Save time and make your small business accounting more efficient with these hacks for streamlining payments. By FINSYNC As a small business owner, you strive for maximum efficiency, whether it’s related to sales, accounting, or marketing. Your time is, however, finite, and it’s not always clear where you should focus your efforts. That’s why we’ve developed a new series of blog posts about the different ways you can manage your finances to save time, money, and effort so you can focus on growing your business. The first topic we’re going to address in this series is payments. If your clients don’t pay you, or you don’t pay your vendors, your business will come to a standstill. In today’s business landscape, streamlining and enhancing security on your payments can be a business advantage that will help your business grow faster. The Need for Small Business Owners to Streamline Payments If you’re like a lot of small business owners, payments and other accounting tasks fall on your desk at the end of the month. These tasks are sometimes deemed “a necessary evil” because of how costly and time consuming they are. In fact, nearly 40% of small business owners spend more than 80 hours a year on payments and other accounting tasks. The cost of those hours, and other services that still need to be outsourced, lay between $5,000 and $20,000 for 46% of small business owners. Dealing with payments is one of the tasks you can, and should, streamline. In fact, an inefficient payment system can actually have a negative effect on your business. It can prevent you from paying yourself, your employees, and your vendors on time, which can have disastrous results. Business development plans, marketing budgets, and hiring can suffer as well. On the other hand, streamlining your payments can help you get on the good side of your customers, and get a much better overview of your cash flow. Fortunately, streamlining your business payments doesn’t have to be difficult. How to Streamline Payments Efficient payments start with an efficient payment system. There are three areas where you can streamline your payments: customer invoices, vendor payments, and the way both are reconciled in your accounting. Ultimately, a good system should cover all three areas. Spend Less Time Getting Paid Following up on unpaid invoices is, perhaps, one of the most time-consuming tasks related to payments. It’s time that you or an employee spends on status emails and phone calls, which can be better spent on other tasks. Save time by setting up automatic reminders that let clients know when an invoice is overdue. You’ll want to do the same for recurring invoices. To take it a step further, you can make it easier for your clients to pay you. That means providing several payment options, such as ACH, credit cards, or checks, along with easy access to invoice information. Clients should be able to access invoices without searching frantically through their inbox or getting on the phone with you. All of this can be achieved with an all-in-one platform that provides your clients with a secure payment inbox. With a system like FINSYNC, clients are provided with a portal where their payment information is stored together with all the invoices you have issued. This means that you don’t have to store payment details for your clients, and can rely on FINSYNC to do it for you. Pay Vendors with Any Payment Method Paying vendors can be tricky, mainly because some may prefer getting paid by credit card, while others might only accept checks or ACH. A big part of streamlining your payments is finding a system that lets your vendors accept payments from you in a way that’s convenient for them. FINSYNC Pay is one such system that provides both convenience and security. Your vendors don’t even need to sign up for an account to get paid, and they can receive payments directly into their bank account. With a system like FINSYNC, you can even use your credit card to pay for goods and services that typically are cash-only. Sync Payments and Accounts Automatically Once you’ve made sure that your customers can pay you with ease, and your vendors are getting paid on time, it’s time to make sure all those payments are recorded the right way. A lot of that work will fall under the responsibilities of your bookkeeper, but you as a business owner can make that job easier for them. An all-in-one solution such as FINSYNC will help you along the way. Because the system incorporates payments, bookkeeping, accounting and more, the payments that you make and receive will be automatically matched with corresponding invoices, and accounting entries for sales accounts receivable, accounts payable, cash and more occur automatically as you work. Streamline Your Payments With FINSYNC If you’re looking to simplify your business payments, FINSYNC might be a solution for you. This all-in-one platform combines accounting, payments management, bookkeeping, and cash flow management and you can optionally upgrade with projects and payroll. FINSYNC allows you to automate your back office so you can focus on the most important tasks as a small business owner. Try FINSYNC free for a week to see how the platform can help you run your business more efficiently.
A good payment provider should offer simple, secure and flexible business payments to streamline your cash flow management. By FINSYNC Like many of the financial decisions you make for your business, choosing the right online payment service provider (PSP) can be intimidating. Nonetheless, relying on the right PSP to send and receive payments is absolutely critical for your business. Knowing what to look for in a payment provider can help you choose the best one for your business. What is a Payment Service Provider? A payment service provider is a service that enables your business to make payments to vendors and receive payments from your customers. PSPs connect businesses (you) with vendors/merchants and the various institutions (banks, credit cards, etc.) from which your funds will be transferred. A payment service provider typically offers businesses the ability to make and receive payments from a variety of payment methods including credit card and bank-based payments such as ACH and wires. Payment service providers generally handle the entire payment transaction and facilitate the transfer of funds from your account to your vendor’s account. However, not all payment service providers process every type of payment. Some specialize in processing online payments while others specialize in processing in-store payments. When considering PSPs, it’s important to consider the payment capabilities your business may need in the future. What to Look for in a Payment Service Provider Beyond basic functionality, there are three characteristics that you should look for in a payment service provider. Flexibility Whether you pay your vendors in cash or charge all of your expenses to your credit card, your small business needs access to payment software that enables easy payments, regardless of the payment method your customers and vendors prefer. Payment flexibility enables your business to convert checks to ACH and pay a vendor with a credit card, even if that vendor does not traditionally accept credit cards. The added flexibility to choose how you make payments can have a big impact on cash flow management. Vendors or PSPs that lock you into a specific form of payment can make it difficult to make use of credit to free up short-term cash for more critical business needs such as payroll. Alternatively, your PSP should make it easy for you to receive payments of all types. Making it too complicated for your customers to send money can slow down payments and add new cash flow management challenges. Look for a payment provider that gives you flexibility rather than restricting your payment options. Security It goes without saying that you want your payment service provider to be safe, stable and secure. There’s nothing worse than realizing that your business is financially vulnerable because your payment service provider has been hacked. You must also consider who your payment provider shares your financial information with. If payments made through check or ACH expose your financial information to your vendor or if you are tasked with protecting your customer’s financial information, this could further open you up to risk. Make sure your PSP enables your business to send and receive secure credit card payments without handing over your credit card information to vendors, thereby limiting your exposure to hacking and fraud. Integrated System You should also give heavy consideration to payment service providers that integrate payments within your existing accounting software. This enables you to build a database of customers, issue payment requests from internet-connected devices, attach remittance documents, and leverage a secure portal to pay your vendors. The biggest benefit to managing payments within your accounting and bookkeeping solution is having all of your financial information in a single dashboard. This offers forecasting and reporting that can help improve your cash flow management and better prepare your business for the unexpected. Other things to consider are the capabilities of the PSP beyond software. Does it come with basic functionality, or does it provide comprehensive consultation and support services that actually make it easier for you to conduct business? Introducing FINSYNC Pay Now that you know what to look for in a payment provider, two things should be obvious. First, you need a payment provider that is flexible, secure, and integrated with your accounting software. Second, you need a payment provider that offers functionality that actually makes it easier for you to receive money and pay your vendors. FINSYNC Pay gives your business the power to send and receive payments using ACH, debit and credit card with ease and peace of mind. It can even convert checks into direct deposit so you can send and receive all payments electronically even if you have customers or vendors who prefer a paper-based process. What’s more, FINSYNC Pay is backed by fraud protection, advanced monitoring, and provides greater privacy. If you’re looking for the best payment provider for your business, you need look no further than FINSYNC Pay.
Learn how to combat the most common small business payment challenges and improve your cash flow, security and overall efficiency. By FINSYNC Small business owners face a multitude of challenges on a daily basis. From tracking down a lost invoice to haggling with stubborn vendors over prices, you likely face plenty of distractions that can slow down the growth of your business. Making payments shouldn’t be an additional headache that you have to deal with. Unfortunately, the majority of small businesses face a number of payments challenges that stem from using outdated, tedious and inefficient B2B payment processes. Beyond the inefficiencies, there’s also the security risk posed to your business every time you reveal your financial information to make an ACH or credit card payment. Fortunately, there’s now an easier, more secure way to make business payments. FINSYNC Pay can help solve the three most common small business payment challenges to help you run your business more efficiently and securely while improving your cash flow. Challenge 1: Inability to Pay Vendors With a Credit Card Let’s face it, it would be a lot easier to run your business if you could pay everyone with a credit card. Unfortunately, many vendors limit customer payments to cash, check or ACH. But what if you could charge traditionally cash-only expenses to your credit card? You’d not only have a more convenient way to pay vendors, you’d be able to manage your cash flow for critical business expenses while maximizing your credit card rewards. What if all of your bills are due on the first of the month, but you pay your employees twice per month? Without careful cash flow management you could end up without enough cash in the bank to compensate your people and your vendors. FINSYNC Pay gives you the ability to charge critical business expenses to your credit card, including traditionally cash-only expenses. This allows you to easily make all of your vendor payments on time and pay them off at the end of the month, after you’ve had the whole month for cash to pile up. This can be especially helpful if you have irregular income or frequently need to go out-of-pocket on client projects before getting paid. Challenge 2: Exposing Sensitive Financial Information If you’re like most small business owners, you get a little uneasy when you make a business payment. That’s because every time you make a traditional business payment you expose your financial information. Unfortunately, the way most vendors accept payments is not secure. In fact, there are multiple times in the ACH payment process where your account and payment details are exposed. How many times have you been asked to share your full credit card information by phone, email or fax? Once your card numbers leave your hands, you have no control of where they might end up. FINSYNC Pay allows you to make business payments without revealing your account number or credit card details, which eliminates the risk of exposing your business to financial fraud, and drastically improves your financial security. Challenge 3: Inefficient Payment Tracking Tracking business payments can be a tedious, time-consuming process that eats up time, money and productivity. Just think of the things you could do if you didn’t have to allocate valuable resources to correspondence due to lost payments in both directions. Traditionally, B2B payments are inefficient and difficult to track. Businesses are often left wondering who made a payment that shows up in their account. With FINSYNC Pay, full remittance details are provided to your vendors including their invoice information or even a copy of the invoice itself. When customers pay you, they’re responding to your payment request directly so funds are automatically applied to the correct invoice. With all of the information you need at your fingertips, that means less time spent tracking down payments to keep your books in order — and it all happens automatically. FINSYNC Pay Solves Your Small Business Payment Challenges The latest research shows that 82% of US businesses fail due to cash flow related problems. That’s because the old way of managing payments, cash flow, accounting, financing, payroll and services is outdated, insecure and entirely decentralized. FINSYNC Pay is a revolutionary new technology that enables small businesses to save thousands of dollars a year in administrative costs. The payment platform not only enables you to pay your cash-only vendors via credit card, it also helps you manage your cash flow, centralize control of your business payments and pay vendors easier and with less processing. FINSYNC Pay is also a more secure way to process business payments, as it allows companies to issue and request credit card payments without an existing merchant account, and without exposing sensitive information. There are many challenges facing small business owners. Fortunately, you no longer need to worry about business payments. FINSYNC Pay is more than simply a better way to pay your vendors. It works with the entire FINSYNC platform to help provide a complete payments, cash flow, accounting and payroll solution. Contact FINSYNC today to learn more about the advantages FINSYNC Pay can provide to your business.
FINSYNC Pay does for business accounts what Venmo, Cash App, PayPal and Zelle have done for personal payments. Find out how your business can benefit from simple, secure payments. By FINSYNC You love the convenience that Venmo, Cash App, PayPal and Zelle provide for your personal finances, but what if your business was provided the same type of click-to-pay convenience? How could your business benefit from payment flexibility, improved security and ultimate efficiency? Introducing FINSYNC Pay, a revolutionary new technology that enables small business owners to centralize control of their finances, gain better control over their cash flow, and make secure payments quickly and easily. Consumer Payment Tools vs. Business Payment Tools According to a PYMNTS.com report, nearly 70% of consumer payments are made electronically, but 64% of US businesses still pay by check. If consumer tools like Venmo, Cash App and PayPal make payments so quick, easy and efficient, why do so many small businesses insist on using paper checks? It’s because business payment tools are generally inferior to consumer tools in terms of experience, user interaction, speed and ease of use. Many businesses also tend to be old-fashioned in the way they handle their business finances. Fortunately for small business owners, FINSYNC Pay was built to provide the same level of convenience found in consumer payments platforms, offering simple, secure payments — and the ability to use your credit card with traditionally cash-only vendors. Make B2B Payments Easy with FINSYNC PAY Whether you’re paying your produce vendor or charging rent to your credit card, your small business needs access to payments software that’s as secure, easy and convenient as the payment apps on your mobile phone. Here are 5 Ways FINSYNC Pay makes it as easy to pay merchants as it is to Venmo a friend for dinner. 1. Pay Vendors That Aren’t Part of Your Network Unlike Venmo or PayPal, FINSYNC Pay doesn’t require payees to be signed up to a network to accept payments. You can even remote-issue a check if they insist on a mail-based payment. Payees can check out as a guest or set up a free account that gives them access to payment statuses and activity history. 2. Use Your Credit Card For Cash Payments Small businesses that utilize FINSYNC Pay can use their credit card for traditionally cash-only expenses such as rent. Your vendor doesn’t have to be set up with a merchant account in order to accept payment from you via credit card. They can accept your payment in a few quick clicks and can then easily receive credit card payments from you in the future. Using a credit card to make payments also enables your small business to maximize credit card rewards, which can be used to cover new purchases or reinvested to help you grow your business. 3. Seize Control Over Cash Flow According to the latest research, 82% of US businesses fail due to cash flow problems. FINSYNC Pay can help you manage your cash flow by giving you the option to use your credit card for expenses that you can pay off at the end of the month. This buys you more time for incoming payments to arrive, and frees up cash for crucial expenses like payroll. 4. Simplify Your Business Finances B2B payments can be difficult to manage, especially when one vendor prefers ACH, another prefers a check, and another prefers a charge card. FINSYNC Pay enables you to simplify your accounts payable on a single, consolidated platform. Centralizing control of payments can help you eliminate all the payment administration tasks that slow down the growth of your business: unnecessary phone calls, emails, checking statements and more. With FINSYNC Pay, you can process payments and manage cash flow with less time, effort and cost to your business. FINSYNC Pay comes with communication tools and synchronized calendars that eliminate the guesswork on payment statuses for you along with your customers and vendors. 5. Make and Receive Payments with Less Processing FINSYNC Pay makes it easy to build a database and pay vendors by remote-cut check, credit or ACH. You can also streamline the customer-facing side of your business. Payment requests can be issued from any internet connected device. Your customers receive attached documents and a free, secure portal for making electronic payments. If your clients insist on writing a check, you can route it to your lockbox and FINSYNC will make the deposit for you! FINSYNC: The Easiest Way to Pay and Get Paid FINSYNC Pay is all-in-one payments software that empowers small businesses with the ease and convenience of consumer payment platforms. But FINSYNC Pay is more than a convenient way to received customer payments and pay your vendors — it’s a tool that enables you to seize control of your cash flow as well.
Peer-to-peer payment apps are great for sending money to friends, but they’re typically lacking in functionality when it comes to business use. Learn how FINSYNC Pay is changing that. By FINSYNC Peer-to-peer (P2P) payment apps are easy to use, typically free to download and can be used for anything from splitting up a dinner bill to paying a friend for your half of the rent. You’ve probably experienced the ease and convenience of Venmo, Zelle, PayPal and other P2P apps when paying friends. While these solutions are great for personal use, they don’t generally provide the same advantages to small businesses. In this article you’ll learn how peer-to-peer payments work and how FINSYNC Pay is bringing the ease and convenience of P2P to the world of business payments. How Do Peer-to-Peer Payments Work? P2P payment apps enable the transfer of funds between two parties using their individual banking accounts or credit cards through an online or mobile app. They’re designed to make life easier. The typical steps for a P2P payment are:
- Download the app and create an account
- Link your bank account
- Locate the account of the person you’d like to send payment to
- Send payment
- Sign into FINSYNC account
- Enter a vendor email
- Optional: attach the vendor’s invoice or other remittance detail
- Send payment
Advancements to FINSYNC’s payments platform provide simple, secure payments and more control than ever over your cash flow. By FINSYNC Technology advancements have revolutionized the way small businesses manage their finances and access capital, from automating invoices to applying for financing in a matter of minutes online. So why are you still making payments with paper checks? You’re not alone. According to “The B2B Payments Tipping Point” report by PYMTS and Mastercard®, only 9% of businesses use a credit card as their primary form of payment for B2B expenses. And while checks are still the most prominent form of payment, businesses aren’t exactly happy using this outdated format. The same survey shows that business owners are more satisfied with ACH, electronic bank transfer and credit card payments than checks. So where’s the disconnect? It’s time for payments to catch up to the rest of the advancements that are changing the way that SMBs do business. FINSYNC Pay is the first tool on the market to streamline B2B credit card payments to vendors that aren’t set up for merchant processing or existing members of a network (like Venmo or PayPal). And making credit card payments is easy for both you and your vendors. This unprecedented payment flexibility can give you ultimate control over your cash flow. Simple and Secure Remember when you had to give out your account information over the phone in order to make a payment? Perhaps you’re tired of wondering (okay, worrying) if your sensitive financial info was handled properly. Fortunately, those days are long gone. FINSYNC Pay allows you to request to make a payment via check, ACH or credit with only your vendor’s email address. Want to pay via check? FINSYNC will print out your check and mail it for you. What about using your credit card to pay a vendor that doesn’t accept credit? We make it easy for both you and the payee, even if they’re not set up for merchant processing. All you have to do is send your vendor an email request to pay via credit card. They can accept your payment — along with future credit card payments from you — in a few quick clicks. And you never have to hand over your account information. Free Up Cash for Immediate Needs You shouldn’t need to take out a loan just to get through the occasional lean month, or to capitalize on growth opportunities that may be fleeting. FINSYNC Pay gives you the freedom and flexibility your business needs — and deserves. You qualified for that business credit card for a reason, right? Shouldn’t you be able to use the credit you’ve been approved for? Now you can. Paying traditionally cash-only payments like your commercial rent with a credit card can free up your cash flow for immediate needs, like payroll. Using a credit card buys your business a bit more time, which can be crucial with today’s increasingly longer payment terms, not to mention seasonal business swings. Centralized, Easy-to-Track Payments FINSYNC Pay centralizes control of payments by allowing you to securely send and receive electronic payments via check, ACH and credit card from a single inbox. Your payments also include remittance details and are automatically reconciled for streamlined tracking. Within FINSYNC, communication tools and synchronized calendars give you at-a-glance clarity on the status of payments. You can even get an advance on future payments in a single click. By now, you’ve probably heard the disheartening statistic that 82% of businesses fail due to cash flow problems. FINSYNC Pay gives you more control than ever over your cash flow, which can help your business avoid a similar fate. FINSYNC’s integrated payments platform can save you both time and money by helping you process payments and manage cash flow with a lot less time and effort. Perhaps it’s time for a payments upgrade that provides security and flexibility along with options your business never had before now.
Strengthen customer relationships and increase loyalty by offering bank clients a better way to manage their business finances — plus the ability to pay cash-only vendors with credit via FINSYNC Pay. By FINSYNC According to an American Banker study, 72% of businesses interviewed said they'd be willing to move to a neighboring bank for better payments. That statistic doesn’t bode well for many banks, especially since a new generation of online lenders has emerged proposing a more efficient, streamlined loan application process than traditional lenders. To truly benefit from the services your bank has to offer, you need to change your strategy from “best business bank” to that of a long-term business partner. You can do that by offering useful services that are truly beneficial to your business customers. FINSYNC Pay is that service. Learn how FINSYNC makes it easy for financial institutions to connect with their customers by providing tools that can help their businesses grow, and how banks can benefit from FINSYNC Pay. Help Your Bank Help More Businesses To understand how banks can benefit from FINSYNC Pay, you first need to understand the limitations of business banks as they compare to a long-term financial partner. A business bank seldom provides more than the standard array of banking services to their business customers. Why? Banks are swimming in financial data, but they don’t have access to business level analytics: accurate financial statements, trending, and other context that would form a basis for helping a business understand what it needs to do to grow. A financial partner, on the other hand is able to provide value to their business customers and becomes more integral to their successful operation because they are able to organize, interpret, advise and enhance businesses’ capabilities. For a business bank to evolve into a long-term financial partner, they need to do more for their business customers than simply provide checking accounts and loans to the most mature businesses. Deepen client relationships by providing financial tools to help your business customers manage their capital in new and empowering ways. FINSYNC is an all-in-one payments platform designed to help businesses centralize control of cash flow and get their finances in sync, but it’s far more than just another financial tool. Teaming up with FINSYNC can help your bank become a trusted financial partner by offering banking services that no other bank can provide. From tools that help your customers visualize cash flow to insight that helps them learn from the past and plan for the future, there are many ways FINSYNC can help your bank help more businesses. Provide More Value to Your Business Customers FINSYNC is built around the goal of helping more businesses succeed, and FINSYNC Pay is making it easier than ever for banks to provide more value to their business customers. FINSYNC Pay offers the ability for your customers to use a credit card to pay vendors who don’t traditionally accept credit. Customers using FINSYNC Pay can simply send an email to their vendor with instructions to accept their payment in minutes for quick and easy payments. This also allows your account holders to make payments without ever revealing their credit card information. By offering FINSYNC Pay to your business customers, you make it easier for them to manage payments, improve their financial security and operate more efficiently. Your customers can manage their cash flow better by using their credit card to make payments when necessary, no matter their vendor’s preference. No other institution can offer such beneficial tools, which means no other bank can provide the same value to its customers. In fact, FINSYNC Pay is the only all-in-one payments platform that allows business customers to:
- Increase Control Over Cash FlowBanks who offer FINSYNC Pay to their business customers are offering a next-generation payments platform that can help them to better understand their cash flow and increase their chances of qualifying for a loan.
- Centralize Control Over PaymentsBy offering FINSYNC Pay to your business customers, you’re giving them access to an all-in-one payment platform designed to centralize control of payments, manage their cash flow and make it easy for your customers to pay their vendors.
- Pay Vendors More EasilyFINSYNC Pay makes it easy to quickly pay vendors via ACH, remote-cut check or credit card, and it’s the only tool that allows a B2B payment by credit card even if that business is not set up for merchant processing.
- Improve Financial SecurityFINSYNC Pay also improves the financial security of your business customers. With FINSYNC Pay, your business customers can send secure credit card and ACH payments without handing over their account numbers.
How does FINSYNC Pay compare to virtual cards? Compare the benefits and decide for yourself. By FINSYNC There are so many different payment and credit card options available to small businesses, it can be difficult to keep track. Virtual cards are an electronic version of a payment card that is authorized to conduct transactions on your behalf. Though the use of virtual cards may be easier than carrying a physical wallet to pay with your credit card, there are several disadvantages to virtual cards that can be detrimental to your business. Luckily, FINSYNC Pay is presenting a new option that avoids the common problems businesses face with virtual cards. Let’s compare virtual cards to FINSYNC Pay to see which provides a greater advantage for your business. What are Virtual Cards? In recent years, many startups have attempted to establish a market around virtual cards, some of which integrate with accounting software. Users can generate a “new” card for each bill. Virtual cards are single-use, so each new bill requires another card to be generated. In other words, virtual cards are designed so that a vendor can charge it once and once only. While virtual cards provide an extra layer of security, they’re not very convenient for the vendor or the customer. Disadvantages of Virtual Cards As a small business, the biggest disadvantage to virtual card technology is that you have to generate a new card and offer it to your vendor every time you want to make a payment. A strong process needs to be in place for firms that use virtual cards regularly or unpaid bills may start to cause headaches. Introducing FINSYNC Pay Not only does FINSYNC Pay provide the benefit of using a charge card as a source of funds without revealing your credit card information, it also allows credit card payments to vendors who don’t traditionally accept card payments. A FINSYNC Pay user simply sends an email to the vendor requesting to make a payment. For the first transaction, the vendor can accept the payment in just a couple minutes, while subsequent payments to the same vendor can be processed in a matter of seconds. Advantages of FINSYNC Pay Where virtual cards offer security with a heavy administrative burden, FINSYNC Pay provides capabilities that small businesses may not even realize they need.
- Pay Cash-Only Vendors with Credit Card
- Maximize Control Over Your Cash Flow
- Simplify Your Business Finances
- A Great Experience for You, A Great Experience for Your Vendors
FINSYNC Pay is revolutionizing the payments industry by allowing business owners to use a credit card to make regular payments to vendors — even if they don’t accept credit. By FINSYNC Though paying with available credit generally makes life easier for a business owner, not all vendors that you do business with are capable of accepting credit card payments. This disconnect can make it difficult to manage your cash flow. But what if you could use a credit card to pay a business that doesn’t accept credit? Now you can with FINSYNC Pay. Learn the many ways that your business can benefit when you pay a traditionally cash-only vendor with a credit card. Benefits of Controlling Cash Flow with Credit Cards Not every vendor you work with is likely to accept credit. Businesses may have various reasons for not having set up merchant processing. Fortunately, this no longer means your business has to miss out on the benefits of making payments with a credit card. Small businesses often confront long payment terms that make it difficult to maintain the cash flow necessary to pay vendors every month and cover crucial expenses like payroll. If you’ve just taken on a large project with a customer that won’t pay until the project is completed or you’ve just invested in new equipment or staff, you may experience some short-term cash flow issues. Using a credit card can be a short-term solution to cash flow problems by giving you some extra time to receive payments and keep ahead of expenses. Many vendors are willing to accept credit and make it easy for you to delay expenses and keep cash on hand. But what about the vendors that don’t present this option? Use a Credit Card to Pay Cash-Only Businesses Businesses that limit customer payments to cash are often concerned with the complexity associated with accepting credit card payments. But what if it was easy for these businesses to accept credit? With FINSYNC Pay, businesses don’t need an existing merchant account to accept credit card payments — and all you need is their email address. This makes it easy for a business to request to pay via credit card, and for the vendor to accept the credit card payment. Here’s how it works:
- Your vendor receives an email request to accept a credit card payment.
- After clicking on the email link, your vendor is directed to a simple form to accept the limited merchant account.
- The vendor receives payment in their bank account within two business days.
- Maximize Control Over Your Cash Flow
- Simplify Your Business Finances
- More Secure Transactions
- Maximize Credit Card Rewards
Making, receiving and managing payments will never be the same with FINSYNC Pay. In addition to sending fast, secure payments, you can now use your credit card with any vendor. By FINSYNC This month, FINSYNC launched new payment capabilities that are changing the way businesses can send and receive payments. Spoiler alert: You can now pay a merchant with a credit card, even if they don’t historically accept credit. This new capability can help you maintain control of cash flow, even in months when your business may be strapped. FINSYNC’s payment platform is a secure, easy and convenient way to track and maintain the financial health of your business. Here are five ways FINSYNC Pay is revolutionizing the payments game. Maintain Control Over Cash Flow According to the latest research, 82% of US small businesses fail due to cash flow problems. That’s not entirely surprising when you consider that the old way of managing payments, cash flow, accounting, financing, payroll and services was entirely decentralized. In addition to providing more insight into your cash flow, FINSYNC Pay allows you to use your credit card to pay for regular business expenses — which can go a long way to help you maintain control over your cash flow by keeping more cash on hand in your bank account. Rather than dipping into the red, pulling from personal savings or taking out a loan just to cover payroll, you can now use your credit card for everything from your commercial lease to utilities and supplies. Centralize Control of Payments FINSYNC Pay is an all-in-one payment platform designed to centralize control of payments, manage your cash flow and make it as easy as possible for your customers to pay you. The key to the innovative software is its centralized approach, which starts with payments but scales seamlessly with the growth of your business. No more “misalignment” and “runaround” that slow down the growth of your business. With FINSYNC Pay, you can process payments and manage cash flow with less time, effort and cost to your business. It even comes with communication tools and synchronized calendars that eliminate the guesswork on payment statuses. Issue Payment Without Revealing Credit Card Info The decentralized “old way” of managing cash flow and processing payments is not secure. It frequently exposes payment details, does not reconcile electronic payments with remittance details, and does not allow charge card holders to send payments using their card without revealing their card information to the payee. With FINSYNC Pay, bank and charge card details are encrypted and private. That means you can send secure credit card payments without handing over your credit card information. Unlike other platforms, FINSYNC Pay enables you to send another business a payment on your charge card using just their email address, without the end recipient ever knowing or seeing your card information. Payees can check out as a guest, or set up a free account. Pay Vendors Faster, Easier and With Less Processing FINSYNC Pay makes it easy to quickly pay vendors by ACH and is the only tool that allows a B2B payment by credit card even if that business is not set up for merchant processing. Simply choose (or create) a vendor, attach a copy of the bill being paid, select which account to draw funds from and click “Send.” The Payments Inbox also makes life easy for your vendors by pairing remittance advice with payments and allowing vendors to choose how they want to receive payment. With FINSYNC, your vendor will receive an email indicating that you would like to pay them. From that email they can choose how they would like to be paid (mailed check, ACH, charge card). Once they make a choice, they will then see remittance advice and the corresponding updated records. Integrate Payments Within Your Accounting Software FINSYNC Pay not only makes it easy to stay in sync with your vendors, it makes payment simple and secure between you and your customers. FINSYNC Pay integrates payments within your accounting software, enabling you to build a database of customers. You can issue payment requests from any internet-connected device, attach documents and provide a secure portal for your customers to pay you. With FINSYNC Pay you’ll be notified by email and within the portal when a customer makes a payment and when funds are deposited. You can also monitor the status of all payment requests and provide your customers with a free portal for tracking their payments. A New Frontier FINSYNC Pay is revolutionizing the payments game. From your lease to your produce vendor, you can now charge virtually any business expense to your credit card. That means more cash in your pocket and more ways to maximize control over your cash flow. Customers who adopt FINSYNC’s payment platform save, on average, thousands of dollars and hundreds of administrative hours per year. If you want to experience financial harmony and grow your business in new and empowering ways, combine payments, cash flow management and accounting with FINSYNC.