ONLINE PAYMENT SOLUTIONS FOR SMALL BUSINESS OWNERS All small businesses rely on getting paid by their customers in order to keep up with the costs of running a business and most of these small businesses rely on cash payment and very few SMEs have reached the threshold required to make accepting alternative payment options like credit card payments a financial feasibility. When payment arrives late on a regular basis, a business can experience financial difficulty. There are various negative effects that can impact small businesses as a result of late payments from customers, some of which include;
- The small business owners can no longer pay themselves salary.
- The business is unable to hire new employees, which adds pressures to existing staff.
- Some businesses are unable to invest in the necessary equipment their business needs to thrive in the ever-competitive world we are in
- Many small businesses cut their marketing budget, thereby negatively impacting their ability to pursue marketing campaigns to attract new customers.