Transaction speed and online payment systems for small businessUnlike much larger businesses like General Motors and IKEA, small business streams tend to be much tighter, smaller, and more in need of careful monitoring and management to ensure they don't drift into the red or run out altogether.
That's why it's so important to choose an online payment system that gives you total control over your money, and isn't bogged down in delays and unpredictability.
Some small business online payment solutions take longer than others to seek permissions from their partner banks and merchants; others are processed in large batches, and may take anywhere from 12 to 48 hours to fully process payments.
This is problematic for small business for a couple reasons. First and foremost, it delays your ability to realise payment and bolster your business' liquidity. If you have upcoming bill, invoice, or tax payment deadlines rapidly approaching, this hiccup in your cash flow can be disastrous.
What's more, and perhaps even worse, is the operational insecurity and instability this creates for your company. Cash flow, to whatever extent possible, should be predictable, regular, and ironclad. Unpredictable revenue streams create unacceptable risks in every aspect of your business, from purchasing and acquiring inventory and/or supplies, to payment of bills and expenses, to payroll, to marketing and advertising activities.
Choose an online payment method that gives you security, predictability, and minimises operational risks.