Editorial Team
4 min read
For many merchants, managing business expenses is an unavoidable chore. When done right, however, it can lead to healthier cash flow, improved vendor relationships, and less busywork. But when mistakes are made, businesses can face large penalties and risk of fraud or theft.
Hiring someone to manage business expenses is a possible solution for some companies, but it’s not always feasible for small businesses. Thankfully, financial applications like Pay Bills by Melio can lighten the load for business owners. Pay Bills is accessible to all Clover merchants from the left-side navigation bar of their dashboards, allowing them to make vendor payments from the same place that they receive payments and manage their businesses. Plus, vendors don’t have to sign up to get paid, and there’s no installation required.
Tech has your back
There are many reasons you should consider using Pay Bills. With the click of a button, you can:
1. Step up your cash flow game
Maximizing cash flow is straightforward. Hold onto cash longer by getting paid as early as possible. On the flip side, pay your business bills as late as reasonably possible without risking any penalties.
The issue with paying bills via mail is that you never know when your check will arrive. To navigate the unpredictability of the postal service, most people end up sending payments early to avoid possible late fees. However, this method isn’t flawless as no physical arrival date can ever be guaranteed.
The right software can solve this issue altogether. Pay Bills allows you to select the exact date you want your payment to arrive, letting you hold onto cash longer while ultimately paying right on time–but not a moment too soon.
You can also keep more cash on hand by paying business bills with a credit card–even where cards aren’t accepted*. Delay payment until your next billing cycle, and rack up rewards along the way. And while you increase your cash flow, your vendors and contractors still get paid the way they want.
2. Save time and money
The costs hidden behind writing and mailing checks really add up. Even more frustrating? Processing paper checks also slows down your business processes because you don’t know exactly when checks will be deposited. This, in turn, negatively impacts cash flow.
Thanks to the advancement of digital payment solutions, manual processes like writing paper checks are no longer necessary. However, if your vendor prefers to continue getting paid by paper check, Pay Bills will mail them on your behalf to save you time and energy.
3. Reduce the risk of errors
Manually managing payments is an extremely error-prone process. There are endless things that can go wrong–manually writing numbers and dates can result in typos, paper documents can get lost or misplaced, and sometimes, people simply forget to send the check or update the books.
Digital bill pay solutions eliminate the risk of making these errors. With tools like Pay Bills, all transactions are documented on a centralized dashboard: you can schedule payments ahead of time, and you can minimize errors by syncing with your accounting software such as QuickBooks® Online.
4. Strengthen your working relationships
Working relationships can be disrupted when payment processes are done manually. Think of all the moving parts and potential for crossed wires–endless paper invoices, inefficient payment approval routines, time-consuming manual data entry, and disorganization that can lead to late payments.
How does Pay Bills help? Since every invoice is uploaded to your dashboard and is accessible to you and your team, there’s total visibility for everyone involved. That also stops manual data entry errors altogether, and lets you schedule all payments to go out on time. And that can improve the way you collaborate with your accountant, bookkeeper, and vendors. All parties stay happy.
What now?
Running a business is hard enough. Make the chore of paying bills a thing of the past, and start managing your payables online. Free up your team and yourself from tasks that are costing you unnecessary time and money.
Pay Bills by Melio is an easy-to-use solution tailored to fit the needs of merchants like you. What are you waiting for? Head to your Clover dashboard, click on “Pay Bills” on the left-side navigation bar, and get started. Or, find it in the Clover App Market.
*Subject to card network limitations.
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