Paypal and Square. Offering prepayment is also an excellent strategy to turn sales into cash. You might want to consider offering a small discount for prepayment. Intangible offerings like consulting services pose unique challenges when attempting to collect payment. It is wise to create payment terms and schedules through milestones and a written contract.
The Breviary: Sales is not the same as cash. Until you receive payment, the sale is never complete. Aggressive payment plans are great marketing strategies but create problems in collecting payment. Improved account collections strategy is the solution to slow payment or cash flow challenges.
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Turn sales into cash faster through improved account collections. Slow account collections is the source of many problems for the small business leader. An improved account collections process can be a major factor in your sustainable success.
Lower stress, increased cash reserves, improved customer retention are all benefits of a proper account collections process. Remember that sales is not the same as cash in the bank. The entrepreneur must collect on those sales before the cash can be counted. Creative sales strategies like easy credit and delayed payment terms definitely helps move product but also creates payment and collection challenges. There are simple and affordable ways to use those creative payment plans while still getting paid on time.
There are endless resources for a small business strategist to outsource problems like difficult collection efforts. You can go a step further by selling your account receivables to such a firm and transfer all of the risk to someone else. Accepting electronic payment types greatly increases your ability to move products. It is easier than ever for the entrepreneur to accept these payment types thanks to