How taking upfront payments can improve the cash flow of your business
Today we are going to talk about up front payments and how you might utilise these in your business to enhance your cashflow and also provide you with a bit of security in regards to the work your undertaking for your customers.
What are upfront payments?
A good example is a fencing contractor. They may take a 50% deposit on the order of the fencing job and then on the day when they’re actually going to install the fence they ay even take full payment before they install it or take full payment upon completion.
So what the tip this week is, is to look and say is it worth while and is it possible with my business to take an upfront payment on the service I provide.
Could portable payments be an option for me?
Sharp Accounting is a local accounting firm in Ballarat. Sharp Accounting nurture business growth by adding value through collaboration and shared knowledge.