A few years ago, receiving payments online was a nice option to have, for customers and for businesses. Today it’s far, far more than that. The ability to receive payments online is expected — and it’s crucial for small-business survival.
Here are 3 key facts small businesses need to know now about receiving payments online.
FACT #1: Receiving payments online is the new normal
In a recent Mastercard study of small businesses, nearly half of owners say their business is one missed payment away from going under, which means cash flow is a higher priority than ever before.
The study found that:
- 64% of small businesses are actively steering clients away from cash and checks.
- 73% say receiving payments online is the way forward.
- 81% say the move to digital has already improved customer satisfaction levels.
That means there’s never been a better time to make the switch to online payments if you haven’t already.
FACT #2: Traditional payment methods are inefficient
Generating invoices is time-consuming for employees, especially for those who routinely spend their time traveling for service calls, managing active crews or holding client calls most of the day. When information has to be logged in a separate accounting system later, it’s one more thing on their plate that reduces productivity. The Mastercard study underscores that fact:
“The pandemic has made it painfully clear how labor intensive current business payment processes are, especially for small and medium-sized businesses,” says Ron Shultz, Executive Vice President, New Payments Business, North America at Mastercard.
Luckily, the solution is simple: A system that tracks time, generates invoices and allows your business to receive payments online — all at once.
FACT #3: Receiving payments online is simple with Time Tracker
With Time Tracker, you can get paid faster by adding payment links directly into invoices and automating reminders so clients can pay online right away.
Time Tracker’s Invoice Tracker tool allows you to:
- Easily connect accounting software (Quickbooks, Xero).
- Sync new data every few minutes.
- Create personalized payment reminders or use editable, pre-written templates (with Invoice Tracker add-on).
- Connect Stripe or Paypal so clients can pay instantly with payment links in the invoice.
- Always know the status of outstanding invoices with real-time reporting.
And for those clients or customers who prefer traditional payment methods, you can still manually apply payments by credit card, wire, check or trust account.
Start receiving payments online now
Automate your accounts receivable, starting with a free, 14-day trial of Time Tracker.