Category: Payments Advice

6 reasons you might not need a card machine for your new business

Posted on | by Imogen Eaton | Leave a Comment on 6 reasons you might not need a card machine for your new business

Many new business start-ups look to pricing and payment models as the first port of call when ironing out the profit-making details of your business plan. While brick-and-mortar businesses such as shops and restaurants might find investing in a card machine is an unavoidable outlay, it might not be long before we have to review the way we make and take payments in the wake of Covid-19.

There is now a plethora of online payment tools flooding the market. While a card machine may seem like a ‘no brainer’ option in keeping things simple and convenient for your customers, there’s nothing like a global pandemic to help us question the status quo.

Here are a few reasons you might want to review a knee-jerk decision to get a card payment machine for your new business start-up.

1. You trade mostly online

From crafty creations to vintage goods and general gifts and products, Etsy has become a go-to outlet for product-based start-ups. Platforms such as Etsy mean merchants don’t necessarily have to invest in a website initially, helping to kick-start revenue for many small businesses in the early stages. If you do choose to trade via your own website however, opensource platforms and plugins such as WooCommerce can support businesses in establishing an e-commerce function within their own site.  

2. Your business is services-focused rather than product-centric

Tradespeople or service-centric business start-ups who sell skills rather than products may well avoid the shackles of card payment commissions too. By nature, trade businesses or professional service enterprises historically lend themselves more to cash payments or an invoicing model, respectively. For example, if you’re a trade business owner, it may be tempting to get a mobile cash machine to complete the payment transaction once you’ve finished the job. However, it might be worth exploring other online payment options as these might help you take payments just as quickly and securely and may not be as costly as you might expect.  

3. You choose to invoice instead

While invoicing clients may sometimes seem like a slow and outdated method of taking payments, it still has a firm place in the professional services arena. Don’t forget, as a business owner, you dictate your payment terms and there are clever ways in which you can chivvy along clients if they pay late or if your cash flow situation becomes troublesome. Check out our Invoicing 101 for more detail on invoicing best practice.

4. You want to accept cash only

When it comes to choosing taking payments for your small business at zero cost to you, nothing really beats the humble cash-in-hand exchange we know and love. However, in 2019, reportedly only 23% of all transactions were made by cash, and with the Covid-19 pandemic meaning even fewer consumers are carrying cash, it might be worth exploring options to ensure you don’t lose out on valuable business as a result of only accepting cash payments.

5. You want to provide a convenient, efficient alternative

Even before the coronavirus forced its hand in prompting businesses to review the customer journey, many were already looking to find ways to provide a more streamlined payment experience for customers. For example, popular restaurant chains Wetherspoons and Bills recently began to allow customers to pay for their meals from their table, via an app. Many payment providers such as PayPal also offer different options for processing card payments online. However, with a number of disruptive alternatives entering the marketplace, offering lower costs and an equally secure, convenient alternative to card payments, it’s worth shopping around for a solution that suits your business and doesn’t break the bank.

6. Card payment commissions and costs are too high

Especially if you’re just starting out, the initial outlay of a card machine as well as monthly rental fees and the commission you’ll be charged for each transaction, using a card machine might seem a little overwhelming. It might also be unnecessary. Ultimately it depends on your business model and goals, but other online, contact-free payment methods are available and, with the ever-changing world of work we currently inhabit, these alternatives might prove to be a more efficient, more practical option for your forward-thinking business in the long run.

Whether you want to take cash payments, continue sending invoices or make use of online payment options such as Coupay, now is a good time to question the norms when it comes to taking payments for your small start-up business.

After all, card-free card payments might just be the thing of the future.

Has the Covid-19 pandemic triggered a freelancer revolution?

Posted on | by Imogen Eaton | Leave a Comment on Has the Covid-19 pandemic triggered a freelancer revolution?

March 2020 saw the start of a global pandemic which would shake the UK workforce to the core. While rainbows adorned windows and we clapped for carers, many of us not working in the care industry were either furloughed or out of a job. With the economy in tatters, UK firms have been forced to make over 100,000 job cuts either before lockdown or after the furlough scheme has ended. 

With many seeking alternative employment whilst industries hope to recover, the option of self-employment has been an appealing beacon of hope for many people who have been out of work during the UK’s nationwide lockdown.

While the outbreak of the COVID 19 pandemic saw many adopt a freelance side hustle, channel a creative outlet or launch a new business venture the UK online freelancer platform People per Hour reported an “unprecedented rise” in the number of freelance users. London saw a 500% increase in the number of people signing up for freelance gig work.

How to keep ahead of the curve amid rising freelancer competition

But with so many taking up the self-employment mantel (seemingly temporarily), freelancer fees are being driven down as competition is rife. So how can long-time freelancers and small business owners continue to stand out from an even vaster crowd? 

Invest in yourself

Upskilling and personal development became a key part of life during lockdown, whether it was learning how to bake banana bread (yes, let’s admit it we all jumped on that bandwagon!) or taking an online photography course, many people made the most of their free time by investing a little in themselves. Online learning platforms such as Coursera reported more than 25 million enrolments since mid-march (an increase of over 500% compared with the same period last year).

If you’re looking for a number of different strings to add to your bow, or specific skills to add to the portfolio, online learning app Skillshare is a good, budget friendly option. Check out courses from The Open University for more comprehensive, academic distance learning or to learn a little more specifically about learning how to market and grow your new venture, hubspot academy is a handy resource.

Break the mould

While venturing into a totally different industry might seem daunting, it can be easier than you think if you spend the time to think strategically. Designers of writers might want to set up a separate portfolio for a different business area they’d like to break into, or business owners might think about a b2b strand alongside their consumer customer base.

Embracing a new side hustle is also a great way to gain traction into a totally different realm to the nine-to-five, whether it’s writing a novel, taking up pottery or setting up as an online language teacher, taking a leap of faith in a new industry can give a little variety to your daily routine and can also prove profitable in the long run.

Take care of your tech

Getting organised and streamlining your day-to-day processes is timely and sometimes, lets face it, the last thing you fancy doing on any given day. But remember- you only have to get your ducks in a row once, then if you’ve chosen wisely your clever technology does the rest for you. For example, trim down your tech by investing in tools designed specifically for the self-employed.

Applications such as FreeAgent combine project management, invoicing, and time logging software so that you can amalgamate all your daily processes without the need for a patchwork of technological tools. Applications such as Coupay can help you to streamline the payment process too, allowing you to receive payments online free (or at approximately 20p per transaction). Simply generate your unique Coupay link and add it to your invoices to take payments online as an easy, secure, smart business transfer, saving you and your clients time on extra admin and reducing the risk of late payments.

For an introduction on how our smart bank transfer works for your business venture, take a tour of Coupay or get in touch with one of our helpful experts to learn about a new way to take payments.

4 ways to avoid late payments with Coupay

Posted on | by Imogen Eaton | Leave a Comment on 4 ways to avoid late payments with Coupay

Freelance life undeniably has its perks. Working from wherever you want, around your own schedule, and truly doing something you love are just a few of the benefits of being freelance. But, as with every career path, it has its downsides too.

Lack of financial control is one of these downsides, more specifically, not getting paid on time is one of the biggest headaches for freelancers.

Chasing late payments is a freelancer challenge as old as time. If you’ve ever asked yourself the question- ‘what do I need to do to get clients to pay me promptly’? then you’re not alone. While clients may love the work you do, getting them to open the wallet often remains a bigger challenge.  

The problem of payments in a freelancer landscape

Global freelancing platform, Upwork recently published its US freelancer report which states that ‘living paycheck to paycheck’ and ‘not being paid fairly’, are two of the key challenges for freelancers.

In a world where almost everything is instant, we work with increasingly digital-savvy customers on a day-to-day basis, customers who like to keep things simple.

Did you know, the average millennial has an attention span of just 12 seconds?

That means, while your customers pinball their way through their working day time stops for you, as you draft yet another very carefully worded payment-chaser email.  

Working with an increasingly digital-savvy customer base also means, the best way to avoid late remuneration is to make that process and your payment methods as quick and friction-free as possible.

Coupay’s smart bank transfer provides you with a secure, encrypted link which enables you to take payment online for free (or at approx. 20p per transaction) and your clients to quickly and easily make an online bank transfer in just four clicks.

Here are our 4 ways you can use Coupay’s smart bank transfer software to help you regain control over your payment schedules.

Send a secure payment request by text message

Take payments over the phone, but in a totally new way. Clients and customers who know you well or have worked with for a long time will want to find the most efficient to pay you without spending their time on unnecessary admin. For clients who prefer using their phone to their laptop, sending your payment request via text might just be the most convenient and efficient option. For your tech-savvy, time-poor clients who like working on the move, a mobile bank transfer is a strong option and can truly trim down admin time for both you and your client. This is a particularly efficient option if you need to take recurring payments online without your client setting up a standing order or direct debit.

Embed your payment request link in an email

Of course, many of us still communicate via email when it comes to invoice payments. For a more desktop-friendly, slightly more formal approach, you could simply generate your Coupay payment request via the easy to use dashboard, copy it to your clipboard and hyperlink it within the text body of your email. This means that your customers can simply click the link from your invoice email or payment-chaser email which then guides them through to their business banking platform in just a couple of easy steps. This enables you to take payments in just a matter of four easy clicks for your customer.

Include it in your invoices

In addition to inclusion in your invoice email, it’s important to embed the Coupay payment request within the invoice as well. Our secure payment connector is designed for quick and easy inclusion in your regular or ad-hoc invoices. This one works in the same way as with an email, simply generate your unique payment link via the handy Coupay dashboard, copy the link and embed it in the ‘payment details’ section of your invoice to make the payment process more efficient for both you and your customers.  This way, your customers can check the invoice and then make payment instantly.

Align your Coupay account with QuickBooks

If you use QuickBooks accounting software to help manage your accounts and streamline your invoicing processes, you can now integrate Coupay’s secure link payment solution to work in tandem with your QuickBooks account. This means that the whole process can be fully automated for you, from our secure payment link generation to the sending and filing of your invoices and receiving payment in QuickBooks.

So while you can’t (unfortunately!) force clients to pay you on time, you can make it easier for your customers to significantly reduce time on the administrative process, giving them a more pleasing, more mobile payment journey than before.

Coupay’s mission is to make the payment process as friction-free and painless as possible, not just for you but also for your customers. Sign up now for a one-month free trial to see how our secure, friction-free Smart Bank Transfer system could work for you.

How to streamline your freelance business processes

Posted on | by Imogen Eaton | Leave a Comment on How to streamline your freelance business processes

As a freelancer or small business owner, one of the biggest challenges is how best to spend your time. While prioritisation is mostly prescriptive as an employee, when you own the business, knowing what should come first is a different matter.

While many freelancers fall into a creative black hole, coming up with heaps of ideas or simply over-servicing clients, this is probably the most efficient way to throw your hard-earned money down the drain. The way you charge your clients and how efficiently you make use your time can have a huge effect on your bottom line.

But being a freelancer means having several different jobs, with multiple plates to juggle and daily learning and development all in the mix. Learning to be your own accountant, business administrator, sales and marketing strategist as well as your actual freelancer title means that you need to be able to sometimes step back to see the wood for the trees and maximise your time effectively.

But how do you cut through all the daily noise, filter out the bad habits and separate the profitable ideas from the ‘nice to have’ brainwaves? Over servicing clients is a freelancer challenge as old as time- here are some of our simple tips on how to strip it all back and start with the basics.

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