Many small businesses don’t know that they can use different methods of banking other than just going to their local bank and setting up a business checking account. Business owners who don’t have brick and mortar shops can benefit from some of the newer, quicker methods of accepting money from their clients.
A good example would be limousine companies, who usually consist of an owner and several drivers. Most limo companies book their clients over the phone, so they can’t readily accept a check or cash as payment. With new technology, such as Square and other similar mobile card reader devices, businesses can accept payment immediately and on the go.
This would especially benefit limousine owners, taxi drivers, and other businesses without a physical store. Many people don’t carry cash around anymore, so if the drivers have the mobile card reader on hand, they are more likely to get a tip.
When small business owners start thinking outside the box and utilizing these different payment acceptance methods, they will significantly grow their businesses. As they start making more money, they can eventually work with private bankers who will help them manage their new found wealth.
Limo companies often have to turn down business because they don’t have enough limos or drivers to provide service to everyone who calls in to book something. Imagine if they were to have enough capital to purchase more limos, such as Lincoln Navigator stretch SUVs, Hummer limos, towncars, and stretch limousines. They could also hire more drivers to handle to influx of new business.
If you own a small business, especially one without a physical location, you should consider using more portable payment methods. You will bring in more money, pay less processing fees, and gain more customers. This will ultimately grow your business, and you will have plenty of money to invest back into your business, or put toward your retirement.