Accept VISA / Master Card / Discover,  America Express, Apple Pay & EBT

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Credit Card Processing Made Simple

Credit Card Processing Made Simple

Credit Card Processing Made Simple Credit Card Processing Made Simple Credit Card Processing Made Simple

About Us

Credit Card Sales Drive Higher Business Revenues

Reliable Merchant Services

We specialize in helping our retail and e-commerce clients achieve their financial goals with the "Most Effective - Least Expensive" POS


Whether you're a start-up company or a seasoned entrepreneur, having a quick turnaround on your money gives you greater business profits


Talk With Us Today About:

  • Merchant Processing
  • VISA / MC / DISC / AMEX
  • Next-Day Funding
  • FREE POS Terminal
  • 24/7/365 Live Assistance
  • High-Risk Industries
  • High-Limit Processing
  • 48-Hr Cash-Advances
  • Inventory Financing
  • Business Expansion 


As Independent Credit Card Processing Agents, we're able to access many different processing houses with diverse products, thereby assuring you get the right products and services for your unique business

Accepting Major Credit Cards Is Essential For Success

Comprehensive Approach

We employ proven merchant financial strategies designed to maximize your business profits. Whether you're operating a brick-and-mortar or e-commence business, you'll see greater operational efficiencies w/ increased profits.


Count on honest unbiased recommendations and impartial guidance based directly on your specific needs and goals.


Every Business (regardless of your product or service) Enables Greater Sales & Profitability w/ Credit Cards

Committed to Service

Every great strategy starts with an excellent relationship. 

Our mission and values drive us to exceed our client’s every expectation.  


Call us today to find out how we can suggest both long-term and short-term financial strategies that will help you realize your business dreams.

accept VISA - MasterCard - Discover - AMEX - apple pay

ENJOY THE "MOST-EFFECTIVE & LEAST-EXPENSIVE" CREDIT CARD PROCESSING

Businesses Accepting Credit Cards Earn More Revenue

Conventional "MAINSTREAM" Retailers Accept VISA / MC / DISC / AMEX


New Customers Receive:

  • FREE POS Terminal 
  • Lowest Industry Pricing
  • Next-Day Funding 
  • 24/7/365 Live Customer Support

HIGH-RISK CREDIT CARD PROCESSING

High Risk Non-traditional Industries

What Are High-Risk Merchant Accounts?


A merchant account for HIGH-RISK business is similar to a bank account for business owners considered to be HIGH-RISK.


· HIGH-RISK payment processing requires a HIGH-RISK merchant account.


· Factors from credit score to industry type can categorize your business as HIGH-RISK.


· Your HIGH-RISK merchant account allows consumers to purchase online.


· Applying is easy; click to get started. 

 


Top Reasons a Business Falls Into The High-Risk Category


· The Business Is Selling Products Online

This type of service is commonly referred to as Card-Not-Present merchants.


· The Business Is In A Highly Regulated Industry

Such businesses involved with selling tobacco or e-cigs, firearms, and alcohol are among a few of the many that would fall in this category.


· The Business Is In An Industry That A Bank May See As A “Reputational Risk”

Companies that deal with information technology that might risk stolen customer information could be considered a reputational risk, as are those in any adult industry.


 The Business Industry Is Known For Having A High Instance Of Chargebacks Or Fraud

Merchant accounts that fall in this arena often experience increased chargebacks, identity theft, account takeover, and more; convincing banks to run in the other direction.


· The Business Sells Products Or Services On A Continuity Or Recurring Billing Model

This type of business model brings a lot of chargebacks when clients are billed without consent or remembering they even signed up; too many chargebacks will lead to your account shutting down entirely.


· The Person Signing On The Merchant Account Has Bad Credit

This one is a no-brainer. Banks are less willing to lend funds to those with bad credit which is when a HIGH-RISK processing company comes in handy. 

 

For HIGH-RISK Merchant Accounts and Other Payment Solutions , we Recommend PayKings 

PayKings team has HIGH-RISK merchant accounts for businesses with HIGH-RISK payment processing volumes of $20,000-$100,000,000+ per month. 


PayKings gateway and other HIGH-RISK merchant services give you access to information regarding your merchant account for HIGH-RISK business, including individual transactions and batch totals with comprehensive reporting tools. 


Merchant Payments Acceptance Corp’s end-to-end solution offers flexible products and HIGH-RISK merchant account services that enable merchants to accept nearly all types of electronic payments including major credit cards: MasterCard®, VISA®, American Express®, Discover®, Diners Club International®, signature debit cards Gift and loyalty cards, and even for a HIGH-RISK ACH merchant account. 


Merchant Payments Acceptance Corp’s end-to-end solution offers flexible products and HIGH-RISK merchant account services that enable merchants to accept nearly all types of electronic payments including major credit cards: MasterCard®, VISA®, American Express®, Discover®, Diners Club International®, signature debit cards Gift and loyalty cards, and even for a HIGH-RISK ACH merchant account.


SERVICES

· Ecommerce

· Gateways

· International

· Mobile

· MO/TO

· Retail/Swipe

· Terminals


SOLUTIONS

· 3D Secure

· Level 2/3 Credit Card Processing

· Recurring Billing

· ACH Solutions

· Cash Advance


HIGH-RISK MERCHANTS

· Vape/E-cig

· Adult

· Dating

· Firearms

· Travel

· Debt Collections

· Nutraceuticals

· Pawn Shops


READY TO GET STARTED?

Start Accepting Payments Today

APPLY FOR A HIGH-RISK ACCOUNT  

 

Speak w/ Daniel for Quick Honest Answers

CALL DANIEL DIRECT @ (813) 867-4051

GETTING APPROVED FOR HIGH-RISK PROCESSING

Credit Cards Open Multiple Revenue Streams

How-To Get Your HIGH-RISK Business Approved For A Full-Service High-Risk or E-Commerce Credit Card Processing Merchant Account

  

Some merchants believe that they can get a HIGH-RISK merchant account instant approval, but this option just simply doesn’t exist – as the approval process is an involved one. HIGH-RISK merchants can improve their chances of getting approved by highlighting the best features of their business. 


A cover letter should include relevant information, such as the industry insight of people involved in the project. Merchants should also discuss anything that makes the business stand out, such as proactive fraud monitoring, and for the sake of longevity and financial success should keep themselves away from the idea of a HIGH-RISK merchant account instant approval.
 

Address high trading volumes in a cover letter. Trading volumes impact the risk to the processing company. Showing a strong processing history with a great deal of money moving through the business can increase the chance of approval.
 

Finally, HIGH-RISK merchant accounts should have a plan to address long fulfillment duration. Fulfillment duration refers to the amount of time it takes between when payment is collected and when the service or product is delivered. The longer the fulfillment duration, the higher the risk of chargebacks, and thus the riskier the business. Reducing the fulfillment duration or showing strong reserves makes the merchant a lower risk.  
 

Click here for information on INTERNATIONAL BUSINESSES who need Offshore HIGH-RISK merchant account providers and gain insight on how to get approved for a HIGH-RISK international merchant account.


What is a Chargeback?
 

Chargebacks are also known as credit card charge reversals. A chargeback is an alternative for customers to receive their money back in the case that they find fraudulent transactions on their credit card statements and is particularly common for businesses with HIGH-RISK merchant accounts. 


Banks have a special interest (because of their particular commission) in pursuing chargeback claims. So, many dishonest customers misuse this procedure, which causes a growing number of unwarranted chargebacks. 


The more HIGH-RISK merchant account chargeback claims you have against you, the more that payment processing providing companies will avoid your business altogether. Therefore, it’s no surprise that retailers with HIGH-RISK merchant accounts are currently going above and beyond to stop chargebacks as much as possible. 


The demand for businesses to take measures to protect against chargebacks is becoming more and more prominent every year. All retailers with HIGH-RISK merchant accounts need to learn how chargeback claims can be handled and how to seek HIGH-RISK merchant services to protect their businesses from fraudulent chargebacks.

  

How do Chargebacks play a role for your HIGH-RISK Merchant Account?


When it comes to credit card payment processing, you might have difficulty getting approved for a HIGH-RISK merchant account due to of any number of factors that categorize businesses as HIGH-RISK such as fraud, bad credit, or a high ratio of chargebacks.


The best HIGH-RISK merchant account providers will have top-of-the-line security and a proven track record of keeping business and customer information safe and secure, as well as having a system in place to help mitigate a high ratio of chargebacks. Choosing the most reliable HIGH-RISK merchant account from a reputable HIGH-RISK payment processor, like PayKings, is critical to your business’s longevity and long-term success.


Retailers that are categorized as HIGH-RISK merchants need to be aware of the hurdles they might face on their journey to securing a payment processing company. 


PayKings specializes in the HIGH-RISK industry and understands all the ins and outs connected with businesses of this type. PayKings knows how to handle credit card payment processing for virtually any business model and offers options for chargeback protection along with a merchant account for HIGH-RISK business.


READY TO GET STARTED?

Start Accepting Payments Today

APPLY FOR A HIGH-RISK ACCOUNT  


Speak w/ Daniel for Quick Honest Answers

CALL DANIEL DIRECT @ (813) 867-4051

UNSECURED NON-RECOURSE BUSINESS LENDING

FINANCING BASED ON BUSINESS HISTORY; NOT YOUR CREDIT SCORE!

Revenue-Based Financing is a financing transaction where a business sells a certain percentage of sales over a certain period of time, in exchange for up-front capital. 


With Revenue Based Financing, a business can secure as much as $2 Million in funding in as little as 72 hours with minimum paperwork, no collateral, and with owner’s credit history not considered whatsoever.


Revenue-Based Financing is technically NOT a “business loan” because standard business loans have a fixed repayment plan with a set interest rate, so the loan payment is the same every month. 


However, Revenue-Based Financing is an agreement to purchase a portion of a business' future sales at a discount in exchange for up-front working capital. 


The lender recovers their money by taking a percentage of each month's sales revenues, so the amount paid back is greater in months where sales are higher and lower in months where sales lower, thereby giving businesses the flexibility needed in down times. This is also known as a Merchant Cash Advance.

  

Merchant Cash Advances – 


Historically, Merchant Cash Advances (MCA) have been for businesses whose revenue comes mainly from credit and debit card sales, like restaurants, clubs and retail shops. However, that’s all changed. Today,  


MCAs are readily available to other businesses that don’t rely mainly on credit card or debit card sales, regardless of their payment gateway channels. 


Quick & Easy. . . 

MCAs fund in days – not weeks with very little paperwork. The business’s daily credit card/debit card receipts are used to determine the owner’s ability to repay the money.


You Won’t Lose Your Home. . . 

MCAs are unsecured, so you don’t need any collateral, like having to put-up your home as security. This means you don’t have to forfeit any of your personal or business assets if your sales plunge and you aren’t able to repay the money.  This is what’s called “non-recourse” financing. 


When Sales Are Down, Your Payment Goes Down Too. 

Since the repayment schedule is based on a fixed percentage of your current sales, the payments adjust based on how well your business is doing. 


Having a variable payment structure is especially great for merchants with seasonal businesses where sales tend to fluctuate greatly from month-to-month or season-to-season and are somewhat difficult to predict. 


This borrowed money can be used for things like purchasing inventory at a substantial discount, buying new equipment, remodeling, business expansion, opening new locations, taking advantage of short-term new business opportunities, etc. 


For more info, and to see how much Unsecured Non-Recourse Revenue-Based Financing you qualify for, call Randall Farr at ICON Merchant Services (844) 544-2700.

Purchasing inventory at a substantial discount, buying new equipment, remodeling, business expansion

Purchasing inventory at a substantial discount, buying new equipment, remodeling, business expansion

Accepting Credit Cards Is Simple, Secure & Profitable

INCREASE YOUR PROFITS BY LOWERING YOUR BUSINESS EXPENSES

TODAY'S 21st CENTURY CREDIT CARD PROCESSING ...

(This Is An Optional Non-Traditional Merchant Processing Strategy for Retail  Shops, Coffee Houses, Restaurants & Bars, Hair & Nail Salons, etc. which you might consider for your small business) 


Enjoy great peace-of-mind . . . never  worry again about having the best equipment, pricing & service give you great peace-of-mind.


You're covered . . . whether you're running a mom & pop shop or a large retail business you'll have the perfect POS payment processing system   


MERCHANTS: IMMEDIATELY INCREASE YOUR PROFITS BY ACCEPTING ALL MAJOR CREDIT CARDS & PERSONAL CHECKS... 


Here’s a proven payment processing strategy that can make merchants a lot of extra money. This proven strategy is great because 1) it works well, and 2) it is easy to understand and explain, and 3) it eliminates 90% of your credit cards processing costs.  


With the ever-increasing cost required of profitably operating a small business, it’s understandable how merchants need to raise their prices to off-set these added expenses. However, that’s probably a mistake and may actually cost them money!


Raising Your Prices Should Be Your Last Alternative . . . 


Instead, establish your prices as "CASH PRICES" and ACCEPT ONLY CREDIT CARDS, CHECKS, AND CASH FOR PAYMENT, with a Service Fee added-on to all checks and credit card transactions to cover processing costs. Debit cards may also be accepted, as long as they can be processed as credit cards (but, NEVER Run as Debit Check Cards w/ PIN). 


Don't Increase Your Prices, and Don’t Stop Taking Credit Cards.

Instead, Start Accepting ALL Credit Cards and Checks . . .


Now, your customers have the choice to pay with checks, credit cards or cash, knowing that every non-cash transaction has 4% added to off-set (pass-through) the merchant processing expenses. Most people will understand and appreciate you not having to increase your prices, and the need to pass-on the credit card processing costs.


$10.00 Minimum Purchase (Vs) $1.00 Minimum Service Fee 

Many merchants try to impose a "$10.00 Minimum Purchase Rule" to 1) not lose their small profit to processing fees on smaller transactions, and 2) encourage their customers to buy more, hoping to increase their average sales ticket. 


The problem with the $10.00 Minimum Strategy is that it can often "backfire"; causing some customers to not purchase anything at all, thus losing any potential sale. With a $10.00 Minimum, people feel pushed into purchasing instead of encouraged to buy . . .  


So, let’s say you have a $1.00 minimum service fee and accept any sized transactions. Then, a $5.00 transaction which cost you $0.20 to process pays you $1.00 . . . making you an additional business revenue of $0.80, or a $7.00 transaction that cost you $0.28 to process pays you $1.00 . . . making you $0.72 additional business revenue


THIS WAY, YOU’LL NEVER LOSE A SALE AGAIN TO A $10 MINIMUM, AND YOU’LL BE MAKING AN ADDITIONAL 10% TO 15%+ (SUPER-PROFITS) ON THESE SMALLER SALES.  IN FACT, AS YOU CAN SEE, WITH A $1.00 MINIMUM SERVICE FEE, 


YOU'RE MAKING "NEW-FOUND MONEY" WITH EVERY SINGLE CC TRANSACTION UNDER $25.00. 


This process is easier and less expensive than an ATM.

Let's do the math . . . 

4% of $10.00 = $0.40 Cents 

4% of $20.00 = $0.80 Cents 

4% of $25.00 = $1.00 Dollar 

4% of $50.00 = $2.00 Dollars 

4% of $100.00 = $4.00 Dollars


So, let's assume you’re a merchant presenting your customer a $20.00 bill. The customer can either pay you with a personal check, credit card or cash (or debit bank cards if run as a credit card) and pay the 4% service Fee of $0.80 Cents for a total of $20.80. (plus, tip) 


Or, if you have a $1.00 minimum service fee, the total bill would then be $21.00, plus tip!


Depending upon the type of business you have, you'd be surprised how many people will tip when there's a "Tip-Line" on their receipt. Don't underestimate the value of these additional tips; even with just 2% tipping added to your cash flow and overall profitability.


And again, people will understand and appreciate you not having to increase your prices, and the business' need to pass-on the credit card processing fee to anyone not wanting to pay with personal or business check or credit card.  People will quickly adjust to this new format by either bringing cash when they visit again or knowing full-well ahead of time that they'll be paying the 4% service fee if they don't pay with cash. It's really that simple!


Here’s How It Works . . . 

This "CASH PRICE PAYMENT STANDARD" is being well-embraced by merchants, especially those selling lower priced items, like restaurants, bars, boutiques, coffee shops, liquor stores, delicatessens, convenience stores, barbershops, hardware stores, towing companies, beauty salons/spas, and nail shops, etc.


First off, you'll have a nice little sign on the front door and another at the payment desk letting your customers know that your posted prices are cash prices, and that you allow for payment with only cash, personal checks or credit cards, with a small service fee added to cover the merchant processing costs.


Then, this is posted, or the cashier explains to the customer that:

 "the business is doing everything it can to keep it's prices down, and is committed to not raising its prices unless its absolutely necessary. Our owner is working on ways to cut-back our overhead expenses without cutting back on our high-quality."


"The owner determined that paying-out 4% to process credit cards was too much and it had to be stopped, so we still accept credit cards but prefer cash.  All of our posted prices are "cash prices" and we prefer our customers pay with cash, however as a courtesy to our customers we accept personal checks or credit cards, with a 4% service fee added-on to cover the processing costs." 


Most people will understand and appreciate you not having to increase your prices, and the need to pass-on the credit card processing fee. People always enjoy having lower prices and will quickly adjust to this change by either bringing cash on their next visit or knowing they'll be paying the service fee.


What makes this work is that merchants are able to charge either a set percentage of (4%) or a minimum fee, anywhere from 0.10 Cents to $1.00, whichever is higher, so depending upon your average transaction and your minimum fee, you're able to receive additional business revenue to off-set other business expenses. 


For example, with a $1.00 minimum service fee, and an average of $0.66 overage per CC sale, 100 sales/day = $66/day … $462/week … $1987/month … $23,844/year. 


So, instead of paying out 4% of your gross receipts, start passing that small cost on to your customers 

How much money are you paying-out every month to accept credit cards? 


Whatever it is . . . IT’S TOO MUCH. 

Stop Paying Money & Start Making More Money! 


For more info contact Randall Farr at ICON Merchant Services LLC (844) 544-2700

Payment Processing Experts . . . Free Equipment W/ World-Class Service

https://www.IconMerchantServices.com 

Make An Additional $2.000+ /Mo

HERE'S THE SECRET . . . 

Don't Increase Your Prices, and Don’t Stop Taking Credit Cards. Instead, Start Accepting ALL Major Credit Cards and Personal Checks 


IMMEDIATELY INCREASE YOUR PROFITS BY ACCEPTING ALL MAJOR CREDIT CARDS & PERSONAL CHECKS...  


IMMEDIATELY start allowing your customers to give gratuities (TIPS).  STOP Losing Money - START Making More Money. . . Read how-to-do-it now! 

Creating Highly Effective Solutions

BUSINESS MANAGEMENT

Having a Well-Organized Accounts Receivable System

Part 1 – WHY TRACK ACCOUNT RECEIVABLES?


Although most new business owners are not usually qualified to do their accounting work or taxes (unless of course they are an accountant or CPA), however they are normally capable (or need to quickly become capable) of setting up and managing their company’s Accounts Receivable System. 


Accounts receivable are the lifeblood of a business's cash flow

Sometimes referred to as A/R, "accounts receivable" is the accounting term used to refer to the money that the business should receive from its customers for the goods or services it provided.


Your accounts receivable is an important part of calculating your profitability and provide the clearest indicator of the business's income. They are considered an asset, as they represent money coming into the company. 


To determine profitability, add up all your assets, including accounts receivable, and subtract your total accounts payable, or liabilities, which are what you owe to suppliers and vendors. If the number is positive, the company is profitable. If it's negative, then decisions must be made regarding how to increase the assets or reduce the liabilities.


When you sell goods or services to a customer and allow them to pay you at a later date, this is known as selling on credit, and creates a “liability” for the customer to pay your business. 


Conversely, this creates an “asset” for your company, which is called accounts receivable. This is considered a short-term asset, since you are normally paid in less than one year.


An account receivable is documented through an invoice, which you are responsible for issuing to the customer through a billing procedure. The invoice describes the goods or services you have sold to the customer, the amount it owes you (including sales taxes and freight charges), and when it is supposed to pay you.


If you are operating under the “cash basis of accounting”, you only record transactions in your accounting records (which are then compiled into the financial statements) when cash is either paid or received. Since issuing an invoice does not involve any change in cash, there is no record of accounts receivable in your accounting records. Only when the customer pays you do you record a sale.


If you are operating under the more widely-used “accrual basis of accounting”, you record transactions irrespective of any changes in cash. This is the system under which you record an account receivable. 


In addition, there is a risk that the customer will not pay you. If so, you can either charge these losses to expense when they occur (known as the direct write-off method) or you can anticipate the amount of such losses and charge an estimated amount to expense (known as the allowance method). The latter method is preferred, because you are matching revenues with bad debt expenses in the same period (known as the matching principle).


Part 2 – SETTING UP A/R SYSTEM

  

Organization Is Key If you are going to excel at accounts receivable management, you must start from the very beginning. Be diligent in every step of the process but, most importantly, in who (which customers) you decide to extend credit to. 


Net terms aren’t for everyone. So, start by setting up a professional credit application that gives you a chance to get as much info as you can on these customers. Use this info to vet your customer’s credit worthiness so you are making proper credit decisions. 


Once you’ve decided to move forward on credit with a customer, be sure you have a contract that clearly states the terms you are operating on and that that customer knows they must pay you. For sample A/R contracts and legal forms, go to: 


SAMPLE LEGAL FORMS http://www.shareasale.com/r.cfm?b=35793&u=1669540&m=7869


Also, be sure you are using a top-notch invoicing software, such as QuickBooks Pro, so you have an excellent way to keep an eye over your accounts and get your invoices to customers as seamlessly as possible. This also helps your CPA when compiling your financial records for taxes, which in the end saves you money.


Establishing a Credit Limit Remember, the credit limit is something you and you alone decide, so take advantage of having this kind of power. Therefore, start by extending more moderate terms with customers and let them know they can work their way up to more flexible terms. 


Not only is this an incentive but it allows you to really get to know customers’ payment habits before you give them too much room to breathe. It’s without a doubt the best way in accounts receivable management to ensure a customer will practice proper payment behavior. 


REMEMBER, TRUST AND CREDIBILITY ARE ESTABLISHED OVER TIME!


Creatively Communicate With the doors that technology has opened, the customer relationship management game has completely transformed. CRM is actually one of the most, if not the most important part of accounts receivable management. If you have a strong and healthy relationship with a client, they are not going to want to jeopardize that. Be creative in how you connect with clients. 


If you are on social media (which you should be), be sure to follow them on every medium, constantly commenting on their updates and showing them your listening. Send emails just checking in, being sure to nurture the relationship beyond just business. 


Always take note of your customers’ special occasions: birthdays, anniversaries, store openings, launches, etc. It’s all about showing them you care and showing them that you’re paying attention. It creates an emotional connection between you and your customer, making it harder for them to pull a fast one of you. 


People Don’t Care How Much You Know Until They Know How Much You Care


If you make is “customer recognition” part of your standard marketing program, by consistently sending out greeting cards & special occasion notes, as well as making the time to personally contact your past clients (both on the phone and at their office) you’ll see fantastic results simply by taking this friendly grass-roots approach.


Also, when a customer sees just how attentive you are, they will assume you are surely as diligent about your payments and that you “don’t mess around” when you know someone runs a tight ship. 


Here’s a “New Client / KYC Interview Worksheet” for your internal use.


New Client / KYC Interview Worksheet  Date: _____________________________


Accounts Receivable Clerk’s Introduction / Set-up Statement – “In order for me to know more about you and your business and to serve you better, would you mind if I asked you a few quick questions”?

Name of Person Interviewed: _________________________________________________

Company Name: _______________________________________________________________

Street Address: _______________________________________ State: ______ Zip _______

Office Phone #: _________________________  Cell Phone #: ________________________

e-mail Address: _________________________________________________________________ 

Birthday _______________ Fav Food: ____________ Fav Restaurant: _______________

Office Manager’s Name: _____________________________________________________

Office Phone #: _______________________  Cell Phone #: ______________________

e-mail Address: ________________________________________________________________

Birthday _______________ Fav Food: ____________ Fav Restaurant: _______________

Spouse’s Name: ______________________________  Anniversary: ________________

Spouse’s Birthday ___________ Fav Food: ___________ Fav Restaurant: ____________ 

Office Phone #: ___________________ Cell Phone #: ____________________________

e-mail address: ________________________________________________________________

Children’s Info: 

Name: _______________________ Boy / Girl Age: _______ Birthday _______________ 

Name: _______________________ Boy / Girl Age: _______ Birthday _______________

Name: _______________________ Boy / Girl Age: _______ Birthday _______________

Name: _______________________ Boy / Girl Age: _______ Birthday _______________

Pets / Animals: _____________________________  Names: ___________________________ 

Pets / Animals: _____________________________  Names: ___________________________ 

Special Needs: __________________________________________________________________ 

Notes: ___________________________________________________________________________


Start Immediately Don’t just sit around waiting for the customer not to pay you. Create a system that allows you to remind customers when they have a payment around the corner. If it is a week before payment is due, and you still haven’t received the check, shoot the customer a friendly reminder email simply reiterating the due date and how you accept payment. Don’t make it harsh in anyway; they haven’t paid late yet!


Don’t Wait Accounts receivable management 101 tells us that when you find out a payment is late, don’t wait. The longer you wait to collect, the harder it is to collect. Go straight after late payments as soon as the due date has passed!


Remind, Remind, Remind This seems silly, but your customers might not know their payment is late if you don’t tell them. Believe it or not, some of them haven’t paid you because they just simply forgot. You need to make sure this isn’t the case. 

As soon as the payment is past due, get a reminder letter in the mail. However, don’t just use a generic letter. Be crafty in your accounts receivable management and fashion the letter’s language to be appropriate for the situation. 

If somebody is a chronic late payer, you might want to up the severity, where if it’s someone’s first-time-offense, keep it super friendly. 


Stay Professional The worst thing you can do when it comes to a late payment is to get emotional. Now don’t get me wrong, you should be emotional. In fact, you should be very, very upset that someone didn’t respect you and your work enough to make the effort to get your money in on time. 


However, don’t let these emotions cloud your decisions. Stellar accounts receivable management is about learning how to stay professional. 


If you are a small business owner, chances are these are your friends, or even people you see out to dinner, on the golf course, at church, etc. You don’t want to do anything to ruin the relationship. As they say, keep calm and carry on!”

Having a Well-Organized Accounts Receivable System 


Part 3 – COLLECTIONS


Collection Calls After you have sent the letter and have received nothing, it’s time to get on the phone with the customer. This is a crucial moment in your accounts receivable management. 


You Must, Again, Not Let Your Emotions Get The Best Of You And You Cannot Let The Customer Run The Conversation. 


You need to prepare for the call and be ready to accomplish your goal. Here are my top 5 questions to ask when you are calling a business customer that owes you money:

1.         How are your sales?

2.         Are you waiting to be paid by your customers?

3.         Are you actively trying to collect from those accounts?

4.         What payment promises do you have?

5.         Is bartering a realistic option?


Prepare for Excuses The hardest part of the collection call is having to listen to the customer’s different excuses for not paying. No matter what, you have to be prepared to battle these excuses. 


Although (in some cases) it is easy to sympathize, accounts receivable management is about action and you must require some action from your customer. 


Get acquainted with the most common late payment excuses and learn how to respond to each one. Practice makes perfect and gets you paid.


Installment Plans When you do come across a customer who seems to be in a financial hard spot and you really would like to help them out, installment plans can be the best approach for success. Having a customer pay you back in a smaller amounts over time is MUCH better than a customer not paying you back at all. 


Installment plans gets cash in your pocket immediately and says a lot to the customer; as you are doing them a huge favor. Work with the customer to create a payment plan that meets both of your financial needs. Ideally, it would be great to always receive all of your money up front, but in those moment you can’t, be creative in how you can help the customer pay you.


Finance Charges and Rewards Incentives go a long way, no matter what you are doing. Consider this when it comes to accounts receivable management . . . 

Ø Are you adding finance charges for late payments? 

Ø Are you offering your customers a discount if they pay early? 


Whether it is to have consequences for paying late, or rewards for paying early, help give customers a little push in getting that cash to you on time (or early). It’s worth it, especially to see what kind of affect it has on your payments. 


If you are considering adding a finance charge, check your state’s usury laws to make sure you are not overcharging.


Utilizing Outside Professional Resources Businesses that excel at accounts receivable management do so because they know when to turn for help. There are many things you can do to help with late payments or delinquent accounts. 


You might consider reporting late payments to the credit bureaus, which will affect those customers’ credit scores. Knowing you are reporting late payments to the credit bureaus will usually motivate them to pay on-time with their monthly payments. 


If you have particularly large or repeatedly delinquent accounts, consider calling a debt collection lawyer to help take legal action. And if you need cash fast, look into receivables factoring, which will help you receive your cash (at a discount) while a factor pursues collecting your late payment.


The Experts – When you are having huge issues with late payments or delinquent accounts, it is okay to turn to the experts. 


Now, this is not saying you aren’t an accounts receivable management pro, but there are definitely times you need to “bring-in-the-big-guns” to get the job done. 


A lot of people are hesitant and cautious in using collection agencies and rightfully so. But if you are wise and do your research, you can find a company that will get you paid and treat both you and your customers right. 


It’s all about asking the right questions. If you find yourself in the position of needing to send accounts to collections, do your due diligence and you’ll find a partner who will make their first priority to get you paid, while letting you focus on the other money-making activities that are most important for your business.


HIRING ACCOUNTS RECEIVABLE PERSONNEL – 


Since the accounts receivable job description can be very stressful at times, not many people can handle the responsibilities without a certain number of skills and personal qualities. These can range from skills picked up in high school or college, to talents that are inherently part of the interested employee.


Math Skills.  A mind for mathematics and numbers is the basis of the account receivable job. In order for this professional to be able to fulfill his tasks properly, he must have mathematics knowledge and skills.


Communication Skills. This professional must possess excellent verbal and written communication skills in order to be able to properly work with customers. A high level of flexibility is also necessary when working with people, as well as excellent interpersonal skills and patience.


Computer Skills. Advanced 10-key calculator skills are mandatory for doing this job. Also, basic to moderate computer operating skills aid the accounts receivable tackle his or her daily duties.


Depending on the type of accounts receivable job description, the responsibilities of someone aspiring for the position can vary drastically. For example, the accounts receivable specialist job description will be different than the accounts payable, administrator, supervisor, or administrative assistant job descriptions. 


The most common responsibilities seen by most people with the accounts receivable job description are as follows:

· Maintaining up-to-date billing systems and carrying out billing duties;

· Generating and sending out invoices;

· Allocating, following up, and collecting payments;

· Reporting all daily work-related activities;

· Following very specific and strict deadlines;

· Performing account reconciliations & monitoring the customers’ account details;

· Being on the look-out for delayed / missed payments and other such irregularities;

· Researching and resolving payment discrepancies;

· Reviewing account statuses and generating age analyses;

· Ensuring compliance with the company’s procedures;

· Investigating and solving customer complaints and queries;

· Processing account and company adjustments;

· Keeping business up to date with all policy changes;

· Developing or following an already established recovery system;

· Communicating with customers through by phone, email, or face to face;

· Assisting with “closing the books” at the end of every month and preparing monthly metrics and statistics;

· Using various pieces of software, such as QuickBooks Pro to keep track of data;

· Supervising / keeping track of trust accounts, payment reversals, and write-offs.


AUTHOR IS NEITHER AN ATTORNEY, CPA OR ACCOUNTANT AND NO LEGAL OR ACCOUNTING ADVICE IS INTENDED TO BE GIVEN OR RECEIVED. 

Not Keeping Track of Your Finances Is Like Sailing A Boat w/o Navigation

A Company's Accounts Receivable Are The Lifeblood Of Its Cash Flow


Learn How-To Set-Up Your Company's ACCOUNTS RECEIVABLE SYSTEM


Learn How-To Manage Your Company's  COLLECTIONS PROCESS 

Your Business' Financial Health Is Vital To Your Success

Increasing Your Monthly Cash flow

KNOWING YOUR BREAK-EVEN NUMBERS

Business Economics 101 simply tells us that – 

“When a company increases its cash flow, it can better stave-off any unforeseen sudden business downturns, as well as perhaps even dominate their competition with significantly lower prices”. 


With increased cash flow, companies can take advantage of unusual business opportunities, such purchasing certain every-day-use supplies in bulk, thereby lowering their overall expenses. Increased cash flow also allows a company to replace outdated business equipment or acquire new equipment to increase productivity / better serve its customer’s.


Business Economics 101 also tell us that – “To increase cash flow, one of two things must happen . . . either increase revenue, or decrease expenses . . . one-or-the-other – no other way!”


Lowering “Fixed-Costs”, such as your monthly office / building lease payments, maintenance and utilities can often be quite challenging. Therefore, to effect change you must focus on better managing the “Variable-Costs” that make-up your business’ “Break-Even-Point”. 


DO YOU KNOW YOUR BREAK-EVEN NUMBERS?


Business Analysis 

Knowing Your Break-Even Number is the best place to start if you want to improve your business’ monthly cash flow and overall long-term competitiveness and profitability. 


Knowing your company’s Fixed and Variable Expenses, Cost-of-Goods, Labor Costs, and Total Financing Costs is imperative for any business owner wanting greater profits. Having a “COMPREHENSIVE BUSINESS ANALYSIS” usually reveals many specific areas where adjustments might be made to significantly increase the business’ monthly cash flow.


By exposing these unknown costly financial management issues, businesses will normally employ various alternative solutions to mitigate these high-costs of doing business.


HOW WOULD YOUR BUSINESS BE DIFFERENT WITH THOUSANDS IN INCREASED CASH FLOW?


Commercial Financing Options 

   

Ø Business Debt Consolidation

Ø Commercial / Business Line-of-Credit

Ø Equipment (Sale/Leaseback) Financing

Ø Invoice/Accounts Receivable Financing

Ø Purchase/Refinance of Real Property

Ø SBA Guaranteed Lending Programs

   

Merchant Cash Advances 

UNSECURED BUSINESS CASH ADVANCES  $50,000 to $2 Million Dollars

   

Ø Quick Funding

Ø Minimal Paperwork

Ø NO Collateral & Less Owner Risk

Ø Good Credit NOT Needed

  

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Hello, my name is Randall Farr.  I’m the Sr Credit Analyst/Underwriter for ICON Commercial Lending Inc, and with my 30+/yrs experience I’m a "Commercial Real Estate / Business Financing Expert”


For over 30 years, I’ve been providing my business expertise and banking savvy in developing structured financing solutions. (https://www.iconcl.com) I am well known as a seasoned industry leader with a solid reputation as a “Commercial Financing Consultant” who can be counted on for honest answers & quick results. 


In assisting your business’ finance team, I'll teach you about several ways for increasing your monthly cash flow and improving your business’ overall financial bottom-line. Plus, you’ll have access to my huge group of banking industry professionals to insure the very best available financial solutions. 


With my vast experience and understanding of and today’s evolving technology-driven marketplace, you will definitely want to take some time to meet with me and “pick-my-brain” as we analysis your unique business situation and determine what new innovative money-making solutions are available to you.  

TECHNOLOGY IS EVOLVING AND IMPROVING THE METHODS BUSINESSES MAKE MONEY TODAY . . . 


So, if you’re serious about growing your business to its full potential and want to explore all the new innovative ways you can be making additional money, be sure to contact me ASAP. 


How Can Revenue-Based Financing Assist You In Growing Your Business?


THIS IS UNSECURED BUSINESS LENDING. CREDIT LIMITS ARE BASED ON BUSINESS HISTORY AND NOT YOUR CREDIT SCORE!


Revenue-Based Financing is a financing transaction where a business sells a certain percentage of sales over a certain period of time, in exchange for up-front capital. With Revenue Based Financing, a business can secure as much as $2 Million in funding in as little as 72 hours with minimum paperwork, no collateral, and with owner’s credit history not considered whatsoever.


Revenue-Based Financing is technically NOT a “business loan” because most all business loans have a fixed repayment plan with a set interest rate, so the loan payment is the same every month.  However, Revenue-Based Financing is an agreement to purchase a portion of a business' future sales at a discount in exchange for up-front working capital. 


The lender recovers their money by taking a percentage of each month's sales revenues, so the amount paid back is greater in months where sales are higher and lower in months where sales lower, thereby giving you the flexibility needed in down times.


This variable payment structure has great appeal with merchants needing cash advances, especially for seasonal businesses where sales tend to fluctuate greatly from month-to-month or season-to-season and are somewhat difficult to predict. 


This money can be used for things like marketing, purchasing new supplies & equipment, business expansion, and emergency needs such as the ability to meet payroll or make rent.

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