Banks give business instant cash flow tools

Since the onset of the economic slowdown, small businesses have experienced more problems than usual in collecting on invoices in a timely manner, affecting their cash flow. As a result some banks are marketing tools to assist small business owners to collect payments more quickly and efficiently.

These include mobile facilities that cater for off-site transactions; fixed-line EFTPOS devices traditionally associated with retail outlets; and online services that provide a secure, internet-based gateway for payments.

Ben Conway, ANZ Manager for Merchant Direct Sales, says it is important to offer choices so customers do not have an excuse to delay payments. “Otherwise it’s easy for the customer to say ‘I don’t have any money on me’ or ‘I don’t have my cheque book’, whereas if you pull a machine out (it can be processed straight away).”

Source: The Age