Using a single platform to make and receive all small business payments has significant advantages. Learn three reasons why you should consolidate business payments and simplify payment processing for your business. 

By FINSYNC

As a small business owner, you need to be able to track what you owe your vendors and what your customers owe you. Staying on top of these things means not overpaying for goods and services, and getting paid for your work on time. This ultimately makes a difference in your cash flow. Cash flow is, in its simplest form, payments into your business and payments out of your business, and managing it will mean avoiding disruption and capitalizing on opportunities as they arise. 

Larger companies usually have two departments to handle this: accounts payable (vendor bills) and accounts receivable (customer invoices). As a small business owner, you may be performing the role of both of these departments, on top of every other responsibility you have.  

Common advice for small business owners is to be proactive when it comes to accounts payable and accounts receivable. Business owners should regularly review outstanding customer accounts, send out reminders, and even get on the phone if necessary. Better credit policy and shorter transaction cycles are also recommended to encourage customers to pay on time and get better terms with vendors. 

While there is merit to many of these actions, they all pale in comparison to automation. 

Can You Automate Payments?

Using an all-in-one accounting platform to consolidate all payments allows for quick access to all of your financial transactions. Also, you can more easily track anomalies such as frequent late payments from clients or incorrect invoices from vendors.

If collections are a challenge for your business, you can even set automated reminders for problematic customers.

There are three main benefits of using an all-in-one payments platform like FINSYNC to issue and receive payments — both for you and for your clients.

Benefit 1: Consolidation — Payment Processing in One Place

Have you ever lost a check in the mail? Or searched through your email inbox to find a supplier invoice that’s overdue? Have you ever received an ACH payment in your bank account, and you didn’t know who sent the payment, or to which invoice it should be matched?

This is a reality for many small business owners. Not only is it stressful, it’s also a waste of valuable time.

By implementing an all-in-one payment and accounting platform, you’ll have only one interface that gives you a detailed overview of all your incoming and outgoing payments. No need to manage more passwords or learn different systems, which saves you time and streamlines your payment processing. 

FINSYNC’s platform isn’t only convenient for you, it’s also beneficial for your customers and vendors.

Benefit 2: Convenience — Accept and Use More Payment Methods

FINSYNC’s platform is flexible for receiving payments and sending payment requests.

With FINSYNC, you can issue and accept payments using credit cards, ACH, and checks. You can even receive paper checks without the need to physically cash or deposit them. First, the check goes to a secure lockbox. Then, it’s converted to an ACH deposit, with status updates throughout the process.  

Don’t have a merchant account for credit card processing? No problem. FINSYNC’s platform makes it simple to apply and get approved the same day. You can also pay vendors that traditionally only accept cash payments with a credit card. 

A Small Business Payments Example

Let’s see how this would work for a graphic designer named Josh. 

Josh has three clients: Sarah, an event manager who prefers to send checks in the mail for invite designs; Peter, a young entrepreneur who needs to put the expenses for Josh’s services on a credit card; and Samir, a marketing manager who works at a big company that processes all payments using ACH.

Normally, accepting all three payments manually would be time-consuming for Josh. But with FINSYNC, Josh can send out all three invoices through the same interface, and Sarah, Peter, and Samir can choose the payment method they prefer to use.

Another added benefit of payment processing through FINSYNC is the fact that you can issue invoices with as much or as little information as you may have. You can make a payment or request a payment using just the recipient’s name and email address. 

This functionality solves the problem that often comes with ACH payment processing and checks: data on check and ACH deposits in your bank statements is minimal. 

In FINSYNC, all transactions include attached remittance details that both parties can see. 

In the case of Josh’s payments, that means he can see that payment has been made once it happens. He knows specifically what the payment was for. Lastly, his invoice statuses and accounting update automatically. That’s saved time that otherwise would be spent checking his inbox or getting on the phone to figure out who paid what. 

Benefit 3: Security — Secure Payments for You and Your Clients

Credit card processing, checks, and even ACH payments come with a risk. When your payment information is stored with a third-party, your data is exposed to the risk of security breaches and misuse of payment information. On the other hand, as a small business owner, the responsibility for storing payment information lies with you. Therefore, you have to take extra steps to make sure your data storage is secure against cyberattacks, which means more expense.

When you use FINSYNC, there’s no need to worry about extra security. FINSYNC never exposes payment information to any party. Neither you nor your vendors store payment information; FINSYNC does it for you.

For example, when Josh sends Peter an invoice, he includes a link to the payment portal for payment processing. Peter’s credit card information is never stored on Josh’s servers. Josh never sees the account numbers either. An added bonus is that it’s free for Peter to use the payment portal. 

All-in-One Portal for Convenience and Security

Consolidating your business payments — payables and receivables — on a single platform will save you a significant amount of time. Additionally, you can offer more payment options to your customers. This will make them more likely to work with you in the future. 

FINSYNC’s all-in-one payment platform also acts as a third-party that makes your transactions with customers and vendor double-blind. That way no one has to worry about exposing or securing account numbers.