Learn how electronic payments can streamline your business operations and free you from having to manually deposit checks.
Shelter-at-home orders and lockdowns have forced many small businesses to close their doors and start working remotely. If you’re among them, you’ve probably had to get creative to find ways to keep your business up and running during these tumultuous times. If you’ve been worried about how you’re going to get paid now that your clients are confined to their houses, now could be the time to embrace electronic payments. This is especially true if your small business still deals with paper check payments.
Let’s look at how going digital can help your small business simplify payment processing.
Credit Card Payments Provide Convenience
It’s safe to say that people are likely to use more credit and debit cards than cash and checks for the foreseeable future. As a small business, it’s vital to accommodate this new purchasing behavior if you want to maintain a healthy revenue stream.
An intuitive payment platform can make it easy to adapt to these changes and allow your customers to pay you from the comfort of their homes. FINSYNC makes it simple for you to accept credit and debit cards, even if you don’t have an existing merchant account set up. Approval is typically the same day, so you can be up and running in no time.
Better yet, you can easily use credit cards to pay for traditonally cash-only expenses with only an email address, which can give you more control over your cash flow in uncertain times.
Accepting credit cards doesn’t involve any additional work on your end. You simply send an invoice through FINSYNC, and the client gets access to the secure payment portal, where they can choose their desired payment method. For you, processing credit cards will look no different than ACH processing.
If you have clients that insist on paying by check, there’s a solution for them as well. You can continue to accept checks, but enjoy the benefits of electronic payments with a lockbox.
Get Paper Checks Deposited Automatically with a Lockbox
A lockbox is a bridge between traditional and digital businesses. It allows your business to go paperless with payments, even when you’re working with a customer that pays by check. Using a lockbox is the easiest way to streamline payment processing without alienating clients who prefer to pay with a paper check.
Traditionally, lockboxes were only available through banks and offered to companies with a high volume of checks. This meant that small businesses were often unable to enjoy the benefits of a lockbox. However, with FINSYNC you can have a lockbox regardless of the size of your business.
FINSYNC Lockbox acts as an inbox for your checks. As a bonus, your paper bills can also be sent and processed in the same way. If you have a vendor that absolutely insists on receiving a paper check, you simply need to collect their remittance address. FINSYNC will draft the money from your account, and send a FINSYNC check to your vendor. Together, both of these features can make remote work easier and more efficient.
Benefits of Lockbox for Small Businesses
One of the main benefits of a lockbox is, of course, mobility. You can get paid no matter where you are. With FINSYNC Lockbox, all checks are deposited automatically and payments are matched to the corresponding invoices in your accounting system. In other words, your accounts receivable is completely automated.
If a check cannot be matched to an open invoice, it will still be deposited in your bank account, but you will be notified immediately to take the right course of action.
FINSYNC Lockbox makes managing accounts payable easier as well. All bills are scanned and uploaded to the platform. Then it’s up to you to approve and pay the bills. Together, these features streamline your payment processing and result in money and time savings.
How to Enable Lockbox in FINSYNC
You can set up FINSYNC Lockbox for your small business in a few easy steps. Start by logging into your FINSYNC account. Go to the “Income” tab and choose “Settings.”
Under “Settings” you will see the option to enable Lockbox. Once you tick “Yes,” you will see your Lockbox address below that.
You can now start using this address and providing it to clients. The address will automatically be included on every invoice you send out.
The same goes for the payment portal if your clients choose to use it.
Take Advantage of Electronic Payments in the Time of Coronavirus
Electronic payments have multiple advantages. First, you can easily accept credit and debit card payments from your clients. Not only does this help encourage social distancing, it also makes it easier for you to work from home and get paid in a timely manner.
Secondly, with FINSYNC Lockbox, your small business can accept checks and still get all the benefits of electronic payments. With a dedicated lockbox, you don’t have to leave the office to deposit checks, or spend time reconciling the invoices afterward.
Start a free 7-day FINSYNC trial to see how electronic payments can benefit your small business.