Wednesday, February 3, 2021

The Simplest Way to Pay Vendors & Contractors

 



The Simplest Way to Pay Vendors & Contractors

Ways Melio Can Increase Your Small Business Cash Flow

As a small business owner, controlling cash flow is vital to keeping business operations running. While it is not always easy to keep cash flow positive, developing the right strategies to keep tabs on in and out of your business is critical to your success. Melio is a free, simple account payable solution to help small businesses stay in business; A powerful tool that can also help you increase your cash flow. Here's how: 1. Schedule payments - never pay too early or too late
By letting you schedule payments and choosing when to deduct funds from your account, Melio helps you better manage cash flow and keep cash for a longer period. Melio provides a clear view of when your payment will reach your recipient, depending on which method you choose to pay (ACH or credit card) and how the seller prefers to receive payment (check or bank deposit). This allows you to make payment as soon as possible due to the due date, to ensure that the payment arrives on time and avoid late fines or cash flow issues for an early payment.
 Pay your business bills with a credit card
Melio lets you pay any business bill with a credit card, even when cards aren't accepted, allowing your business to delay payments, increase cash flow, and earn card rewards like cashback, points, and more. Melio delivers payments to your recipient as a check or bank deposit (ACH), so expenses like rent, utilities, freelancers, etc. can be deferred to the next credit card billing cycle. Melio credit card payments can also help you take advantage of early payments or volume discounts and manage unexpected expenses (note: credit card payments have a tax-free fee of 2.9%) .‍
 Keep track of your payments
Melio lets you track the status of your payments from the moment you schedule them. Tracking payments can help you better understand cash flow status and make business decisions based on information in real time. It also allows you to build trust with your vendors by providing an accurate update of when your payment will arrive. As your relationship grows, your sellers may be willing to offer you better payment terms, helping you keep your cash for longer. Melio also displays the status of each payment to ensure there are no forgotten invoices or overrides.
 Manage all your payments from one place
Centralizing all of your small business payments is key to maintaining control and reducing cash flow issues. Instead of switching between writing checks, making payments via your bank and paying with a credit card, Melio lets you do it all from one place.
Plus, Melio's single simple dashboard allows you to send and receive business payments in an easy and flexible way, compared to current automation tools, which are often designed for financial professionals, and are confusing for small business owners and office administrators.
 Implement a payment approval workflow
Having a set of internal rules and processes for reviewing and approving invoices prior to payment gives you better control and transparency over money going out. It also helps create a system of checks and balances to reduce human error and reduce fraud that can affect your cash flow. As a small business, Melio lets you implement payment approval workflows for free to help make your payment process more efficient and keep track of your cash flow.
 Focus more on your work and less on paperwork
Creating an efficient payment process helps you save valuable time instead of spending it manually paying your bills. With easy setup, an intuitive interface, and mobile and desktop access that support business in the office or on the go, Melio helps speed up your checkout process. So you can now spend more on growing your business and cash flow, and less on time-consuming and error-prone paperwork.
 Make it easy for your customers to pay you
Creating an easy and friction-free payment flow is key to helping B2B clients pay you on time, increase fulfillment, and improve cash flow. With Melio, you have a free, simple payment account tool and an easy and friendly account receivable solution that allows you to easily send B2B customer invoices, along with a payment link. The link takes them through a seamless online process where they can choose how and when to pay, and you receive the funds on time. No more "check-in mail".
Conclusion
Having healthy cash flow can be the difference between keeping your business open or closing your doors.
Melio provides a free and efficient account payables and receivables solution, with powerful features tailored to small business needs and can help you manage and maximize your cash flow, creating greater opportunities for your business.
Join thousands of small businesses across the country who are already managing their online payments with Melio, saving time and busywork.

The Simplest Way to Pay Vendors & ContractorsThe Simplest Way to Pay Vendors & Contractors

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