Make & Receive Payments
Every business needs an affordable and efficient way to receive and send payments regardless of the industry, the size of the payments or any other factors. If you hang a “cash only” sign, the fact is that you’re going to chase off potential paying customers.
You’ve outgrown the cash box. Here are a few of the tools you need to be familiar with to make sure money can come into and go out of your small business simply and safely. Remote Deposit If you accept checks as payments, a remote deposit scanner allows you to send electronic images of the check to your bank. The deposits happen quickly and you can spend time doing more selling and not making regular trips to the bank to deposit checks.
ACH or Automated Clearing House transactions are like electronic checks. You identify an account that you want to take a payment out of and the account you are making the payment in to. It’s great for sending payroll out on direct deposit or for paying federal, state and local taxes.
Think about how you paid for your last 20 retail transactions. Chances are, most of them were paid for with a debit or credit card. As a merchant, accepting cards as payment is a must, and the right solution gives you that ability without a high fee.
Mobile Card Reader
Many businesses benefit from being able to accept card payments on mobile devices. You can accept a payment and text or email receipts to customers all from a tablet or smartphone.
Running payroll for a business with a handful of employees is one thing, but when your roster starts to grow, payroll processing is a great investment. Many modern solutions allow you to run payroll online and include help with tax filing.
Online Bill Pay
Online business banking often includes access to an online bill pay service that allows you to pay AND issue bills. This is a great way to stay on top of accounts receivable. If you’d like help building a suite of products to help you make and receive payments for your business, Community Bank of the Chesapeake can help.