Money. Capital. Funds. Profits. We surveyed 1,000 UK businesses for our 2017 Payments Landscape Report to discover how they are winning the cash flow battle:
1. Let technology do the heavy lifting
Forty-five percent of businesses agree that technology like management dashboards would help improve their view of payments. Why? It speeds up processes for paying suppliers and employees ― as well as for receiving customer payments. Some also feature invoice reminders to encourage customers to pay off their balances quickly.
2. Consider alternative funding options
Traditional banks are still the most popular funding method among small businesses. However, 33% of small-and-medium businesses in our survey feel that traditional banks haven’t made much effort to make business loans available for small business owners. This has spawned a trend toward alternate financing options, like peer-to-peer lending and crowdfunding. Fifty-nine percent of survey respondents said crowdfunding is a much easier option for funding and 62% said they would use it again. With thorough research, both traditional and alternate funding are viable options.
3. Let your customers make the rules
The more convenience you add to your payments offerings, the more likely your customers are to pay you on time. If your customers can solicit or enquire about your services online, it’s best to allow them to pay for your services there as well. As a bonus benefit, this also elevates your customer experience and increases the chances of return and referred business. In fact, 58% of shoppers said they’d be more likely to shop more at businesses that offer multiple ways to pay.