God blessed me last summer to become one solopreneur and while it was liberating to finally get my business going. The groundbreaking paths to my first 6 figures (yes, I’m a big dreamer!) Are filled, to say the least, with stones, turbulence and strong winds. Being an entrepreneur is hard work and it says it easily. There are a lot of things you need to do to get your business up and running. Now I have to be honest, you won’t have to thwart every “i” and every “t” when you open up for business. You will learn most of the things as you walk – but the basics should already be set in stone.
And one of those “basic” things is … drum roll, please … accept payments! Yes, now that you are open to business, this is one of the “most important” things on your to-do list that you should have figured out. However, you will be surprised that most companies “NOT!” I know I see your shocked face and I trust myself – I’m pretty shocked myself!
Things we don’t take time to implement today will be lost tomorrow!
Roshonda N. Blackmon
So you might be asking yourself: what type of payment system should be set up? I mean, taking cash is good enough, isn’t it? And although I’m so inclined to say yes, I have to give you a hard nod in the NO direction. Since the technology is BOOMING as it is, I would recommend to any business owner (whether you are a full merchant or do it from home) that you need to set up more than one payment system to get your hard earned dough.
After all – you give up the work to get your baby up and running and the last thing you want or need is to lose money. How Sweet brown Conditions:
And you’re right, honey, nobody has time for it, not even you business parent !! Therefore, I will suggest 3 payment options that you should have if your ideal customer does not have cash available.
# 1 PAYPAL
I absolutely love PayPal and set it up for my company before it even went into operation. With PayPal you can send invoices to your customers and You can also set up recurring invoices for larger orders. Let’s say a project of yours costs $ 500 and the customer doesn’t have all the money at once (I would suggest getting a down payment for anything). You can set up your invoices to be sent to him at certain times.
For example on the 1st, 15th or 30th of the month. That way, you don’t have to access and send your computer manually every time. PayPal can do that for you! You can also set up taxes and create a drop-down list for your favorite services so that you don’t enter the same information every time. Note that PayPal charges taxes on incoming money. So if you charge $ 15 for something, you just need to know that a percentage of it is incurred. If your customer pays the bill, you can ask them to take care of the tax before sending it back. You can also download PayPal for your phone, which makes it even easier.
# 2 SQUARE
Square is a card reader that allows you to make credit and debit card payments on site. I have seen business parents who used this system, regardless of whether they had brick and mortar or whether they run their business outside their home. I love Square too – it came in handy when I sold my book at a seller event last year “Billy Wolf & the Children of Heavenly Hills Elementary”
Not everyone had cash on hand, so it was nice to be able to pull out my square reader and take a payment instead. With square (which you can download from the Playstore on Android or the Apple Store for iPhone), you can also create an invoice for your most popular or most frequently purchased items. Click on it, enter the quantity of the item and ask the customer to delete! and viola, there is your money – go directly to your bank account! (Of course, it depends on how you set it up.) You can also send your customer a receipt on site after they have signed the purchase. And to add a little more cherry, when you download the Square Reader app, you can sign up to get the reader for FREE !!
# 3 BAR APP
Okay, from the 3rd Cashapp is my favorite thing, I love easy and with cashapp it is exactly that! Once you’ve downloaded it to your phone and set up your back account information, you’re good to go! especially if your customer also has cashapp. You can even purchase your own Visa / Debit card specifically for the app.
This card turned out to be useful to me when my normal bank card had problems with the chip. It was embarrassing to keep the supermarket in line while I went through the dreaded “three side dishes and a swipe method”. However, using the cashapp debit card made it easier, since I only have the information to exchange cash from my bank card into the completed cashapp card and off we go, it worked immediately (no waiting, no holding) and no headache from me. It was a WIN-WIN! & If your customer has a cash app, this is a win-win situation for you too, because you receive your money IMMEDIATELY!
We cannot expect that our customer will always have cash and if your company has no more than one payment system in place. We run the risk not only of losing money, but also of a potential customer who now does not quite summarize your company as … good … Even if we do the right things, we cannot help what people will say. However, we don’t want to give them ammunition to direct “such thoughts” against us!
The hardest thing about the tips above is to set everything up. But let’s not be lazy business parents because we don’t take time today and lose money for ourselves tomorrow. Do you remember what Sweet Brown says? Now you could say I know ALL of these things, but in business? It’s not what you know – it’s what you DO!
I don’t know which business you want to start in 2020, but I pray that these tips will get you in the right direction to get your “dollars and cents” in order!
Let’s do it right today so that we can be better business parents tomorrow!
I am not sponsored and have not received any compensation for my information. Each opinion above is 100% my own, based on my own experience using these apps.
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