The future cost of business banking – are you ready?

business banking costs from Colour Accounting from Holst

The way in which individuals and businesses spend and receive money is changing, is your business losing out?

The Payments Council report that in 2015, cashless pay overtook cash for the first time. This is just one clue that makes up the big picture of how our financial landscape is changing. As consumers and businesses become increasingly reliant on debit cards, credit cards, and online payments, businesses must adjust to cope with the additional costs: How Do Delayed Payments Affect Your Cash Flow? When payments are taken by card, money enters your account more slowly than if you received cash instantly. As banks seek to combat fraud and identify theft, card holds will also get more common. These two effects combined will slow down the cash entering your cash flow – how will this affect your business? Have You Factored In the Cost of Banking? Card payments bring with them inevitable fees. As consumers use cards more and more, even for small purchases, these fees can stack up quickly to produce a surprisingly large cost. You must account for these costs either by accepting them as a cost of business or passing them on to your customers. Are You Using the Right Online Payment System? For many businesses, an online store is mandatory to keep up with the competition. Different payment systems have different fee structures, and depending on your business switching could make a significant difference to your finances. Discover everything you need to know to help make your business a great business with our one-day financial literacy training workshop Colour Accounting™. Secure your place here.]]>

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