And it looks like this shift away from cash will only increase with the onset of the COVID-19 pandemic. In fact, in a recent study, 60% of respondents believed that the United States is on its way to becoming a completely cashless nation.

With these trends in mind, we created this guide to explore the different payment options available to small business owners in an effort to keep your cash flow remaining high. 

Accepting Payments from Customers

It’s growing ever more important for small businesses to accept more payment options than cash. In the past, accepting major credit cards or online payments may have been difficult for small business owners because of the steep fees it took to process the payments, but today’s technology has made it easier to attain. In fact, nearly 50% of consumers navigate to large e-commerce platforms to make purchases, so offering multiple payment options is almost essential to keep your business afloat. 

Whether you’re running an online store or have your own small service business, below we’ll take a closer look at five different options you want to consider when accepting payments:

• Credit cards and debit cards
• American Clearing House (ACH) payment processing
• Recurring billing or subscriptions
• Online payment devices and tools 
• Contactless payment

1. Credit Cards and Debit Cards

Whether online or in person, two of the most desired forms of payment are credit and debit cards. In fact, 75% of customers say they prefer using debit or credit cards to make payments. Even though making credit card payments as a customer is a simple process, there are a few things to keep in mind when choosing which ones you’ll accept as a small business owner. 

Two of the first things you’ll want to consider are the credit card payment processing fees and transaction fees coming directly from the card company. Visa, for instance, is on the lower end while American Express typically ranges on the higher end. You can find a more detailed breakdown here. 

Another thing you’ll want to think about is potential fraud. Since small business owners are more focused on running a business they are passionate about, many choose to outsource the job of checking for fraud to credit card payment processing companies, which is also where the differences in fees come into play. 

Ultimately, the best way for your small business to accept card payments depends on your business’s needs and the number of credit card transactions that your business processes monthly. Once you make this decision, you’ll need to look into some of the tools below to actually accept the payments:

• Point-of-Sale (POS) Software: This is a payment system that charges the customer, provides the option to tip, collects emails, tracks purchases, manages receipts, etc. Oftentimes, Point-of-Sale software can have payment gateways, which is a protected way for customers to pay for services or products from their online shopping cart.
• Virtual Terminal: For small businesses that do not want to purchase a card terminal or card reader, you can use a virtual terminal to type the credit card number into a computer or mobile device during checkout.
• Card Reader: Many small businesses choose this option because they can attach the card reader to their smartphone, or have a mounted swipe/chip/tap card terminal to read the customer’s card.

Apply for a credit card today

Pick the card that’s right for your business.

2. Automated Clearing House Processing

Many small businesses also accept ACH transfers. This type of payment sends money from one bank account to another electronically through the Automated Clearing House (ACH) Network. Over 10,000 financial institutions are represented by this network, which acts as a hub for individuals to transfer money from one bank account to another. 

For small businesses using ACH processing, some benefits include:

• Relatively quick and convenient way to make and accept payments 
• Easy setup with the customer’s bank account information
• More secure than other payment forms like paper checks

Even though there are many benefits to ACH processing, there are some drawbacks. To begin, many banks have transaction limits that could impact the number of transactions that they will process in a given day or month. Additionally, frequent transfers could result in a penalty. That being said, transaction rates are either free or very low — usually somewhere between $0.25 to $0.75 for every transaction. 

3. Recurring Billing or Subscriptions

Another payment option is to offer recurring billing or subscriptions, and there are plenty of platforms out there to help you automate payments. Recurring billing software removes some of the hassle related to getting on-time payments. 

Before you can set up automatic billing, though, you will need to get approval from the customer and set a payment schedule. Once you have approval from your customer, you are ready to set up subscription-based billing. Below is a list of steps that you should take for developing a recurring billing system for your small business:

1. Get your customer payment information (either a credit card or bank account) along with consent from the customer that they will be enrolled in a recurring billing cycle.
2. Choose a billing system that works for your business. Software like Stripe offers an intuitive interface for managing and accepting payments. This software combines a payment gateway and recurring billing software into one so card payments can be processed. 
3. Set up a pricing plan within the billing software and make a schedule for how often and how much customers will be charged. 
4. Test your billing system before sending it out to customers, ensuring that you sound professional when sending out your first recurring bill.

4. Online Payment Devices and Tools

As a small business owner, you have several great options for online payment devices and tools. For people who sell goods or services online, it’s incredibly important to have a trusted e-commerce payment service. Online payment services accept debit and credit card payments and usually charge a fee to accept these payments. 

Three of the most popular payment tools include PayPal, Stripe, and Square. In this next section, we’ll introduce these online payment tools and the fees associated with them. 

PayPal

PayPal makes it easy to accept credit and debit card payments online. Whether you need to accept payments online or in-store, PayPal has options. Using PayPal online, in person, or for mobile payments makes the buying process straightforward to customers. While in person, you can turn your tablet or smartphone into a payment center so you can accept payments virtually anywhere. 

When you first sign up for PayPal, you will not have to pay any setup fees. However, there are transaction fees. Online transaction fees are 2.9% plus $0.30 for every transaction, while in-store transactions are 2.7% plus $0.30 for every transaction. One of the benefits of using PayPal is that although you pay a transaction fee, you do not have any monthly fees. 

Stripe

Stripe allows small business owners to accept payments online or in person through one software. Whether you conduct business domestically or internationally, Stripe processes payments throughout the globe. By using this software, you can efficiently manage payments and rest assured that your business is protected from fraud with Stripe Radar. 

Stripe is particularly great for small businesses that plan to expand into the global market because it allows you to accept multiple methods of payment. Allowing for multiple payment methods means that your business can expand to other countries that use different payment methods (e.g., France or Mexico). 

With Stripe’s “Integrated” plan, you can expect to pay a fee of 2.9% plus $0.30 per successful transaction. This plan provides businesses with the basic tools needed to manage payments without any setup or hidden fees. 

Square

Square offers various payment solutions, such as credit card payments, for small business owners. To begin, they offer Square Point of Sale, which is a POS software that can be used in-store or online via your mobile device. Additionally, they offer various easy-to-use hardware options, which further simplify transactions. These accessories and hardware include Contactless and Chip, Register, Terminal, Reader, and Stand. Using Square allows you to manage your business online on a highly intuitive platform. 

5. Contactless Payment

Depending on the payment software that you choose, your customers may be able to pay using a contactless tool. Using near-field communication (NFC) technology, contactless options like Apple Pay and Google Pay allow users to simply wave their smartphone or smartwatch in front of a designated device as a payment method. Ultimately, this speeds up the purchasing process for the customer and is more secure than other payment methods. 

To get started, you will need to invest in an NFC-enabled reader to offer a contactless payment option. This can be fairly easy depending on how you already accept other payments. Affordable Square, for instance, offers a $49 contactless payment tool, which has a transaction fee of 2.6% plus $0.10 per transaction. 

The More Payment Options, the More Customers

As our society moves further away from using cash for everyday purchases, it’s even more important that your business offers alternative payment methods. Without adapting to your customer’s needs, you are potentially missing out on more sales. Luckily, there are several options for your business, no matter your needs. 

If you need help growing your small business, ZenBusiness can help. We’re dedicated to helping small business owners grow their dream business by providing expert services and educational resources.

Read & Write : write for us

The post Ways to Accept Payments for Your Small Business appeared first on Lifeyet News.

Below, we’ll provide you with a detailed picture of what an invoice is, how it’s used, and how to create one for your small business operations.

What is an invoice?

An invoice is a detailed record of all services rendered or items delivered with associated agreed-on prices for each. Whether logging invoices on paper or using a specific software program, they are often used by businesses or independent contractors in the service industry, consultants, skilled tradespeople, and freelancers. They ensure that businesses or contractors get paid by their clients, and when done properly, help avoid confusion or disputes when it comes to payments.

An invoice acts as a record of services rendered or items delivered and includes details about how and when to submit payment. When you create an invoice, you need to make sure your item descriptions are clear and coherent so that the client can understand them, and you include your and the customer’s names and addresses so that it’s clear who sent the invoice and who it’s meant for.

6 Steps for Invoicing

The process of creating an invoice can be straightforward if you follow some simple steps. 

Try these six steps to create your invoices:

1. Gather the correct client contact information
2. Properly label the invoice with a unique number
3. Itemize your list of services and/or products using an online template or invoicing software 
4. Add payment terms
5. Include any necessary notes
6. Send 

Step 1: Gather the correct contact information

Your invoice should contain your contact information (or the contact information for your business) and the contact information of the client to whom you are sending it. It’s important to include both and double-check each for accuracy.

Your contact information is important for a variety of reasons. First, you want it to be abundantly clear to the customer where the invoice came from. Because of this, you may wish to further augment your invoice with a business logo or display your business name or personal name in large font as a header. Consider that the customer or client may receive any number of items in the mail, and you don’t want your invoice lost in the mix because they couldn’t identify it. 

The other reason to make sure your contact information is accurate is that the customer needs to know where to send payment. You may also include wording indicating who to make checks payable to or how to submit the payment.

The invoice should also contain your customer or client’s contact information. This helps make it clear when they receive the invoice that it has, indeed, made it to the right place. Make sure you avoid typos or misspelling your customer’s name, as this can appear unprofessional.

While contact information generally includes a full name, address, and phone number, it may also contain an email. In fact, if the invoice is being handled electronically, a mailing address may not be needed in lieu of an email address. It’s always a good idea to include phone numbers if the client or you need to contact the other with questions about the invoice

Step 2: Properly label the invoice

Each invoice needs a unique invoice number as well. This is a code that helps with organization and record-keeping. 

There are no hard and fast rules about how to number your invoices. You may begin with labeling your first invoice as #0001, for example. However, if you don’t want a client to think they’re your first invoice, you may start at a higher number, such as #0500. 

Sometimes, it’s helpful when record-keeping to include other numbers or letters in an invoice code to categorize the invoice. For example, if you want to differentiate between clients, you may include a short three-letter code abbreviation of a client’s name in an invoice. Or perhaps you want to differentiate commercial clients from individuals and add something like “CO” in front of your invoice number for the former. 

However you choose to number your invoices is up to you, but it’s best to have a clear system and be consistent. This makes it easier to track your invoices and follow up with customers later on.

Step 3: Itemize your list of services and/or products

Each invoice you send should contain a detailed list of services and/or products. Services may include hourly work or flat-fee services, and products may contain deliverables or physical items. 

Make a section of your invoice devoted to listing all of these items. Each item should have a clear name with a brief description so that the client knows what is being referred to. You may also include columns for the quantity of each item (such as the number of hours or items), the unit price for each item, and a final column where the subtotal is computed. 

Below your list of line items, you should enter the final total amount due for all items on the list. Note that you may wish to include any discounts applied as list items or in a separate section as well.

Step 4: Add payment terms

Somewhere in your invoice, it should be spelled out not only where payment should be sent but also how and when it should be sent. For example, do you expect payment immediately upon receipt of the invoice, or is there a specified due date one month out?

Often, a clear due date is better than a more vague statement that payment is due “within a week” or something similar, although if an invoice date is included, this can add clarity. You should further specify whether payment can be made by cash, check, direct debit, credit card, PayPal, or another method with instructions for each method. 

Consider including wording about how late payments are handled. For example, you may wish to charge a flat fee or a percentage late fee if payment is not made within 15 days of the due date. If the invoice is large, you may also include payment plan details, especially when using a specialist payment system like this one from EzyPay, if you wish to allow customers to make installment payments.

Step 5: Include any necessary notes

Standard to most invoices is a section for “Notes.” This is a space where you can include any important information not listed elsewhere in the invoice. For example, you might include a summary of the job done, a statement as to whether this completes the contract, or notes about future needs.

If the service performed is one the customer might need again, you can state that you look forward to working with them again or give them advice about when to seek you out to update the work or perform maintenance on the job completed. If you expect the client will need additional work, you can leave suggestions here, as well. 

The notes area is also a good place to make a human connection with the client. A simple “It has been a pleasure to work with you” or “Feel free to reach out with any questions” can go a long way in forging a bond that can lead to additional work in the future.

Step 6: Send

The final and most important step is to send the invoice to the client. There are several ways this can be done, including the following:

• Send by mail: Many businesses still send invoices by mail, particularly if the nature of the job was not handled remotely or electronically. However, keep in mind that delivery by mail takes more time than other methods, and it’s possible for items to get lost in the mail. Follow up with a phone call or second notice if you don’t receive timely payment.
• Send by email: This is a popular option, especially for those providing programming, writing, editing, graphic design, and more. If you’ve primarily been communicating with your client via email, this method often makes the most sense. The nice thing about it is that it’s also instant. Keep in mind, though, that when customers receive invoices electronically, they generally expect there to be an option to pay you electronically instead of by check, so make sure you are set up for receiving electronic payment in some way.
• Send electronically by other means: Many programs exist for creating online invoices. Those tools often send the client a secure link through email, text, or mobile app and allow them to view and pay the invoice in the same place. 
• In-person delivery: If you perform the work in the presence of the client, it might be most convenient to deliver a printed invoice in person at the time services are rendered. Some people may even have printed invoice forms that they can fill out by hand as needed, although you should always retain a carbon copy of such invoices. 

Tools to Help Create Invoices

There are many invoice templates, invoicing software, and tools available. The main four are Microsoft programs, Google Docs/Sheets, QuickBooks, and FreshBooks. 

• Microsoft programs: You may use Microsoft Excel to design and create your own invoice template or download any number of invoice templates from the Microsoft Office website and customize them in Microsoft Word or other programs to meet your needs.
• Google Docs/Sheets: Google Sheets is another spreadsheet application that can be used to create invoices in the same way as Excel. You can also view Google’s template gallery within these programs and search for invoice templates there.
• QuickBooks: Well known for book-keeping tools, QuickBooks also has free invoice templates available. 
• FreshBooks: Another purveyor of accounting software, FreshBooks also has a free invoice generator on its website.

Tips to Improve Your Invoices

The following are some tips as you figure out how to create invoices that work for your business:

Be explicit about payment term

It’s important to be very clear about when payment is due and how to make payments. A clear due date specifies a deadline for the customer. Without one, it becomes much easier for them to put off paying you or not consider it a priority. 

Including details about how to pay and available payment methods is also important. Many people put off tasks if they come with unclear instructions. If the customer feels they have to dig around to figure out how payment works, your invoice might get put on their back burner. If you send your invoice electronically, a prominent payment link is a good idea.

Include other documentation if applicable

If your client sent you a purchase order, or if there was a contract entered into that laid out the scope and cost of the project, it’s often a good idea to include this documentation with the invoice for reference. This can help answer any questions your client might have.

Invoice on a regular schedule

It’s easier for you and your regular customers if you invoice in a predictable way. For example, you can always invoice immediately upon completion of a job or regularly invoice on the 15th and 30th of each month. 

Having a schedule makes it less likely that you will forget to invoice a project, and it also keeps your returning customers happy because they can better pay their payments moving forward.

Follow up on unpaid invoices

Unpaid invoices aren’t fun for anyone. Often, new business owners or freelancers feel very uncomfortable handling these. However, it’s important to be aware that late payments are often simple oversights and not intentional avoidance. After the due date and grace period have passed, send a friendly reminder email, letter, or make a quick phone call. 

Make sure you are kind when you follow up and assume the client has no ill intent. This will keep the interaction easy for both of you. Most of the time, missed payments are resolved easily in this way. If you need to chase down an avoidant payer, remain firm, consistent, and professional. 

Once the invoice is paid, keep a record of the paid invoice for tax purposes and your financial records. There are several bookkeeping tools that you can utilize online, or if the invoice has been printed, they can be stored in a file cabinet organized by date or the client’s name. Don’t throw them away too soon, as experts recommend to keep all financial records for at least three years.

Find more resources for your business

We offer more resources for small business owners like yourself, including affordable solutions for fast and simple business formation and a whole host of products and services geared toward helping your business start, run, and grow.

Read & Write : write for us

The post Guide to Creating an Invoice for Your Business appeared first on Lifeyet News.

After our panel discussion, I had a chance to sit down with Lori and ask her some questions about what it takes to become a successful entrepreneur, especially if you are new to it. Lori certainly is the right person to ask. With over 100 patents and 400 products to her name, Lori isn’t called “the Queen of QVC” for nothing.

One of the first things Lori mentioned was that entrepreneurs are a different breed. You need to have certain characteristics if you are going to be successful at it, including, she noted:

• Being a risk taker: Lori’s first product was an earring holder which she eventually licensed to JC Penney. But before she got to that point, she took some huge risks with the product, including spending $10,000 on the tool-and-dye prototype process, and taking on a significant loan. Why? She knew it was a winner.
• Confidence: Taking a risk like that requires confidence, that’s for sure. Indeed, Lori said that she was “fearless” when it came to getting that earring holder on store shelves. That sort of drive, passion, and confidence are critical, she says. But for Lori, confidence is not enough. It also has to be mixed in with respect and kindness. “Those are the kinds of people I like to work with.”
• Hard working and driven: If you ever watch Shark Tank, you know that this is a characteristic of both the sharks and the entrepreneurs who are successful.
• Creative: An often-overlooked trait, great entrepreneurs are very creative.

But what about those things that new entrepreneurs may not know; what do they need to know of which they are possibly unaware?

“One thing they need to understand up front Steve, is that starting your own business is a 24/7 endeavor,” she noted, adding, “Once you get in, it has to be a 100% commitment.” Lori also suggested that to be successful in business, you need to have to two other attributes:

1. Organizational skills
2. A map of the big picture of where you are going and how you will get there

Interestingly, Lori was of a different mind than many experts when we talked about getting help. She strongly believes that, especially in the beginning of your venture, you need to work at and learn all aspects of your business. Whereas some business experts suggest that you should quickly bring in the help you need to round out your business (guilty as charged!), Lori thinks that before you get to that place, you need to put in the time so that you know your business inside out.

As we wrapped up our chat, I had to ask a question that I always wonder about: When investors look to invest in a new venture, what is it that they are looking at most closely? Is it the entrepreneur, the idea, or the financials? I have often been told that it is the entrepreneur. If you watch the show, you know that Mr. Wonderful thinks it is all about the money, the numbers.

What about Lori? When I watch, I notice that she seems analyze things differently a purely financial perspective.

“Yes, that’s true. To me, the product is number one. I like products that fill a need and hit a broad audience. I always say I can tell if a product is a hero or a zero.” Next on her list is the entrepreneur. She looks for folks who have those traits that are mentioned above. Finally, of course the numbers are important – “especially a proven sales history” – but if someone does not have that, that’s OK too. “I like new products and new ideas.”

What I loved about meeting with, and speaking to, Lori Greiner is that she shows that it is indeed possible to be both successful, and kind. No wonder she is called, “The shark with a heart.” 

Read & Write : write for us

The post 1 On 1 Interview With Lori Greiner appeared first on Lifeyet News.

Video marketing can be more expressive than any other form of marketing. Multiply that by a thousand for a video. That is the core of video marketing, a powerful type of marketing that successfully engages your audience in the overall marketing strategy.
The use of videos to advertise and enlighten people about a product or service is known as video marketing. It boosts interaction on your digital and social media platforms, educates your audience, and gives you a new way to reach out to them.

If you work in marketing for a small firm, you probably wear a lot of different hats. Some of them are most likely not even selling hats. It’s all on you, from product marketing to content development, social media postings to event presence, and even sales. So why would you want to go ahead and add video marketing to the mix? The reality is that video marketing has several advantages for small organizations.

Know Your Audience

If you try to reach everyone through marketing, it may not yield the best result. This is particularly true in the case of video marketing. While a viral video that everyone likes is wonderful social proof, your video marketing approach and the films you make should assist you in reaching one or more of your business or marketing objectives. You may make your videos more effective if you start with your target client/s in mind. You must do research and have a good grasp of the requirements and preferences of your target audience. Similarly, you can use an online video editor application for online video editing your videos.
For this, you have to determine:

What video platforms do they employ?

What language do they use, and how does it express your message?

What problems do they have for which you can offer a solution
Engage with them aptly if you know their language and their reasons. By making a video to meet your audience’s needs, your company can benefit, and also the audience can find it valuable.

Rank Higher in Search

Google is the most renowned search engine, while YouTube is the second most popular. Adding video to your website may greatly improve your Google search rankings.
The reality is that including a video on your website improves your chances of getting discovered on the first page of Google search results. It’s certainly worth the effort, especially considering that 75% of visitors never get past the first page!

Increase the Understanding of Your Product

Products may be complicated, and your target market must comprehend yours before making a purchase. Visitors to your website are 64 to 85 percent more likely to purchase after seeing a product video, which is fortunate for you.
An explainer video allows you to demonstrate to potential consumers what you’re giving and how it solves an issue, rather than just telling them. It’s at the top of our list of videos to produce initially for small company video marketing.

Optimize Your Video Thumbnail with a Smile

The video thumbnail is the most critical factor in determining whether or not a visitor will watch your video. Since people judge books by their covers, you should dress up your movie for the occasion by creating a fascinating, play-worthy thumbnail picture.
Using a picture of a happy individual establishing direct eye contact is the most effective approach to ensure that people watch your video. Why? People form connections with one another. Reading a book with a front cover full of boring contents or one with an image of Prince William smiling – which is preferable? Of course, The latter is more appealing, and video thumbnails follow the same logic.

Run a Video Campaign on Facebook or Twitter

Giving your film up for free is a great approach to attract others to see it. The best place to do this is on social media, where people will gladly share and spread the word about your offer, resulting in more people visiting your landing page and viewing your video.

Link to the Video Landing Pages in the Email Signatures

It feels funny to write this suggestion since it’s so basic and apparent, yet it’s one that many marketers neglect. It won’t cost you a dollar to include a clear link to a website in your email signature, and the impact on increasing views might be considerable, depending on how many people are dealing with leads and customers. Every day, most sales, marketing, and support teams have a lot of discussions, and you should use these opportunities to promote your video content.

Have a Simple Video SEO Strategy

SEO is important for more than just your blog entries and website. YouTube has surpassed Google as the second most used search engine on the internet. People utilize this network to discover individual movies and search for general information, much like they would on Google.com. You can also take steps to make it easier for people to find your videos on YouTube. Here are a few crucial points to remember when it comes to video SEO.
The greatest approach to getting people’s attention is to use titles. Keep it brief and informative. On YouTube videos, the first 60 characters or less will appear. Also, as with any blog post, make sure you plan your keywords. To locate appropriate keywords, utilize the SEO Ranking keyword recommendation tool or the YouTube keyword tool. In your video description, provide keywords and a link to your website. On YouTube, keep it to 70 characters or less to assist viewers in comprehending what your video is about.

The Bottom Line

Creating high-performing videos requires time and effort. However, with the correct video content strategy and a little imagination, you can use it to convey inspirational stories and urge people to watch and act.

The post 7 Tips on how Video Content can help promote your Small Business Online appeared first on Lifeyet News.