When you run a business, maintaining profitability and managing costs is an ongoing challenge. Regardless of the type of company you own, you know that the bottom line must be good to stay in business. To do so, you must retain happy customers, keep costs down, offer an exceptional product or service, market well, and stay up to speed with the ever-changing trends in technology. This is a lot to keep up with.
One of the ways to stay current on technology and save money is to look into a faster payments service for your business.
What is a Faster Payments Service?
A faster payments service utilises the bacs system to send and receive electronic payments extremely fast. A transaction generally takes place in just a few short hours. This service can be done through a bank, if your bank package has this option available. Or, you can do a faster payments transaction directly from your company provided you use a faster payments software module to do so.
How does this service save your company’s expenditures? There are several ways this service is beneficial to your company’s bottom line:
Money Exchanges Hands Quickly
The expedited exchange of funds can certainly benefit your company. First, with a faster payments service, you can receive money owed to your company almost instantly. There’s no waiting around for a transfer to take place. You will have your money and can put it to use in other ways to benefit your company.
You can also send money fast this way. If you need to place an order for supplies, you can pay quickly and get what you need in a timely manner. Your company will experience less delay waiting on supplies to continue working, which can save both time and money.
Fulfil Orders Faster
Whether you offer a product or service, the sooner you can fulfil an order, the faster you can move on to the next one. If you have the capability to accept faster payments, you will know instantly when the financial transaction has taken place. This means you can complete the order much faster than if you had to wait several days. The ability to process orders quickly and efficiently can help save company expenditures over the long run.
If your company can build a base of loyal customers, less money is needed for marketing purposes. What makes loyal customers? There are many factors that play a role here, including excellent customer service. One way you can provide high-level customer satisfaction is to deliver goods and services in a timely manner. With a faster payments service, customers can make payment and you can serve them quickly.
Sometimes customers require a refund. Using a faster payments service, you can refund their money the same day they request it. This is another useful tool in creating happy customers who will continue to utilise your service.
Reduce Time Spent on Accounting Issues
Your company will also save time spent working on accounting issues. Time spent tracking financial transactions will be reduced because they are all on the same day. You do not have to check your bank regularly for several days waiting to see if a transaction has posted. With faster payments, there is visibility and you will know that same day that funds were exchanged as scheduled. Less time spent on accounting means more time to grow the business.
How to Utilise a Faster Payment Service
Faster payments is a quick and affordable way to handle your company’s financial transactions. There are two different ways that you can utilise this service. First, contact the bank that your company has s corporate banking package with. Through them you can find out what type of faster payments services they offer, fees to use the service and any restrictions that might go along with using them for this service.
However, if you’d prefer more control and visibility over these transactions, making a small investment in a faster payments service software may be the best option.