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Small Business Cash Registers

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1. Bill Promptly - It's easy to think about moving on to the next job, but it's important to send homeowners a detailed bill with obvious payment dates. Also, send a reminder about two weeks before the official due date.

2. Stick to Budgets - Know what you're going to spend for new equipment, equipment maintenance, and on company supplies and stick to it. It can hurt your cash flow and cut into your profit margin.

3. Offer Early Payment Incentives - You'll be surprised at how offering a 1% to 2% discount for early payments will make your clients mail out their checks in a hurry.

4. Pay by Credit Card when Possible - Do this only if you're receiving 0% credit card offers for an initial period. It's a great way to keep cash handy and you can transfer the balance to another card once the initial time period is up.

5. Schedule Payments - Pay suppliers as late possible, avoid late fees, and plan out a payment schedule so that you're not paying everyone all at once. Spread out regular payments and try to arrange alternate payment dates to work with your schedule.

6. Avoid Slow or Non- Paying Customers - In your qualifying phase, make sure the homeowners have payment options in place. If they have trouble even coming up with the initial deposit, you might have to pull away from the job. Think of the man hours you'll spend trying to collect on the job during and after.

7. Barter Instead of Cash - See if you can find a barter arrangement for services. You might provide plumbing work in exchange for a website design - talk with your potential clients to find out if they provide a service you need.

8. Don't Spend it When You Get It - Avoid the urge to spend a portion of any payments you receive. Try to find an accountant or money manager who can watch over your transactions (possible barter?) And when you've got cash, don't stick it under the mattress. Place it in an interest-earning account and let it earn money for you.

9. Maintain Timely Collection Practices - Collections are not fun, but plan for some collection activity time during every week. You don't need to be mean and nasty, but you need to provide constant reminders for payment to make sure it doesn't get out of hand.

Small Business Cash Registers

How Does A Business Cash Advance Work?

Business cash advance providers give you a loan based on your recent credit card sales and until the loan is repaid they charge you a percentage of your future credit card sales. Since this loan is based on future anticipated credit card processing volume for the repayment of the loan, the lenders do not provide business cash advances to relatively new merchants or merchants without an established record of considerable credit card sales.

How Do You Qualify For A Business Cash Advance?

Business cash advance is available to any business that makes more than $3000 a month through credit card sales. You do not need to provide any other collateral as in tradition business loans, these loans are completely unsecured. Even a businessman with a less than perfect credit history can get this kind of a loan. Once you are approved for business cash advance, the funds are directly transferred to your bank account. Also there are no restrictions on how you use the money. You can use these funds for any type of business needs like business expansion, working capital, purchasing new equipments, increase in inventories or for promotional expenses.

What Are The Advantages Of A Business Cash Advance?

In comparison to traditional business loans, business cash advance provides many advantages. Any bank requires a collateral as well as good credit history for providing traditional business loan. While in case of business cash advance, lenders even provide loans to businesses with less than perfect credit history without collateral, as long as they have substantial credit card sales. There is no fixed fee. The application processing takes just 24 hours. Also there is no fixed term for repaying the loan, you repay as you earn through the credit sales.

Should You Go For A Business Cash Advance?

The cost of borrowing money through merchant cash advance is definitely higher than getting a usual business loan. The charges for such loans vary with different lenders. Generally the lenders require a fixed daily percentage of credit card sales from you which can make your payoff higher. The more credit card sales you do, the faster you can payoff your loan. Hence if you know that your business is capable of bringing in steady sales through credit cards and you are confident of repaying the loan, you can apply for a business cash advance.

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Small Business Cash Registers, by Tim Clark

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