As a new business one of the hardest things to get setup is how to take payments. Many businesses see Square as an easy way to get setup but depending on your business type, there are better ways to collect payment for your product or service. Most small business fear that accepting credit cards will take away from their profits as it can be hard to forecast fees. In many states you are able to pass along the processing fees, referred to as a convenience fee, to accept your customer’s credit card. A PayNow button allows your customers to pay their invoice immediately upon receipt and get you out of the dreaded net 30 wait. You can continue to send a paper invoice by mail, or email a branded invoice with a click to pay link embedded at the bottom of the email. The PayNow button is certainly not for everyone, but if your average order/service bill is over $100, this is something you should consider soon!
What business can benefit the most from a PayNow button?
- Service Providers that normally mail invoices of a statement of work
- Lawn Care
- Security Services
- IT Companies
- Remodeling/Restoration Companies
- Marketing Firms
- CPA Firms
One of the great parts of our business is that we get to interact with a number of very skilled and knowledgeable professionals. Evan O’Brien the Director of Business Development at PayHawk, a leading merchant service provider, was kind enough to provide me with this information.