Consider funding options.
Traditional banks are still the most popular funding method among small businesses, but 34 percent of businesses who responded to our survey feel that traditional banks have not made much effort to make business loans available for small business owners. This has spawned a trend toward alternative financing options, like peer-to-peer lending and crowdfunding. Sixty-two percent of our survey respondents said crowdfunding is a much easier option for funding, and 68% said they would use it again. With thorough research, both traditional and alternative funding are viable options.
Offer customer convenience.
The more convenience you add to your payments offerings, the more likely your customers are to pay you on time. If your customers can solicit or inquire about your services online, it’s best to allow them to pay for your services there as well. As a bonus benefit, this also elevates customer experience and increases the chances of returning and referred business.