Close this search box.
Blog » Business Tips » How to Streamline Business Finances with ePayments

How to Streamline Business Finances with ePayments

When freelancing or running a small business, it can be a nightmare to streamline business finances. In fact, managing a business budget is one of the biggest challenges freelancers have when working. It’s even worse when you think about how a freelancer’s income varies from month to month.

Fortunately, you can make business finances easier by streamlining them. More specifically, you can streamline them with ePaymens. As we previously discussed on the blog, ePayments is simply using the internet to manage payments electronically by allowing you to bypass third-party apps like PayPal.

ePayments can help you streamline business finances by simplifying the process and getting rid of the middle man. Here are some of the ways you can use ePayments to streamline your business.

Eliminate additional fees.

One way in which ePayments can help streamline business finances is by eliminating additional fees. Due, for example, allows you to make business to business payments through their platform without charging fees.

What that means is if you’re being paid for a service you won’t have fees taken out of the transaction.

This makes it easier to streamline business finances because those payment processing fees can be a real pain to track down and organize come tax time.

Pay your vendors automatically.

Another way ePayments allows you to streamline business finances is by paying vendors and contractors automatically. This can be as simple as paying your people automatically with a credit card.

Rather than messing with checks and automatic withdrawals from my business account, I simply pay for everything automatically with the business credit card and then pay the card in full once a month.

This helps streamline business finances in a couple of ways. Paying things beforehand allows operations to continue. Second, putting it on a credit card gives you a 21 to 30-day cushion to make a payment.

The reason the last one is so important is because freelancers don’t always get paid at the same time. You may not have enough money in your business checking account on a specific day because a client payment is late, it’s a weekend, you’re traveling or whatever other reason. By paying with a credit card, I make sure I don’t overdraft and everything continues to run without interruption.

Go mobile.

ePayments are going the way of mobile thanks to thins like Apple Pay, Square and digital wallets. That’s why it’s not a bad idea to start incorporating this into your business so you can streamline finances.

For example, I always have a few copies of my book on me in case I meet someone who wants to buy it. I’ve sold books at restaurants, my coworking space and while waiting for the bus. I simply use my mobile payment app (in my case Square) to accept payment and I’m done. No need to deal with cash.

Final Thoughts

Just like you’re encouraged to streamline and automate your personal finances, you should also streamline business finances.



About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

Millennial Finance Expert and Writer
Amanda Abella is a Millennial Finance Expert that helps people understand their finances and eliminate all bad debt. She wrote a book, Make Money Your Honey. It is a powerful guide on how to have a better relationship with work and money. You can actually start building an extremely profitable business around the things you’re passionate about.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.


Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More