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5 Tips for Managing Your Company Payments
[August 17, 2016]

5 Tips for Managing Your Company Payments


 

Every company has to accept and make payments as part of their daily operations. This is the only way to cover expenses as well as take in revenue. While no aspect of dealing with company payments makes you any revenue, there are many ways to manage those payments in a way that saves money and time as well as speeds cash flow.



Consider these five tips for managing your company payments:

  1. Exchange paper processes for online and automated processes: Paper processes are most likely costing you a lot more than you realize in terms of the time it takes to manually fill in the payments forms or process the payments as well as the materials used. Instead, consider using an online payments company that lets you even automate payments, including sending automated reminders and payment acknowledgements like Due. Their payments platform includes credit and debit card processing, ACH and e-check processing, a digital wallet and mobile payments all of which do not require any paper processes. Everything is recorded online and can be integrated with various types of accounting software you may already use. And, if you are a small business, the ability to automate means you save considerable time.
     
  2. Look for payments solutions that provide mobile access: Since all types of businesses now are often dealing with regular movement in terms of trips or dealing with virtual staff, it's important to have a payments system that moves with you through mobile accessibility. Many payment companies, such as SquareStripeMake Some Time and PayPal provide excellent mobile access through their apps, which update across all devices. The ability to use a mobile app to accept and make payments keeps projects moving and cash flow rising.
     
  3. Consider payment options that offer a way to expand your business globally: With an increase in outsourcing and the ability to reach customers all over the world through websites and online stores, it's become even more important to deal in global currency. This means also providing various languages as well as understanding tax regulations and fees related to payments in other countries. There is a wide range of international payments companies and card processing organizations to choose from, including PayPal, Apple Pay, Samsung (News - Alert) Pay and Google Wallet. The more countries you can reach, the better your business will be able to truly expand and grow its revenues over time.
     
  4. Review your corporate expense and travel accounts for efficiency: Corporate travel accounts can become out of control if not monitored with a stringent framework that holds travelers accountable to what they are spending. However, companies like CSI globalVCard offer a virtual card solution that helps reduce fraud, simplify expense reconciliation, and keep business travelers compliant with corporate travel policies. There is no need to store card data because of the virtual nature of the VCard. Plus, hotels can do direct billing in advance to speed all transactions. Assessing your travel expenses through the reports offered can also help you determine where your budget is going and how you might be able to trim these expenses.
     
  5. Expand the number of payment methods you accept: One of the most effective ways to manage your company payments is to continually expand the type of payment methods you accept. In the process, you will begin to get more customers who see a payment method that they can use. This includes prepaid debit cards, debit and credit cards, ACH and e-checks, gift cards, loyalty cards and more. There's even Bitcoin now, which numerous online retailers are now accepting as a payment method.

Review these tips and consider the various solutions and tools now available to address these areas of your company payments process. You can try out many of these payment tools for trial runs to see what works best for your business model and needs. All of them offer affordable pricing, reputable reviews, compliance, high levels of security and technical support.





Edited by Stefania Viscusi

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