How to optimise cash flow with cashless payments

The phrase ‘cash is king’ has never been truer, but how can small businesses like yours ensure a healthy inflow of money to cover costs and make profits?

Cash flow is the lifeblood of enterprise. Plenty of small businesses go to the wall each year, despite being fundamentally strong, because without having a view of how much money they have for payroll, inventory and long-term growth it’s difficult to determine how much money is needed to safeguard their business.

Boosting cash flow, not just sales

It doesn’t matter whether your products and services are in demand if the money from sales arrives too late to pay for business-related costs. This is a balancing act that many businesses struggle to achieve.

The good news is there are several ways to control cash leaving your business, while ensuring money comes in thick and fast. They include leasing big-ticket equipment, negotiating better deals with suppliers, and creating an efficient system to crunch your numbers.

For businesses that get paid through invoices, there are strategies to speed up payment times and ensure your customers are solvent and reliable.

But what about businesses that take payment at point of sale – is there a way to ensure payments hit your bank account in good time?

Upping your cash flow game with Square

Firstly, you need a payment platform with a positive reputation in your market; one with thousands of satisfied customers and a strong approval rating. Next, ensure they have a fee structure which is open and transparent, with no hidden costs that could eat into your bottom line.

With Square, when you take a payment, the money arrives as soon as the next business day. The cash is there when you need it, and best of all there are no hidden fees. (By comparison, some other merchant services can take between three and seven days to transfer the money into your account, while others charge an extra fee for next day deposits.)

The system allows you to track your sales in real time. Whether it’s late at night or at the weekend, Square is always ready to move your money when you need it. You can initiate bank transfers instantly for 1% percentage of the total transfer amount. Then, with a single click, it is in your bank account and ready to cover essential costs such as stock, salaries and repairs.

Square Dashboard, free with your Square account, lets you track transactions and trends, giving you an up-to-the-minute view of the health of your business.

You can see what has been selling, how much stock has left the premises and, most importantly, when you will be paid. Square Dashboard provides business intelligence that puts you in charge.

>See also: How to sell anywhere with contactless payments

Products that empower your business

Square also offers a range of hardware and software solutions to seamlessly push your business forward. For example, Square Reader lets you take chip and PIN as well as contactless and mobile payments via Apple Pay and Google Pay.

It is pocket-friendly and connects wirelessly to your mobile device, so you can use it around your business and on the go, and it processes transactions quickly, giving you peace of mind that the money will be in your account soon.

Depending on your needs, you can try Square Terminal and Square Stand, both of which give your customers easy convenient ways to pay.

Square Terminal is a portable card machine allowing you to take payments in a range of customer-friendly ways, while also managing items, printing receipts and, crucially, getting paid fast. It’s designed with usability in mind, so you can use it straight out of the box.

Like Square Terminal, Square Stand is designed to be easy and intuitive to use. It transforms your iPad into a point of sale system, with a swivel function for your customers to input their details privately and securely. It comes with Square Reader and Dock, so you can accept chip & PIN and contactless payments made via a card, phone or smart device.

Square Online, meanwhile, offers a professional site builder and a huge choice of design templates. With no coding skills, you can build a fresh, easy to use website accessible on any device.

Importantly, it merges with Square Point of Sale and your item catalogue, synchronising your inventory and ensuring problem-free stock control. You can also sell via Facebook, Instagram and other channels.

Last but not least is Square’s electronic point of sale (ePOS) system, which empowers you to handle records and inventory, as well as sales and payments. You can create customer profiles to better serve loyal buyers too.

The ePOS technology helps you speed up the checkout process, connect to third party apps, as well as add new employees and locations as your business grows. Square has ePOS systems for any type of business you are: restaurants, retail, professional services, and more.

How to optimise cash flow remains one of the biggest challenges in business, but with the right technology, equipment and software, it is possible to speed up the flow of money into your business without compromising.

Better yet, you can attract new customers, get crucial data insights and manage stock to ensure you don’t miss out on all-important sales.

To find out more about how Square can help your business with contactless, go here