As a hardware store owner, you have to rely on a steady supply of tools, materials, and equipment to meet various customer demands. This can include homeowners doing small DIY projects as well as contractors working on big construction jobs. So, to get a steady supply, you have to work closely with multiple vendors. However, each of these vendors may have their own payment terms. One of your vendors may want immediate payment, while another may allow 30 days to settle the bill. When you do not receive all the money from recent sales, you may be short on cash flow. In these cases, you may make payments with credit card.
However, the problem is some of your vendors do not accept credit cards because of the interchange fees they incur. Even though these fees might be small in amount, it can be a loss for your vendor. So, they may prefer some other payment methods like checks or ACH payments. This is a common problem for most of the small businesses. Even though you have a credit card, you are not able to make vendor payments. But what if you can make credit card payments even if your vendor does not accept them?
Wondering how? Let us find out in this blog!
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Pay Via Credit Cards Using the Cloud-Based Platform
Utilize Zil Money, to make credit card payments even if your vendor does not accept them. The platform helps you to pay via credit card and choose how your vendor gets paid. As you are able to select the payment method that best suits your vendor, you can have two benefits.
- Your vendor will not incur interchange fees.
- You can have rewards, cash back, and points.
How to pay a vendor with a credit card on the cloud-based platform? Let us see!
Log in to the platform and follow these steps –
- From the home page, you may choose Credit Card from the Pay From drop-down. Then, choose the desired payment option from the Pay As drop-down. ACH, wire transfer, check mail, or virtual card, are available on the platform. You may choose the one that best suits your vendor’s needs.
- You may enter the amount you need to send the vendor. Then, add the credit card you want to use and then enter the payee details, invoice number, and other details.
- Also, add any necessary attachments, comments, and remittances along with the payment.
- Once you are done, you may process the payment. A dialog box appears to verify your invoice.
- You may upload the invoice and add your signature. After that, confirm the payment by clicking on Verify.
Easily Fund Your Payroll with a Credit Card
When running a hardware store, timely employee payments are as important as vendor payments. But when your sales are low, or if you haven’t received your money from recent sales, you will be short on cash flow. In these tough situations, you may have to delay your employee payments. This can negatively affect your employees, who may be relying on paycheck-to-paycheck. To avoid these situations, you may utilize Zil Money. With the payroll by credit card feature of the platform, you can pay employees even if you are short on cash flow.
The cloud-based platform helps you fund your checking account connected with your payroll software using a credit card. For this, all you need to do is upload your payroll summary manually or import it from your payroll software. To import the payroll summary, you may integrate the platform with your payroll software. This is an easy task as the platform is connected with top payroll and accounting software. Then, you may fund a part or full of your checking account connected with your payroll software using this feature. You may transfer the funds quickly to these accounts via ACH or wire transfer. Choose the option that best suits you.
Multiple Payment Methods – Pay Employees and Vendors on Time
Using the multiple payment options available on Zil Money, pay your employees and vendors on time. These include –
ACH – The cloud-based platform helps you easily make ACH payments to your employees or vendors. You may process one-time or recurring payments via ACH using the platform. Also, the same-day ACH feature of the platform helps you in making urgent transactions.
Wire Transfers: For quick and large payments, wire transfers can be the best option. Sometimes your vendors may want you to settle large payments very quickly. So, they may prefer wire transfers over other methods as these transfers only take a few hours or a day to settle. The cloud-based platform offers you both domestic and international wire transfers.
Checks: Some of your employees or vendors may still rely on checks. The cloud-based platform helps easily create and send checks via mail or email. You can also instantly print the checks whenever you need them using the platform.
Conclusion
Using Zil Money, make payments with credit card, even if your vendor does not accept it. This can be greatly beneficial for you as a hardware store owner when your cash flow is short. You may keep all your credit card rewards, and your vendor does not incur any interchange fees. Also, you may make employee payments on time by using the fund payroll by credit card feature.
