If you walk into a small street in America, you can see a number of small business owners pouring their heart and soul into their work. Most of them might be working day and night to make ends meet. Have you ever thought about how they are managing their payments? In this blog, let’s discuss what are the common problems faced by them related to payments and how online check mailing helps them.
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Problems Faced by Small Businesses
For most small business owners, there might not be huge savings. They live on their daily income, which means cash flow is the lifeline of their operations. If a product is sold today, small business owners often use that money to support their daily lives as well as to pay suppliers.
Most suppliers operate on a contract basis, meaning they may deliver items weekly but expect to be paid in one lump sum at the end of the month. This arrangement requires trust between the supplier and the business owner. To gain that trust you must have to agree certain demands of the suppliers. Some of the most common demands set by them are as follows:
- Payment should be made via check.
- Payment should be completed on or before the payday.
- There should not be any mistake in the payment.
- Checks should include all required details, such as invoice numbers and exact amounts, to avoid confusion or delays.
- Payments should be reliable and consistent every month to build a dependable relationship.
Using checks is fine for most small business owners. But the problem is, if they use checks for making payments, they may not be able to fulfil the other demands.
But with Zil Money, it is possible!
Easily Mail Your Checks
Zil Money allows you to make check payments even at the last moment. The platform automates the entire check mailing process. That is, with the platform, you don’t have to manually enter data on the checks. Instead, just integrate the platform with your accounting software. This lets you directly import checks to the platform. A feature like this has the ability to save a lot of time and energy of yours. After this process, you can customize your checks and directly mail them via USPS/FedEx depending on your urgency to make the payment.
USPS/FedEx?
If you have chosen the USPS option, you will be getting access to three features: first class mail, priority mail, and express mail. First-class mail is the lowest-cost solution that you can get. They are ideal if you have enough time to complete the payment. They normally take one to five business days to deliver your checks. With this feature, you can send checks both within and outside of the US. The next mailing feature, priority mail, delivers your checks within one to three business days, and similarly, express mail delivers your checks within two business days.
FedEx overnight mailing is the feature that could help you in instances where you could arrange funds only one day before the payday. The feature delivers your checks within the next business day and helps you not lose the trust of your suppliers. Another FedEx feature, Saturday mail, helps you mail checks even on weekends.
Other Payment Options Available on The Platform
If you like to give checks on hand to the supplier, then you can go for the online check printing feature from the platform. The cloud-based platform allows you to print checks on blank stock papers using a regular printer. The benefit of printing checks on blank stock papers is that it saves 80% of your check printing costs compared to ordering pre-printed checks.
Another payment feature offered by the platform is the eCheck feature. The platform allows you to send eCheck as one-time printable PDFs via email or SMS. Your supplier can print it and use it as a regular check.
The platform also offers other payment options such as ACH, wire transfers, credit cards, etc. All these payment options are easy and affordable. The same-day ACH feature on the platform allows you to make payments within the next business day. The cloud-based platform is an official member of NACHA, which guides and monitors the ACH network.
You can make both international as well as domestic wire transfers with the platform. International transfers need specific codes like SWIFT and IBAN, whereas domestic transfers only need the account number and routing number. With the credit card feature from the platform, businesses can make card payments without interchange fees. That is, when you make a credit card payment, your supplier does not have to pay transaction fees while accepting them.
Conclusion
With Zil Money, small businesses can easily meet all the demands of their suppliers. The platform allows you to make check payments quickly and affordably. The check mailing feature is a great help to small business owners, especially for those who can only arrange funds at the last moment. Other payment features offered by the platform, such as printable checks, ACH, wire, etc, are also equally important.
