Based on an analysis of startup postmortems, the second top reason that businesses fail is running out of cash.1 There are many reasons a business gets stuck in such a detrimental predicament, including a lack of payment tools for small business that connect with all business operations.
Payment tools for small business in Acctivate enable payments to be entered and received at anytime with or without an invoice. When a customer is ready to pay via credit card, cash, check, or wire transfer, Acctivate’s Customer Payment window is instantly accessible and seamlessly processes payments, enabling businesses to get paid quickly. The easy-to-use window displays all open invoices for every customer with the ability to apply payments across multiple invoices. For customers wanting to pay in advance, pre-payments can be credited to accounts and applied to one or multiple invoices in the future.
Receivables can be collected with payment tools for small business to maintain a smooth flow of capital. Within the Customer Payment window, users, such as customer service representatives with full access permissions, can accept payments from customers over the phone, in person, or by other means. Discounts can be applied, such as for early payment. Any customers that pay in multiple currencies are supported with a view of the exchange rate and an option to override it. The entire payment process is completed from the single, powerful screen. Payment receipts can be printed on the spot or emailed to the customer.
Payment tools for small business: Credit card processing
Cash flow can also be improved by accepting multiple forms of payment, including credit cards. BAI Research and Hitachi Consulting on Consumer Payment Preferences, reports that “41% of shoppers have cut down on their use of cash, while 97% of respondents are turning to credit and debit payments instead.”2
With the electronic processing of credit card transactions, deposits into the business’ bank account are more immediate, delivering a positive movement of funds and eliminating issues commonly experienced with checks, billing, and collections.
Payment tools for small business enable all major credit cards (Visa, MasterCard, Discover, and American Express) to be accepted and processed with a seamless integration to Acctivate’s preferred payment processor, QuickBooks® Payments. Through this functionality, books are kept accurate as charges are synced bi-directionally between QuickBooks and Acctivate. As credit cards are processed, know instantly if they are successful or declined. Accommodate more customer payments with ACH processing of eChecks, as well.
Payment tools for small business: Viewing payments
Gain complete payment visibility with payment tools for small business, including the Customer Timeline, which conveniently displays payments for every customer with filtering capabilities and drill downs into more details and related information, such as invoices and orders. Also, gain comprehensive reports with customer payments by amount and due date, along with access to payment receipts anytime.
Settle disputes easily with a repository of all transactions and historical data, adding a layer of protection to the business. Customers can be served quickly, and businesses can make swift decisions with the readily available view of payments.
Payment tools for small business combined with full operational management
Acctivate’s functionality across all operations, such as inventory, sales, CRM and more; its direct integration with QuickBooks; plus, its additional payment tools for small business help position companies on top of their financials, reducing the risk of hitting a negative cash flow.
With credit and collections tools, businesses can keep stringent, proactive credit policies, collect payments on-time, and reduce risks due to customer debt. Reports and dashboard widgets keep businesses apprised of customer balances, overdue invoices, and invoice aging trends.
As an automated inventory management solution, Acctivate further eliminates experiencing cash flow emergencies with control over purchasing and inventory tracking and forecasting, preventing inventory distortions that tie cash up, i.e., overstocks, and slow-moving product.
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