Running a small business is no easy task. One that goes well beyond the standard 40-hour work week and constantly challenges those that give it a try. But what are some of the most difficult tasks a small business owner faces? Well, The Chamber of Commerce asked this exact question to small businesses across the country, and the results may surprise you (or maybe the won’t!). Take a look.
The Act, signed into law by President Obama almost two years ago, requires individuals to carry health insurance by 2014 either in an employer or state-based pool. Opponents of the bill say this mandate is a gross overstatement of Congress’ power, as it forces an individual to enter commerce that he or she should be free to opt out of. If Congress has the power to force an individual to purchase a good or service by virtue of interstate commerce, then what’s next? Small business owners, some represented by the assembly going before the Court, also argue that the effects of this mandate could drive up their premiums and have dire consequences on their cash flow.
Proponents of the Affordable Care Act say that the uninsured or so-called “opted out” folks typically end up seeking medical care anyway, so opting out shouldn’t be an option. When the uninsured seek medical care, they not only drive up the costs for the rest of the population, but the insured actually end paying for this expensive medical attention through taxes.
Starting a business, let alone maintaining and developing it, can be a daunting challenge; getting paid for your work shouldn’t be. Electronic payments can significantly improve this process, but as a customer care representative on the frontlines of incoming service calls, I know how intimidating they can seem.
With a little advanced preparation in these key areas, though, you can feel more confident about accepting electronic payments, and identify the next steps to move forward.
Inspired by the excitement of March Madness, the dismal performance of my bracket, and of course, the aspect of running a business that we help merchants with every day (getting paid), we decided to work up a little bracket for the methods of getting paid.
In this infographic, you’ll see methods of payment in head-to-head match-ups. Of course, only the fastest, most flexible, and efficient method for getting paid wins!
Click here or click image to enlarge.
Infographic designed by Kristi S.
Now more than ever, cash flow is critical for small businesses. An insufficient supply can delay projects, stunt growth or even shut off the heat! Fortunately, there are steps that small businesses can take to optimize their cash flow situation.
For starters, it’s helpful to determine the current state of your cash flow (the measure of how much money your business takes in vs. how much it pays out over a given period). We’ve developed a handy cash flow calculator to help you do just that.
Recently we conducted a survey of our small business customers to find out:
- How they billed and collected payments from customers before they automated their receivables
- What was important to them in a payments solution
- What benefits an online receivables solution provided to their business
Back in 1995, the internet was a fun little place to hang out and watch hamsters dancing around. According to Clifford Stoll, astronomer, author and a pioneer in digital forensics investigations, in Newsweek, 1995:“I’m perplexed. It’s not that I haven’t had a gas of a good time on the Internet. I’ve met great people and even caught a hacker or two. But today, I’m uneasy about this most trendy and oversold community. Visionaries see a future of telecommuting workers, interactive libraries and multimedia classrooms. They speak of electronic town meetings and virtual communities. Commerce and business will shift from offices and malls to networks and modems. And the freedom of digital networks will make government more democratic.”
Thankfully, the internet has lived up to most of the hype. Yes, we actually are dragging our tablets to the beach to read a good book and yes, e-commerce has grown to an estimated $172.9 billion dollars in online payments in the U.S.
Freelancers and contract entrepreneurs are perhaps the biggest beneficiaries of the digital age, and at a most opportune time. According to a recent Bureau of Labor report, there are currently 10.1 million independent contract workers in the US. Telecommunication allows a freelancer to pick up jobs in New York and LA, all from their home in Kansas. But you don’t have to be remote to benefit. Even local freelancers – from lawn and garden to web design – can benefit by utilizing the internet to get paid.
Here are a few pros of accepting online payments for contract work:
Customers are the lifeblood of small business. Well, most customers… I dare say that every small business owner has dealt with at least a few customers that actually cost their business money. Say you’ve done work or produced a product for a customer, and now the customer wants to keep their money (and most likely ...
PaySimple currently has a “best late payments excuse” contest in progress, and the excuses that our small business customers have been sharing with us are hilarious. While my dog doesn’t go for bills in his food dish, it always seems there are some breeds out there that thrive on them. But unfortunately, late payments are ...
Cash flow is crucial when managing a growing company. Those with optimal cash flow have mastered the balance between payments going out (payables) and payments coming in (receivables). They have tight processes that allow them to anticipate most cash flow threats before they happen. Managing your receivables is a huge part of dealing with those ...