Tag Archive: Payments

How to get your payments in from customers

Cash flow and calculator

Many businesses today sell products and services on installments. These can be electronics, home appliances, and other items. Some even sell services which can be paid for over an agreed period of time. However, while a company does this to increase the number of sales, the collection of the monthly payments can be a real hassle.

Payment collection optionshundred dollar bills

Many companies will expect their customers to send in the payments on time by either, cheque, money order or bank transfer. However, there are many occasions where a client does not pay and also sometimes forgets the installment altogether. When this happens, the seller or service provider has to resort to follow-up calls and emails to their customers. This can be a tedious task and will require additional staff and a lot of time. It is also not the most effective way to collect payments. Cheques can get lost in the mail and even bounce when cleared. However, there is an option, and that is direct debits.

What is a direct debit?

You may be paying off a contract on your phone or even a large company for a product or service offered on a monthly basis. The money is automatically taken from your account and credited to the sellers account at the bank for a prescribed period. In fact, direct debits happen by the millions each day.

Who can avail of direct debit

Most banks will only offer this service to large companies and the smaller businesses who want to increase sales by offering installments will find it hard to make collections and will not get the direct debit service from a bank easily. This is why it is best to contact a company that offers direct debit service. When this is done, the company will collect the payments from your customers and transfer them to your account with ease.

The benefits

cash flow and calculator Direct debits are a great way to expand your companies horizons. You will not have to worry about cash flows and waiting for payments in the mail. The direct debit service providers are reputed and reliable companies that will help you as a small business get the direct debit service set up through them. Once payment is received, they will send the money to your account instantly or even before the day the money clears. These services will often be glad to give you loans and cash advances in case you are in urgent need of cash.

Portable credit and debit card terminal

Credit cards

Do you own a small business or are you an online entrepreneur? If so you may need a way to receive payment from your customers. It is not easy to get a merchant account these days as there are many documentation requirements and the fees that many financial institutions charge are just not practical. In fact, many of the banks will also charge you huge refund fees if there is a problem with a sale you have made. This is where Square payment processing is unique and with the square rates you can be assured of no hidden charges.

What is square?credit card and POS terminal

It is a portable credit and debit card swiping terminal that you can use together with your phone or tablet. It works on both iOS and Android operating systems and is easy to use. Square is the best way for any entrepreneur to get paid for the services or products they offer.

Mobile payment systems

Mobile and contactless payment systems are growing extremely popular these days. Square is in fact, one of the oldest payment systems around. With more people using plastic and not cash for their shopping and payments, having a card terminal is necessary. You can accept all major cards including, Visa, MasterCard, American Express, JCB and many others with you use the square. There is also a bigger model that includes NFC, and you can even connect a receipt printer to it.

Who is it for?

Are you the owner of a shop or an online business? Do you have a need to accept payments on the go? If so this system is for you. It is also a great option for sales people of large companies to have and receive payments while on the go from their customers. It is easy to use and can process payment even if it is not connected to the internet.

credit cards How to get one?

If you want to get one of these payment processing devices, you can easily register online. There are a few simple questions that need to be answered, and you will have to describe the nature of your business briefly. Once you have entered these credentials, you will be sent one by mail for free.


The charges for swiping and dipping a credit or debit card are a standard 2.75% while entering a number manually will be charged at a higher rate due to the increased risk.

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