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SPONSORED BY Contractor hubtt h b
Managing cashflow cashless
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problems can often become one of the biggest obstacles threatening financial prospects. Recently, research by the Small Business Insights index showed just under half of SMEs are operating underwater regularly,
increasing the pressure on many who worry about their ability to sustain growth long-term.
Lengthy delays for receipt of client payments and transaction costs, often a mainstay of small business life, can put a strain on businesses, and as the shift towards a cashless society accelerates additional strain can be piled on for those businesses not in touch with the times.
It’s not all doom and gloom however, with the cultural increase in entrepreneurialism and growth of the gig economy supporting innovation in payment tools and cash flow management technologies. So, in a cashless future, how will HVAC contractors adapt and thrive?
Rushing to c Rushing to cashless?
The growth of e-commerce, declining fortunes of the high street and increasing closures of bank branches have created changes in the way we now shop, which points to more sophisticated customer payments expectations. Now, unnecessary friction
ontractor hub
cashflow in a cashless age
age in a
COO of myPOS Europe, Andrew Byrne, looks at what a cashless future will mean for contractors or HVAC sole traders and SMEs, cash flow
in such processes could threaten premature obsolescence for HVAC SMEs.
Legislation is also speeding this up, with a
recent EU Directive banning the levying of payment processing fees on consumers. However, with it having the unintended effect of piling on additional pressure on SMEs as Visa and MasterCard pass on the parcel of costs, it’s clear businesses need to wake up to the new reality.
But there are valuable opportunities here, which will only increase with the growth of the culture of entrepreneurship encouraged all around us. In the age of the modern gig economy, many are naturally at home with the speed at which technology evolves, and will choose to take advantage of shifts in the commercial landscape opened up by digital technologies. Point of sale systems (POS) are a fundamental part of this change.
A whole new (digital) world
A whole new (digital) world With the rate of digital payments increasing year
on year, businesses that choose POS systems which bypass banks in how they process
payments will be the ones to gain the most. In the interests of speed, convenience, and cost, these sy stems enable businesses to be paid instantly,
cheaply and on the go. By way of such tools, SMEs can take the necessary steps to avoid cash flow problems, allowing them to manage their money more effectively by having easy, affordable and timely access to card payments facilitated for them.
From a B2B perspective, the analytics obtained through perceptive deployment of such tools can also help businesses plan ahead, or even free up time for more effective use. And by embracing a forward-thinking cash flow strategy and POS toolkits, SMEs can steal a march on their other less tech-savvy competition, positioning
themselves smartly to seize large slices of their markets.
The opportunities are boundless for HVAC SMEs and entrepreneurs to use technology in this way to turbo-charge their growth, future-proof their businesses and enhance their brand.
With digital payments increasing year on year,
r, businesses that
choose POS systems will be the ones that gain the most
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www.heatingandventilating.net
September 2018
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