payments-in-payments-out balancing act to keep business going.

The battle for cash flow has been a long-fought one, and small business owners are continuing to find creative ways to make and receive payments on time. According to research by PYMTS.com, sponsored by Sage Payment Solutions, one-third of survey respondents said their biggest concern is getting paid on time, and 14% said they were very or fairly frustrated with their invoicing system. SMBs often struggle with liquidity issues since they can’t tap into an equity market or sell corporate bonds like larger businesses can.

We surveyed 1,000 small business owners and 1,000 consumers to gauge their overall impression of different factors impacting the payments industry, such as cash flow and late payments. If you own a small business and are looking for ways to speed up cash flow, here are some ideas your peers have implemented throughout the year.

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Tokenization Makes Your Customers’ Shopping Experience More Convenient and More Secure

To a greater or lesser extent, fraud concerns almost everyone involved in e-business. How great would it be, then, if your small businesses could utilize an anti-fraud tool that’s not only highly effective, but also lower in cost than other methods and more convenient for your customers?

Tokenized payments are the payments security tool that scores a rare trifecta: highly secure, cost-effective, and very convenient for shoppers. Read on to find out if tokenized payments are the right choice for your business.

Tokenized payments: The next step?

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How to Keep Up With Your Customers When It Comes to Payment Innovation

What do you, a merchant or small business owner, need to know about Apple Pay, Samsung Pay, contactless payment, peer-to-peer, payment via messaging app, social commerce via Facebook Messenger, and all of the other new and emerging means of payment?

First and foremost, you should know that being able to readily accept payment from customers via whatever means they prefer to use is becoming an important way to build customer loyalty. In fact, as payment options multiply, failing to keep pace could prove disastrous: Businesses that fail to offer the latest payment types stand to lose customers, a growing number of whom want to pay with the latest technologies.

According to Sage Payment Solutions research, even customers who don’t plan to pay by new and emerging methods take note of the options a business offers: 87% of the consumers we surveyed said having a range of ways to receive money was important in making a business seem up to date. Read Sage’s exclusive 2017 Payments Landscape Report for the full story.

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The Challenges of Moving into E-Commerce

Many small businesses and startups want to bring the ease of use of e-commerce to their customers, allowing them to take advantage of this convenience and grow their business. But, there are some key issues that keep them from making that move. We reached out to key influences to get their feedback.

Michelle Killebrew (@shellkillebrew), Group Vice President, Head of U.S. Marketing at Fisher Investmentshad this to say: “Fundamentally, merchants are concerned at entering into a whole new business model. It’s daunting to think through how to market and sell products online versus in a store.”

Security

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3 Hidden Money Sources That Can Boost Your Cash Flow (or Soften a Looming Crunch)

When new businesses fail, cash flow is the killer in the vast majority of cases. Cash flow problems don’t just appear out of the blue; they creep up on you slowly. Small businesses stay strongest and enjoy the most stability by keeping the cash coming in on a consistent, steady basis.

It’s tempting to think that as long as your business is profitable, everything’s okay, but resist the urge. The problem with profit is timing: It often turns up too late. The balance sheet for a swimsuit business might look rosy for June, July, and August, but there are many salaries and suppliers to pay before then.

We’ve noticed that all successful businesses have something in common — the ability to fine-tune the flow of funds in and out of their doors. And whether you’re a one-man band or a brick-and-mortar brand, you can benefit from learning what Sage Payment Solutions clients do to avoid cash-flow crunches and keep growing despite the killer odds.

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How to Protect Your Small Business Against Online Fraud

Most small businesses are all too aware that cyber criminals are becoming more inventive in their hunt for vulnerable or accessible financial information. They’re targeting individual consumers and small businesses, and the costs for businesses can be high.

For small businesses looking to combat online fraud, it can really help to have an understanding of today’s fraud landscape; the fraud-screening tools available right now; practical tips to mitigate fraudulent transactions; and an understanding of tokenized payments, which is a great way to improve security and customer convenience.

The face of online fraud today

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4 Key Benefits to Payment Processing Integration

The payment processing industry has changed so much and become so dynamic in recent years, it can be difficult for merchants and other small businesses to keep up with new standards and best practices. Although it might not sound particularly exciting at first, the integration between payment transaction processing and accounting software is without doubt one of the most important of those new standards.

Payment processing integration allows for payment transaction data derived from credit/debit card or other electronic payments (such as those made over the Internet or on mobile devices) to automatically flow into a business’ accounting or ERP system when a sale is made. It does away with the need to manually enter payment transaction data and reconcile accounts, saving valuable time and reducing labor costs and eliminating the possibility of human error. With payment processing integration, the data for each sale seamlessly posts into the accounting software, similar to how the money from a transaction is directly deposited into a business bank account.

It’s getting to the point that merchants and small businesses that don’t have the ability to integrate payments directly into accounting software are at a distinct competitive disadvantage. Fortunately, the technology to make it happen is affordable. And although there are initial costs to implement such a system, the benefits of an integrated payment solution greatly outweigh those costs.

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