The COVID-19 pandemic has affected the way small and medium-sized businesses operate. Simple day-to-day business operations became far more complicated than ever before; with delays specifically affected by lockdowns, stay-at-home orders, supply shortages, and closed borders.
Given the pandemic's conditions, getting paid on time has become pivotal to the make or break of a business. Cash flow is the lifeblood of many SMEs, especially those in the service and product industries. Small to medium-sized businesses often perform the service and then get paid; thus, the delay of receiving a payment can put a tremendous financial strain on the business.
Exploring the various payment options available can help avoid delayed payments. With the vast variation in payment options available, it can be difficult deciding the perfect fit for your business. Hence, the following article is a guide on getting paid quickly for your small to medium-sized business.
This article will look at three popular methods used for cross-border transfers:
|► ACH (Automated Clearing House)||► International Wire Transfers||► Paper Cheques|