Some business owners gloss right over money management. That happens to be one of the top reasons businesses go under so quickly. I am very adamant about managing my companies finances. It’s crazy how I can be so anal about my business finances yet be lackadaisical with my personal finances. This year I made sure to get them under control. Debt Free by 2016, hopefully. We will discuss how to tackle consumer and student loan debt next month. However, right now, I’m going to share about how I invoice my clients.
When I launched my business, my knowledge level of payments and collections was limited to PayPal, checks, and cash. It seemed that only people who had the direct payment option was big companies, such as Nordstrom or Neiman Marcus. Since then, there has been a surge of ways for businesses to collect payments regarding merchandise, invoices and more.
We have discussed using PayPal as a payment gateway for your small business. Are you aware of their new policy changes that effect you, the small business owner, directly? One thing most people (in general) do not do their due diligence to is reviewing companies terms of service, privacy policies, and other policies companies might have in place. Here is a quick break down of PayPal policies.
Earlier this year we started a payment gateway series to help you understand exactly how you can make money, accept money and much more. Really great series if you are just starting out in business. One of the things I would like to touch on today is the mobile payment gateway options you have to grow your business.
Google does it all let’s be honest, what doesn’t Google do? We use it as a verb and yet it is a company. Google as an entity is a powerful company that has changed our world. To think, they aren’t even 20 years old! They are still a teenager in terms of years. Google has launched many ventures in the business world, some have skyrocketed and changed our world and some have failed miserably and have been kicked to the curb.
Google and dealing with consumer’s money has been questionable, you don’t know if they are coming or staying. Let’s break it down even further.
If you randomly walk up to anyone who might fall in the age demographic of 18-34, ask them about PayPal, chances are they know what it is and have a registered account. Most business owners we encounter simply have the PayPal option for their customers and only know this option to be their preference.
Last week, we started the conversation on payment gateways for your business. We learned there are more than three options for you to use and the basic knowledge of how it works for your business. Today, we are going to focus on the direct payment options that most small businesses do not even realize are out there.
To be honest, I knew I could have a pay direct option on my site, but didn’t know how to incorporate that. We all shop online and let’s be honest, big companies didn’t start integrating Paypal as an option for customers until 2010. That begs to question, what were the big companies using prior to this date? They were using direct pay.
When I launched my first online venture I only knew of three types of payment gateways: PayPal, Amazon and Google Checkout. If you can relate, know that you are not alone when it comes to knowing which one is best for your business. There are over sixty payment gateway options and they all have their pros and cons. Yes, there are in fact many more than the three you constantly read about and new ones are coming to market daily.
Being completely knowledgeable when it comes to your companies’ cash flow, revenue, and profit is extremely important. We want to give you valuable information on the gateways that go right along with those things.
We are going to break down the most popular payment gateways for your website and mobile payments too! Knowledge is power and by the end of reading this series you will walk away knowing more about how your customers pay you!