Which payment company accepts the problem [Column] – Local daily

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The COVID-19 pandemic has led to an increase in the adoption of technology in various industries, including payments and banking. Even with mobile payments, consumers still want the flexibility to use whatever method works best for them, including cash.

A recent national survey of 1,500 people by Cash Connect and One Poll found that 40% prefer to use cash as a means of payment and 51% of those surveyed can budget using cash. I agreed.

Knowing these preferences among consumers is important for businesses to continue to accept a variety of payment methods, from credit cards to mobile wallets to cash.

But how do businesses balance consumer preferences with the different costs associated with each payment method and secure those payments?

There are many payment options and cash management solutions available to help make your business more efficient and secure, and continue to offer a variety of payment methods to meet customer demand without stressing your business. I can.

Managing the cash flow of the business is one of the most important functions for any business because cash flow keeps the business alive. It is important for business owners and financial decision makers to familiarize themselves with balances and accounts. Knowing your checking account will help you budget better and reveal uncashed or unpaid invoices.

You do not know where to start ? Here are some things that can help you better manage your business’ payment options and cash flow cycles.

• Check the type of payment. To accept many payment methods, you need a merchant service account available at many banks. This allows you to transfer payments via Visa, MasterCard, etc. to your professional bank account. Business owners should also check online payment systems such as PayPal. PayPal allows you to pay to anyone with an email address through a credit card or checking account. Another popular payment method are mobile wallets such as Apple Pay and Samsung Pay, which offer improved security and ease of use. Work with your bank to find the merchant service that best suits your needs, a key part of your business.

• Scan the cash: Safety and efficiency are two very valid concerns that business owners and financial decision-makers often cite when handling cash. The digitization of species often alleviates these safety and efficiency concerns. Awesome, so what are you doing? Solutions like smart safes help digitize cash. Smart vaults allow businesses to deposit money directly into a secure vault that automatically calculates the amount they are depositing, removing human error from the equation. The money deposited can be used in your bank account the next business day without having to go directly to the bank. Please check it out, safe. Effectiveness, reconfirmation.

• Easier to transfer money: Now that the money is in the smart safe, how do you send it to the bank? Today, many companies (75%) use the “cash to bank” method. That is, someone sends money from the business to the bank and deposits it at the end of the day. This method is not only risky since your business is vulnerable to theft, but it is also operationally inefficient. Solutions such as Armored Personnel Carrier Management Services can help alleviate these problems. Once you’ve deposited your money in a smart safe, Armored Carrier Management Services can help you move money from your business to your bank, take human error out of the equations, and return time. to you and your employees.

• Learn more about cash flow: Managing the cash flow of the business is one of the most important functions for any business because cash flow keeps the business alive. It is important for business owners and financial decision makers to familiarize themselves with balances and accounts. Knowing your checking account will help you budget better and reveal uncashed or unpaid invoices. Likewise, this knowledge can improve forecasts for the coming months, including preparation for unforeseen circumstances.

Finding the right balance between what works for your business and your customers will not only help you grow your business, but also provide top-notch customer service. Receiving payments is essential for all businesses, and it is important to analyze all available solutions and technologies with the immediate and long-term needs of the business in mind.

John D. Clatworthy is Senior Vice President, Chief Client Officer and Chief Strategy Officer of Cash Connect®, a division of WSFS Bank, a leading provider of ATM safe cash and related services. in the USA. He has over 20 years of experience in the financial services industry.


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