Take Control of Your Cash Flow with Efficient Online Payments
Cash is king and it’s the livelihood for all businesses, but especially for small businesses. Managing your cash flow is one of the main skillsets you must have in order to run a successful small business. While licking stamps, writing checks to pay your bills, and making trips to the post office is becoming a thing of the past, many small businesses are becoming more efficient with paying their bills by using an online business bill pay service. Electronic bill payment has been on the rise since 2013, with nearly two-thirds of all bills paid electronically.
Have you seen the commercial where the husband conveniently cons his wife into mowing the yard instead of paying the bills?? In the commercial you see him enjoying a nice cold glass of tea while his wife is sweating in the sun because he had learned the ease of paying their bills online. Obviously, the wife wasn’t aware of how quick, easy, and convenient it is to schedule your bills at a time that works best for you. The ease of paying your bills online is as simple for small businesses. Think of the time it takes you to complete the full process of paying bills – from entering the bills into your accounting software to writing and signing checks, putting them in the envelope, stamps, going to the post office, and for some businesses, it’s even more tedious. I have had customers mention that they set a full day aside for paying bills….and just think, you could do all of that work with just a few clicks on your computer.
Benefits of Small Business Bill Pay:
With Small Business Bill Pay, not only are you saving tons of time, but most importantly, you are controlling your funds. Because you are telling the online bill pay system when you want the funds to leave your account for payment (even as soon as next day), you are able to hold on to your cash longer. This not only could help you to earn additional money or discounts, but also avoid late fees and penalties for your bills being stuck in “snail mail.” Another huge key is reducing the amount of paper checks you write. The cost of business checks these days is a small fortune…can I get an “AMEN”? Most financial institutions offer bill pay for both consumers and businesses as a free service. What could be better than FREE?
Look at some of the additional advantage and features of utilizing Small Business Bill Pay:
- Pay invoices and bills anytime and anywhere
- Schedule recurring or one-time payments in advance, on your time and even on your mobile device
- Pay multiple invoices with one payment
- Reduce time paying your more frequent vendors with one electronic payment
- Stay Secure
- Reduce the number of paper checks that are sent with your signature and account information, minimizing theft of your personal information
- Receive and view bills online
- Receive email reminders of when bills are due and also receive bills from some companies electronically
- View your payment history
- Stay on top of your reconcilement by uploading your information into your accounting software
Bottom line: Small Business Bill Pay is safer, simpler and definitely less expensive than traditional means of paying your bills. Talk to your financial institution representative today to get started!