You’re in business to make money, but every business owner knows that you have to spend money to make money! From web developers to marketers, manufacturing, and repairmen, there’s no doubt that you’ll be making payments to someone frequently.
The question is, how are you going to make those payments?
It is important that you choose a convenient way to pay, but it also has to be a way that doesn’t drown you in fees, and you have to be able to keep track of your payments.
Here are four of the best ways for businesses to make important payments.
Money Transfer Service
Making payments is already troublesome, let alone if you have to send money overseas. However, it isn’t uncommon for companies to work with third-party vendors in other countries. The best way to track that money without going crazy is with a money transfer service.
It’s important to choose the right one. Remitly enables you to send cash to other countries, like the Philippines, without charging outrageous fees. In addition, they offer great exchange rates, so you can keep more of your money and reinvest it in your business.
Send a Check
In today’s world, there are a lot of fancy ways to send money. Those ways can be very effective, but sometimes, the best way to send money is to do it the old-fashioned way—with a check.
There are a few reasons why sending a check might still be the best way for your business to pay for goods, services, and utilities, like:
- You can give a check to anyone, even if they don’t have an account with another money service
- You can write a check when you don’t know the name of the recipient
- Checks can be post-dated to be deposited at a later time
Use an Invoicing Service
It’s important to look for convenient, efficient ways to pay other people, but it’s even more important that you keep track of every one of those payments. There’s no better way to organize those payments for tax and auditing purposes than with an invoicing service.
Many bookkeeping programs have invoicing abilities, as do some apps, like PayPal. That way you can send a bill and receive a payment and the program will automatically document the transaction.
Use an App
PayPal continues to be one of the most popular apps for sending and receiving money. However, it isn’t the only app you have to choose from.
As long as the person you’re paying has one of these apps, you can send them money quickly:
- Square Cash
- Google Wallet
Facebook Messenger is also an option, and it might be the best choice for people you need to pay who don’t have one of the other apps on this list.
Pay attention to ways you can make more money, but don’t forget to be mindful of how you pay other people. With these ideas, you can send money quickly and conveniently, while keeping track of every payment at the same time.