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How to manage cash flow in business with Interbacs

2020 was a year in which the whole world felt a true sense of stagnation. Let's make this year into a year of prosperity and growth - read on to find out how to manage cash flow in business with Interbacs.

Business cash flow

Anyone who has just started a business will know the sticky situation of first learning how to forecast and monitor cash flow. Even when established, some businesses can quickly fall into trouble when their customers' inbound payments are not fixed and reliable. Growth can only come with consistency. Being able to consistently collect funds from a secure baseline must be a priority to any business looking to navigate 2021 and beyond.

It is expected that Direct Debit transactions will increase up to 4.4 billion in 2026. With the market ever growing, so are your opportunities to improve cash flow if you join the biggest payment collection club in the UK.

How to manage cash flow in business with Interbacs

At Interbacs, we can offer many ways in which your business can streamline its cash flow. Often, a great deal of time is spent on internal admin. Chasing payments and waiting for payments to clear can be a stressful and time-consuming process. If these stresses are removed, a business can focus on its personal growth in other ways. Manage your customers’ payments and your business’ cash flow more effectively by working with Interbacs. Here’s how we can help:

The perfect date

We ensure your customers can control when their money is debited. This allows for great flexibility with how the customers interact with your business. Ultimately, this could build customer retention, as it shows you're putting the customer first.

Advanced notification

We send notices to your customers ahead of time to ensure they fully understand the time, date and amount they will be paying you. This notification will diffuse any future dispute that could occur, as the customer will be under a full understanding of what the Direct Debit entails.

Chasing payments

Your business won’t be spending time chasing payments from customers, instead all payments will be automated. Meaning that your customers won’t forget to pay you. This also increases customer retention, as it ensures customers aren’t receiving ‘final notices’ of payment from yourself.

Looking for the long term

Having clear knowledge of where your cash flow is coming from is a key part of making your business ambitions a reality. Once a steady business cash flow is established, time and effort can be spent elsewhere in further investments, major purchases and new staff. Using Direct Debit as a payment method can alleviate your team of heavy admin tasks and open up possibilities for expansion.

An accurate depiction of your companies Direct Debits and Credits will allow you to optimise your business cash flow, meaning you can manage your payments to ultimately achieve sustainable growth.

In 2019, Bacs processed over 4.5 billion Direct Debits and 2 billion Direct Credits. The Direct Debit industry has not stopped growing since its beginnings just over half a century ago.

Enabling a new way of doing business

Reducing admin time allows more of a creative exploration of your business. Perhaps with the time saved, you could implement a new model to your infrastructure or re-invent your products, as using Direct Debit allows you to change your payment model. Why pay monthly? Change it up and have a lump sum initially, then quarterly recurring payments, our payment plans are flexible.

Subscription based services have grown indefinitely within the past 10 years. Various other companies use subscription-based services to provide food to your door, monthly crates of wine or beer. You and your business could be on the cutting edge of a new rising enterprise, initiated by the implementation of Direct Debits.

Contact Interbacs today to discuss your business cash flow

If you want to learn more about how Interbacs can help your business expand, contact Interbacs today at 0161 667 0758 or email us at