How to Get Paid Quicker and Easier

posted Nov 28, 2012, 12:05 PM by Lou Peppe   [ updated Nov 28, 2012, 12:54 PM ]

Want to make it easier for your business to get paid?  Cash Flow is the lifeblood of a small business so the quicker you can get paid the better able you are to compete in today’s market.  Here are some great products I’ve found that can help your small business compete. 

Accept credit card payments with your smart phone

Email your invoices and payment requests and get paid online

Simplify Processing Your Customer Check Payments


Accept Credit Cards with Your Smart Phone

There are several great, inexpensive alternatives that are easy to sign up for and easy to use.  Each includes a free card reader and smart phone app. Here are five that I’ve found:

1.       Square  - Square accepts Visa, MasterCard, American Express, and Discover cards for a transaction fee of 2.75 percent per swipe. The fee for keyed-in transactions is 3.5 percent plus 15 cents.

2.       Intuit GoPayment - GoPayment accepts Visa, MasterCard, American Express, and Discover cards for a fee of 2.7 percent of the total sale for swiped transactions, or a 3.5 percent fee for keyed-in transactions.  They also offer a $13-per-month subscription plan, and your fees drop to 1.7 percent per swiped transaction, or 2.7 percent per keyed-in transaction.

3.       PayAnywhere and Phone Swipe - Pay Anywhere and Phone Swipe both use North American Bancard as their back end processor.  Each accepts Visa, MasterCard, American Express, and Discover cards with a transaction fee of 2.69 percent per swipe. Keyed-in transactions are subject to a fee of 3.49 percent plus 19 cents.

4.       Verifone SAIL - SAIL accepts Visa, MasterCard, and Discover cards for a per-transaction fee of 2.7 percent, or 3.7 percent for keyed-in transactions. The transaction fee for American Express cards is 3.7 percent.  The optional SAIL subscription plan is $10 per month, and transaction fees drop to 1.95 percent per swipe or 2.95 percent per keyed-in transaction.

Each of these offers a low cost alternative for the small business who wants to accept credit cards but doesn’t want to get locked in with a large processor.  Each offers slightly different rates and services so you need to see which is best for your particular business.  My business group uses Square for our dues and processes 5 to 8 transactions per month.  We rarely exceed $100 per transaction.  Square support is only via internet and email with no live support.  Other services offer 24/7 phone support.  You need to see which is best for you.

Email Invoices and Get Paid Online

Intuit PaymentNetwork (IPN) is an excellent option for receiving customer payments via electronic check (ACH-Automatic Clearing Account) or credit card.  Intuit PaymentNetwork provides small businesses with an inexpensive way to get paid electronically. The service is simple: Move money directly from a sender’s bank account to a receiver’s bank account for one low flat fee of 50 cents. It’s online, so users could make and request payments from anywhere.  It can integrate with QuickBooks so customers can pay directly from their Emailed invoice.

Features Include:

  • ONLY 50 cents per bank payment received
  • No set-up, monthly or cancellation fee
  • No interchange fee for bank payments
  • No hardware or equipment needed
  • Request money from anyone that has an email address
  • All payments automatically credited to any U.S. bank of your choice
  • Credit Cards payments accepted. You pay 3.25% of the transaction amount. There are no additional fees and no commitment. You can turn the credit option on and off at will.

 

Simplify Processing Your Customer Check Payments. 

 

If you use QuickBooks for your business then Intuit’sCheck Solution for QuickBooks is an attractive option for processing your customer’s checks without having to go to the bank. No more matching payments to invoices, shuffling through photocopies of checks or going back to fix data entry errors. Simply scan or enter checks in QuickBooks and hit "Send.".

Their Advertised Features Include:

·         Scan up to 30 checks per minute using a high speed check scanner or use with any flatbed or sheet fed scanner

·         Send your check payment transaction to the bank electronically, anytime. Funds are usually available by the next business day

·         Eliminate time spent filling out deposit slips and trips to the bank

·         Take checks over the phone or obtain written authorization to process electronic check payments from your customers on an ongoing basis — key enter check information directly into QuickBooks (scanner not required)

·         Cost is $9.95 per month and $ 0.23 transaction fee per check.