Equine business clients tend to be high-income earners or wealthy individuals (though not always). As such, it is critical to get your payment systems right. You want to be in a position where you can accept money regardless of source, allowing you to serve your clients in the way they want you to serve them.
But what, specifically, should you be doing in this respect?
That’s where this post can help. We look at some essential payment concepts you should consider as you set up your business.
Here’s everything you need to know:
Online Payment Processing
Online payment processing is a critical concept for you to understand as an equine business. You need to know how these portals work and what they can do to support your firm.
Usually, online payment processing is included as part of your merchant service POS system. Providers will give you online tools and machines that connect to the cloud, allowing you to take card payments when you want.
Online payment processing is helpful because it lets you pay invoices for services and so on. It also means your clients can buy things from you online and in person, and another outsourced service will deal with the payment element for you.
Point-Of-Sale Systems (POS)
Mobile POS is another concept that you need to understand as an equine company. Often, customers will want to pay for items when you travel to them, or they travel to you. Owning a mobile system makes this process easy (and avoids the requirement for invoicing entirely).
POS systems are novel in this respect. These negate the need to carry massive sums of cash around, enhancing your security.
Late Payment Policies
As an equine business, you also want to consider late payment fees. These determine how much your customers pay you if they pay late.
These fees can be quite high in some instances. But you should calibrate them to provide the right kind of incentives. You don’t want clients paying late and disrupting your cash flow, preventing your business from doing what you want it to do.
Invoice Management Software
Invoice management software is another concept to be aware of as an equine business. The more you understand this, the more likely your company is to thrive.
Equine management can take various forms. Usually, tools will help you maintain your financial records and track outstanding payments. However, you can also use them for billing and so on at a relatively low cost (making them handy for startups).
Payment Plans
Finally, you might want to explore payment plans as an equine business, especially if you offer high-ticket products and services. These allow clients to pay you over a longer period of time, making your products more affordable.
Usually, you’ll work with a third-party credit broker or lender to provide these schemes. For this, you’ll need to be an established company, but the requirements for this are generally quite low.
So there you have it: some essential concepts for equine businesses. Which will you implement in your firm?
