In order to officially consider yourself a professional business owner, you have to have a couple of things in place. Business bank accounts, EIN numbers, merchant accounts, operators’ agreements, and even business credit cards are some of the more basic items needed to run the average business. While in the process of ordering business checks, setting up a virtual mailbox, and picking up your business license, you were likely very busy quickly scratching things off your ‘to-do’ list. It is well and good to have several back-up plans, extra copies of important paperwork, and lots of contingency plans in place, but the fact of the matter is that business owners are constantly busy. Their job is to keep their companies running properly, which is all the more reason for them to have several money processing accounts in good standing.
Lost Payments Happen
No matter which way the money is flowing, business owners have to be able to send and receive payments at a moment’s notice. You might come into your place of business to find a shut-off notice from the power company on your front door – not because you don’t have the money to pay, but because your account manager somehow managed to forget to send the check. If you have multiple ways to send and receive payments in place, you can immediately remit payment and go on with business as usual. For business owners who may have neglected this task, their entire day might be spent running around trying to obtain cash and make payments in person.
Unseen Delays Mean Alternative Solutions
If only business owners could count on things going smoothly at any given time. Payment delays, ‘hiccups’ in the systems, internet outages – you name it. When it comes to timely payment processing, there seems to always be a reason that business owners either have to accept delays or make additional payments to keep everything running the way it should. So, if you are a company owner to finds that a shipment of much-needed supplies is being held up because of unpaid duty taxes at customs, what are you to do? If you can send money online with Ria, then it is pretty certain that you will be able to pick up your shipment the same day. In addition to having a business bank account and business cards, you need to have accounts with international money transfer companies so that all potential delays can be quickly resolved.
Because You Don’t Want Business to Slow Down for Any Reason
You will find that certain customers will only take payments in some form, despite other methods being obviously more convenient. Sometimes, the most convenient payment methods will also be the most costly. As such, you do not want your company to be limited. In your downtime, setup payment methods so that you can send and receive cash online. You never know if or when you will have to use them but being prepared will keep business from slowing down.
If your company can write a check, send payments electronically, or even receive payments direct to bank accounts, you are well setup to deal with all sorts of potential payment processing issues. Have a back up to each back-up and your business will always keep moving. Remember that more than one is always best when it comes to sending and receiving money.