Resources: Money

Make your Money Management, Collection and Processing – Quick, Easy and Straightforward

Xero is a modern cloud-based accounting package designed to give the business owner a clear view of their real-time financial situation by viewing “dashboards” that showcase different aspects of their business. All financial data is stored in the cloud on a single unified ledger, allowing users to work on the same set of books regardless of location.

Some of the key features of Xero include bank and credit card account feeds which automatically import bank and credit card statements. It offers invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, and standard business and management reporting.

Over 275 3rd-party software vendors have built Xero add-ons and apps that integrate with their free API. Xero incorporates a payroll function and also support multiple tax rates and currencies, which is useful when running a global business.

With mobile apps for iOS and Android devices, users can run their business from the palm of their hand and also issue invoices whilst on-site with their clients! With a clever partnership with PayPal, Xero invoices can be paid using Paypal directly from the invoice itself, speeding up the payment process. Meanwhile, their automatic reminders will keep you up to date with your financial “paperwork”.

“This is top class accounting software with a great mobile app. It can be easily accessed by all of your authorised team from anywhere in the world. Xero’s fees are really scalable so you should start with this system from Day One. Years later, you’ll still be using it as it’s just so efficient at running the financial side of your business.”

Stripe accepts payments online and in mobile apps and is one of the largest and most successful payment gateways used in ecommerce accepting all of the major credit and debit cards. They currently handle billions of dollars every year in global transactions.

“We like Stripe because they seamlessly collect the money from online transactions, either as a one-off payment, or as a regular subscription. Once collected Stripe keep the money for seven days (where they will earn some interest!) and then they automatically pay the money directly into your chosen account. The interest they earn during those seven day allows them to keep fees to a minimum so there is a benefit to users. Furthermore, you don’t need to chase them for payment or remember to withdraw funds it’s all automatic.”

As your business gets bigger and your income soars, payment processors like PayPal tend to ask for more guarantees. Additionally they want to know that a product purchased has been successfully delivered which doesn’t necessarily fit as well into the subscription and recurring revenue business model.

In some cases, they will hold onto your money in case you can’t deliver the goods. So some of your cash flow may be blocked for a number of months!

WorldPay is one of the solutions to this problem. Worldpay provides secure payment services for small and large businesses, including payments online, card machines and telephone payments.

On a typical day, they process over 31 million mobile, online and in-store transactions – that’s around 400 a second and they are the leader in payments processing in the UK, handling approximately 42% of all transactions.

There’s some red tape involved in setting up an account but it’s well worth the time and effort.

TOP TIP – the real benefit here is the make sure you have a primary payment gateway and a secondary ‘back-up’ gateway ready and waiting to go should you suffer a problem.

“Whilst setting up a WorldPay account can appear rather complex and detailed at the outset, once you’re approved, they take their agreed percentage and pay you the next day. They suit all sizes of business and it is a logical choice to include them in your payment armoury as your business grows.”

TransferWise is a really clever way of converting money to send abroad. What makes them different is that rather than having one international transaction, they actually make two local transfers which, in turn, saves you money on transfer fees over the mainstream banking services.

For the more detailed amongst you…here’s how it works (if your bothered! I just like the saving !!)

Traditionally, if we wanted to pay a French company in Paris, our pounds are transferred international from our bank in Oxfordshire to another bank in France and the pounds sterling are converted into Euros.

TransferWise accept our pounds into our local sterling account in the UK. They then place the equivalent converted Euros into our Euro account in France. This Euro account in France then makes a local payment to our French supplier in Paris. So the money hasn’t actually travelled internationally.

“Transferwise can offer great rates when converting money from one currency to another and with our team spread across the UK, the USA, Austrailia and The Philippines, this is an ideal and really easy way of paying international payments to our team and our international affiliates.”

WooCommerce is an open source free e-commerce plugin specifically designed for WordPress and therefore integrates seamlessly into WordPress websites. It is ideal for small to large-sized online merchants and is one of the most popular plugins, now powering 30% of all online stores.

WooCommerce is ideal for both physical and digital goods with product variations, multiple configurations, and instant downloads to shoppers, and also enables you to sell affiliate goods from online marketplaces. You can also offer bookings, memberships, and recurring subscriptions.

Their shipping options are highly configurable, from free shipping, drop shipping, flat rate shipping, or make real-time calculations with shipments limited to specific countries.

It accepts major credit cards, PayPal, bank transfers such as BACS, and cash on delivery. Third party payment gateways integrate with WooCommerce, including Stripe, Authorize.Net, and Amazon Payments etc.

“WooCommerce is perfect for WordPress integrations and is a great tool for starting out. It offers great integrations with the popular payment gateways and it is reliable and robust.”

SamCart is a web-based shopping cart software built for business owners who are looking for a powerfully simple way to sell more of their products online. SamCart features a template library of high converting checkout and upsell designs. The branding is configurable to fit right in with their clients’ overall website design.  These templates feature quick page loads to make movement through the sales funnels as smooth as possible.

One of the key features of SamCart is their “One Click Upsell” facility. After visitors have “checked out” their first product, they can be presented with a series of upsell products that take a single additional click to buy.

SamCart also supports split testing on both checkout pages and upsell funnels. Half of your traffic can be directed through one upsell process, while the other half uses another process to test difference in conversion rates.

Whilst not all checkouts are as mobile friendly as they should be, SamCart has optimised all of their checkout and upsell funnels for use on mobile phones to maximise sales via this channel.

Every SamCart checkout page comes with a section to post guarantees and to offer bonuses in conjunction with your products and every cart is SSL encrypted, keeping customer data safe.

“We see this as the next level of Shopping Cart integrations. The integrated up-sells, cross-sells and down-sells capability is a great way of significantly increasing the monetary value of each transaction by offering related products AFTER the first sale is made. So, we now use SamCart for everything from one off sales to multiple payment options. Clients can pay monthly or make 3 payments in a set time period, for example.”

Pin It on Pinterest