Question Received:
Hi Finli Experts,
I run a daycare and I accept payments however they come – cash, check, credit & debit card. Basically, you name it, I’ll take it. Since my business has expanded, I’m having a hard time keeping up with the physical forms of payment – it’s a lot of work having to figure out who paid me and when they did, and then on top of that, having to go to the bank regularly to deposit the cash. But at the same time, I don’t want to take away a method of payment. What should I do?
Sincerely,
Jasmine S.
A Finli Expert’s Response:
Hello Jasmine S.,
First of all, know that you’re not alone. Many service-based businesses find themselves in this position, and our advice to you (and them) is to try to stop accepting cash and check payments. These aren’t the safest forms of payment. If anything happens to the cash, for example, there’s no chance of reconciliation because there’s no digital/paper trail. It’ll be much easier for you in the long run, as you continue to expand, to accept payments only digitally – and in most cases, it’s easier for your customers who just have to get over the hump of change.
However, if you must continue to accept cash payments, we have a few ideas to make your life easier. Make sure you’re using a payment system to log those payments so you can track all payments in one place. Also, consider what many of our customers do, which is charge a convenience fee for accepting physical payment. This encourages customers to adopt digital forms of payment and, if they still choose to pay in a physical form, at least you’re being compensated for the extra time and headache that it causes!
To submit your question to Finli’s panel of small business experts, visit finli.com/learn.
