Everyone in business generating sales needs to be paid. Make it easy for your customers (and yourself) to ensure you get paid as soon as possible. This article looks at a variety of payment options with special focus on integration with Xero online accounting, although this is not an essential.
Do you take credit cards?
You may already process credit cards but can you do so when on the move? This option will enhance your ability to take cards, or will be a great way to start if you don't currently accept cards and you sell to customers who are present when making a purchase. You simply link a small device to your mobile phone or tablet.
You may for instance be a taxi driver, or have a market stall; maybe you have engineers out and about that have to phone in to the main office to have credit cards processed. The list is endless. Now it is easy to offer credit card payment.
There are a few providers, however we focus on iZettle in this article.
You can be up and running in just a couple of days; apply online and wait for your credit card device to be sent to you in the post-then you are ready to go! There are a couple of options as to the device. There are no monthly subscriptions or ongoing charges. Full details are on the website (links below).
There is a free pin card reader which has a lead that plugs into your headphone socket on the mobile device.
The other option is a totally mobile device which connects via Bluetooth to your mobile device. There is a small one off charge of £29 + VAT for this. (This is a special discounted price for a limited time only). This product supports contactless payments and Apple Pay.
A credit card link on your invoices?
If you generate invoices do you send these by email? By doing so from within Xero, you can tell when the customer has opened it....no more excuses that they have not received it! Many customers will pay it immediately if there is a button to click on the electronic invoice pay now. A payment service can be configured within Xero to place these buttons on your invoices. There are again several options, but we like Stripe. There are no monthly charges for a payment provider to process transactions and a totally transparent charge (which may be considerably cheaper than you are currently paying).
As well as links on your invoices it is also possible to have a payment form on your website.
The small downside - the funds take 7 days to reach your bank account.
Are your Bank details on your Invoices?
Many customers now prefer to make electronic payments - cheques are dying out rapidly! Ensure your bank name, sort code and account number are on your invoices and statements to make it easy should customers want to pay you direct. If you would like some help in implementing this please ask us.
Collecting funds by Direct Debit
You can put in place standing orders, but there are always problems when the amounts to be collected changes. You need to complete lots of paperwork, get it signed and sent to the bank etc. The use of Direct Debit puts you in control and lets you collect the funds. Setting up direct debit used to be immensely time consuming -lots of form filling for the bank and then several weeks to put in place. Things have changed! We can now get you up and running and ready to collect funds by direct debit within 15-2o minutes. Customers are sent an email asking them to complete their bank details and as soon as it is complete you are ready to apply to the bank for funds!
There are variations on direct debit collection. You can manually enter the direct debit collections online, or it can be automated. The software links into Xero, identifies when an invoice that has been raised is due for payment, then sets up the collection. This is ideal where you perhaps raise regular monthly or quarterly invoices for an ongoing service.
You can link to the basic direct debit collection system by clicking the link below. We can help you implement this if you so wish. If you require details of the automated collection, please give us a call.
Contact us for more information or help!
30 Bear Street, Barnstaple, Devon 01271 375271
27 Bridgeland Street, Bideford, Devon 01237 471881