Okay, before you conclude that I must be drunk, here's what I mean. There is more to your business than money. Hmmm, that doesn't sound well too. Just a moment, let me try something else ..., got it! There are a lot of factors that contribute to the growth of your business. I agree, money is a factor, but it is not the ultimate factor.
There are businesses with access to as much capital as they needed from the start, but still, they fold up after a few years, and here is why.
Business models human life activity. And that is because it exists as a response to life activities, everyday activities, needs, and demands. The idea is, the moment your business becomes more about what you do for money, and less about what you do for people, it is the beginning of an end.
But I need money to run my business!
Of course! And I'm not telling you to do otherwise. But it is easier to face the more important things when you have a system in place for managing the money inflow and outflow of your business. A management system tailored to your business, helping you stay focused while also considering your customers’ needs.
Just a few questions
The attention cash flow demands in a business can be quite overwhelming. And there is also the challenge of providing suitable payment options for your clients. Now, these clients how are you sure they are who they say they are?
Okay, they have patronized your business before, so you know them. What about your first-time customers? What is your defence against fraud for your business? For your business to business transactions, what do you do?
Come to think of it. I'm sure you don't even want to upset your customers over some verification process, especially when there is a competitor who doesn't require that, and is ready to throw out the same product or service at an even lesser price. And this is to mention a few that are associated with managing cash flow.
Here is what you need
A Payment Service Provider (PSP). You can better put it as a payment gateway for your business. The payment process is simplified and made easier for your customer from start to finish while offering payment options for your customers to choose from. The merchant account system allows you to manage your cash inflow and even make payments to other businesses you partner with.
How does it work?
PSP accepts payments from your customers and settles you, saving you from the long process of sorting it with the bank and building an in-house system to do so. PSP also offers real-time protection and financial reporting. This way, you can verify transactions before sending out value, i.e. goods and services. For you, as a business, PSP helps to manage the risks in terms of payment.
But it doesn't end at the payment gateway, PSP also offers a variety of services which includes:
Customer verification: They verify your customers' identity, and prevent your business from transacting with fraudsters who either make fake claims of payment or steal people's identity and account to make payment. Your business is not only prevented from fraud but also from being part of a fraud operation.
Financial reporting: PSP also offers real-time reporting of all activities of the merchant account. It makes it easier for the merchant to audit the business and channel energy to areas needed.
Each PSP have different policies on their merchant account management. But at Redbiller, we hold speed and efficiency in high esteem, and it drives our services. Redbiller has an array of services that is specifically suited for your business, and adaptable to your industry. Part of our services includes: Sending and accepting payments, Bills settlement, Know Your Customer tools (KYC), POS, and so on. For each of these services, we have tools that are relevant in every industry’s financial management. We offer swift settlement upon verification.
Another thing is the credibility that comes with using Redbiller for your business. We verify every business before partnering with them. Your customers can rely on this knowledge when transacting with you that you are a legitimate business.
We are always actively looking for more ways to help you securely run your business. We regularly update our tools to meet the current industry standards and to cater to emerging demands. You can be sure that we will continue to provide you with crucial tools to enable you to place your business on autopilot. It frees you to attend to other areas of growth.