As a freelancer, you're forced to wear a lot of hats - from business administrator to marketer and everything in between. Managing these aspects of your business can feel like a full-time job apart from the billable hours you actually spend helping your clients. Nowhere in this hectic schedule do you have time to chase down delinquent clients, yet independent workers spend as much as 36 hours tracking down every missing payment, according to Freelancers Union.
"An electronic payment processing system can make it much easier to get paid."
Having an easy-to-use electronic payment processing system can make it much easier to get paid, but that's not to say it's easy to find the right payment processor for your business. And who has spare time to spend searching for the perfect tool? Let us make it easy for you - here are the three things every freelancer needs to know about payment processing:
1. Automated payment processors save you time...
As we mentioned above, there are simply not enough hours in the day for you to chase down slow-paying clients. Electronic payment gateways make paying for your services easier than ever, removing as many roadblocks as possible to your clients paying on schedule. Plus, having an automated system will also save you time when it comes to managing your accounts receivable process.
2. ... and money.
One of the easiest ways for your customers to pay is with a credit card. However, hefty interchange fees can cut into your profits. With an automated payment processor, you can make sure every transaction qualifies for the lowest possible interchange rate. This includes leveraging inexpensive Level 3 rates for purchases made with commercial credit cards.
3. Security matters.
By accepting payments, you become responsible for keeping your customers' financial data secure. Working with a payment processor allows you to stay compliant with security regulations by taking advantage of up-to-date security technology like tokenization and end-to-end encryption.
At Vantage, we are experts in helping business of all kinds get paid. Contact us today to learn more or schedule a consultation with one of our payment advisors.