If you’re a small business owner cash flow is of critical importance to you. In fact it’s so important that we wrote a guide on the topic. Another important part of the small business puzzle is time, your time.
It’s probably safe to say you don’t have a lot of it. As a startup or small business owner every hour, every minute, counts. Wouldn’t it be great if there was something that could help you with both?
Actually, there is. Introducing the Direct Debit, which you have probably already used or at least know what it is. If you don’t know, a Direct Debit is an arrangement made with a bank that allows a third party to transfer money from a person’s account on agreed dates, usually in order to pay bills.
Essentially, you can use Direct Debits to collect payments at an agreed date from your customers. This might not sound like much, but it really is a small business’ best friend.
Direct Debits really help your cash flow. Receiving a certain amount of money at a certain date month after month or even weekly is an ideal situation. You know you will receive it as the bank processes it automatically.
As the transaction is automatically processed you can budget to receive it. What’s more, once the direct debit is set up it can save you a lot of time chasing your customers for money for work you may have already done. Rather than picking up the phone to chase your revenue, you could be generating more of it by spending the time with other customers.
Direct Debit makes perfect sense for businesses which have any type of recurring billing. It’s also effective for large contracts or agreements which may be paid late.
Instead of sweating out the days until that big windfall hits the business bank account, maybe setting up a Direct Debit whereby your cusotmers pay smaller amounts throughout the duration of the project would be more beneficial for everyone. After all you may have your own supplier, sub-contractors or third parties to pay as part of a large task.
A project which looked like a major cash cow for your business at the start can quickly turn into a cash flow nightmare.
We know what you’re thinking, ‘I’ve used Direct Debits but they are too costly’.
Here at Big Red Book we’re delighted to announce a new partnership with Nuapay, a fantastic new payments gateway launched by Sentenial. The new partnership will allow Big Red Book users a better way to collect money from customers and take care of the accounting side of things too.
Nuapay allows you to make, originate and receive payments in Ireland an across the European Union at a far lower costs than is traditional for Direct Debits. In a nutshell, Nuapay is an easier way to get paid by your customers.
We think that’s pretty powerful.
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If you want to find out more about Nuapay call our sales team on 01 204 8300 or email us at sales@bigredbook.com
