It can be difficult for you to make and receive payments while traveling. Sometimes it is not feasible to monitor your transaction details like your account title, account number, date of transaction, amount of transaction, and who it was for while on the move.You can accidentally make a payment to the wrong account, or you can pay the wrong amount.
As a result, you may have to face blocking of funds. To save yourself from such hassles, you must employ effective, efficient, and protected ways of making payments. One of the ideal solutions is to use a mobile card reader for processing secure and simple credit card transactions.
Besides, you may face hurdles to getting paid when you are on the road. For small business owners, it is critical to collect timely payments from customers. It is the foundation to stay on top of cash flow and ensure smooth business operations. Read this article if you are looking for reliable technological solutions to receive payments and provide a convenient experience to your customers.
Online Invoices
You can send an online invoice to your customer and conveniently collect payments when traveling locally and internationally. Typically, the invoices are used by the professional service providers or service-based businesses. The sole purpose of invoices is to request customers, clients, and debtors to make payments against services rendered. If you are on the road, you can send invoices to your customers via an online platform like e-mailing. Sending paper invoices can be costly and time-consuming.
Thus, if you desire for quick collection of payments, then avoid a process that involves printing of invoices, securing them in envelopes, and then sending them via physical means of mailing. In modern times, it is best-suited to employ the latest tools and technology in your business.
Online invoicing technology is one of the advancements to make your collection process efficient. It can allow your business to streamline its collection of payments by providing powerful online solutions. Under this method, you get to send an invoice to your customer’s inbox directly.
After your customer has received an email, there is a convenient button that he or she can click to securely make an online payment. Additionally, online invoicing technology efforts to cut down on the administrative work of your business and you also get to reduce the number of bad debts by timely sending the emails to your customers.
‘Pay Now’ Button
Interestingly, you can add a ‘pay now’ button to your website and collect payments on time even when you are not in town. Nowadays, not only for larger corporations and mid-sized firms but also for small-sized businesses, an official website is more than educating your customers about core business activities.
It is a source for potential revenue streams and securely accepting online payments. Online payments do not demand physical setup, sitting in your office for financial transactions, and answering phone calls. If you are looking for your business to collect security deposits or full payments from the customers before any work is done, then consider adding the ‘pay now’ option on the official website of your business. This way, your customers will be able to make full or partial payments at their ease-despite of normal business hours.
Precisely, when you have the right technology and tools by your side, you can timely collect payments, in the best possible secured manner, at any time of the day, and you can store accounts data.
Electronic Checks
E-check is the third most popular method to accept payments from your customers on the move. You can collect E-checks through ACH (Automated Clearing House) processing. This process involves direct debit of a bank account by using an E-check.
In order to make payments, your customers will input the data from their paper checks, for instance, name, account number, amount, authorization, and routing. They will have to feed the information in a software interface or an online payment platform. This way, the physical presence of paper checks will be totally eliminated and the entire payment will be done electronically.
The ACH processing has different transaction fees and is directed by the National Automated Clearing House. It is a more predictable and secure method of collecting payments than waiting for a check through physical mails.
