Once your start-up begins to grow, the most important area you need to strengthen is your payments system. In the beginning you can rely on basic payment links to start selling but as you begin to scale you have to change things.
You will be forced to do this because you will have more customers, and a lot more transactions. You’re also going to have higher expectations from your customers. In order to keep up you’re going to need flexible and reliable payment tools that will grow as your business does.
Move Beyond Basic Payment Links
If you are like most start-ups you may begin with just some basic payment links or even payment apps. This will work for small batches or even pre-orders of your products or services.
However, as you begin to grow you’re going to see the limitations. You will then begin to need a platform that will be able to handle all the different payment types as well as international currency you may be handling.
Investing very early in some professional gateways is what is best for your business. This one move can simplify everything for you. This means your checkout as well as your accounting will be streamlined. Try to select those tools that will give you scalable fee structures and fraud protection.
Invoicing, Automations and Subscriptions
If you’re a startup and are offering retainers, digital products or services you’re going to need tools that will take you well beyond simple transactions. You want to have a tool that gives you recurring billing, and invoicing features.
Automation will also become very critical for you when your business starts to grow. You will likely need payment reminders, fail payment notifications and auto-generated receipts for your business.
This can help you to recover your revenue while still keeping things very much hands off. The right system is going to free up your time and you won’t have to be chasing after missed invoices.
Navigating Risk and Finding the Right Fit
Not all startups are going to fit into traditional models and categories. If your business is one of these you will often face issues with many streamlined processors.
Do not try to force your business to fit in with a tool that just was not created to support it. You should seek out other solutions that are tailor-made for you.
A high risk merchant provider available here, will support your unconventional business as long as it is legitimate.
Select one that has a high level of transparency, stability and customer support. Reliability is crucial because your cash flow is going to depend on timely payments.
Scale Your Payments
As you start scaling your startup you are going to need the right payment tools. The ones that you started out with me not to be able to grow with you.
Make sure that you are using the right system now so that you can save a lot of frustration and money down the road. Consider your payment system from the very beginning and plan for growth.