In today’s fast-paced business world, getting paid on time can make or break your cash flow. According to insights from Intuit’s 2023 Small Business Index Annual Report, cash-strapped businesses have been increasingly relying on credit to manage cash flow problems—jumping from an average of 40% in September 2022 to an average of 62% in April 2023.
Consistent cash flow is the lifeblood of a business, enabling you to cover operational costs, invest in growth, and handle unexpected expenses without stress. That’s why QuickBooks Online (QBO) continues to enhance its payment option, QuickBooks Payments, to make managing your financial transactions simpler, faster, and more secure.
But first, here’s a tip that could save you money:
If you reach out to Account Ability Consulting before signing up for QuickBooks Payments, we can secure lower rates for your processing fees, since we’re a QuickBooks Solution Provider.
QuickBooks Payments integrates seamlessly with QBO, streamlining payment collection directly from invoices. By offering faster and more convenient payment options—like ACH transfers, credit cards, Apple Pay, and Venmo—you can reduce the time between invoicing and receiving payments.
Let’s explore how QuickBooks Payments can help your business thrive.
1. Flexible Payment Methods and a User-Friendly Experience for Customers
QuickBooks Payments supports a wide range of payment methods, including credit and debit cards, ACH bank transfers, Apple Pay, PayPal, and Venmo. Whether your customers prefer to pay online, in person, or over the phone, QuickBooks Payments accommodates their needs with ease.
Providing multiple payment options reduces friction in the payment process, speeding up the time it takes for customers to settle invoices. This flexibility not only helps improve cash flow but also enhances customer satisfaction. Plus, clear payment instructions ensure a seamless experience from invoice to payment.
2. Integrated Invoicing and Payment Processing for Better Bookkeeping
With QuickBooks Payments, invoicing and payment processing are fully integrated into your accounting system. You can create and send invoices directly from QuickBooks Online, and the system will automatically categorize and record incoming payments.
This automation significantly reduces the risk of manual entry errors and ensures your books remain accurate, streamlining monthly reconciliations. Say goodbye to time-consuming and error-prone bookkeeping tasks!
3. Convenient Communication via Email and Text Message Reminders
To better serve your on-the-go customers, QuickBooks now allows you to send invoices and payment reminders via text message in addition to email. This multi-channel communication ensures that even the busiest clients receive prompt reminders about their outstanding payments.
Check out the QuickBooks Online interface under Sales > Invoices when you reach the review and send screen to activate text message reminders.
Text message reminders are especially effective at capturing attention and speeding up payment timelines, making them a valuable tool for businesses prioritizing fast collections–and their customers who might appreciate proactive and frequent communication.
4. Instant Transfers: A Lifesaver for Tight Cash Flow
When cash flow is tight and urgent expenses—like payroll—need to be covered, the instant transfer feature offered by QuickBooks Payments can come in handy. Instead of waiting the typical 2-3 business days to receive your invoice payment via standard ACH transfer, for a small fee, QuickBooks Payments will allow you to bypass the wait and receive your payment instantly.
While the instant transfer feature is a helpful short-term solution, we don’t recommend relying on it as a long-term strategy, as transfer fees can add up, further exacerbating cashflow issues. A more sustainable practice would be to plan for cash flow gaps by proactively analyzing seasonal patterns in your business and planning accordingly. Still, having instant transfers as an option can provide peace of mind when unexpected short-term financial challenges arise.
Built-In Security Features to Protect Your Transactions
In today’s digital landscape, protecting sensitive financial information is more important than ever. QuickBooks Payments takes security seriously, employing industry-leading encryption technology to ensure every transaction is safeguarded from start to finish. This robust encryption prevents unauthorized access to your data, giving you peace of mind as you manage your payments.
Additionally, QuickBooks Payments offers real-time fraud monitoring, proactively identifying suspicious activity to minimize the risk of fraudulent transactions. Should any issues arise, the 24/7 customer support team is available to assist.
By prioritizing security, QuickBooks Payments not only safeguards your business but also builds trust with your customers, assuring them that their personal and financial information is safe.
Ready to Take Control of Your Business’s Cash Flow?
QuickBooks Payments is a robust tool for improving your business’s cash flow, streamlining invoicing, and offering your customers the convenience they deserve. By partnering with Account Ability Consulting, you can take advantage of exclusive discounts on payment processing fees and ensure you’re maximizing your return on investment.
Contact us today to learn more about how QuickBooks Payments can transform your payment processing and help you secure the best rates available. We work with many small to mid-sized businesses in construction, field services, assembly, inventory, and retail industries. Let’s work together to build you a stronger, more profitable business!
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