Franchise businesses deal with many suppliers and customers each day. Whether the day involves ordering stock, moving inventory or sending invoices, there are a range of challenges and inefficiencies that can arise along the way. Challenges such as late payments, data entry errors and inconsistencies in receivables and inventory are often a result of fragmented and manual systems. Introducing integrated payment solutions to your franchise business can address inefficiencies and boost cash flow for your entire network.
In this article, we outline the benefits of integrated payment solutions for franchise businesses.
Enjoy more payment options and flexibility
Owning and operating a franchise business has the same financial pressures as any other company. To give yourself the best chance of success, you need to think about the payment experience across the entire group.
With an integrated payment solution, your network can benefit from:
- One connected platform: with a range of ecosystem applications designed to improve operational efficiency and payment practices.
- More payment options: invoices can be paid via credit card, bank account or via third party finance options, and can be scheduled how and when they are paid.
- Automatic reconciliation: saves time, reduces errors and delivers better transparency for both parties.
- Improved business efficiency: supports customer and supplier ledger-to-ledger integration, which automatically links the payment event to the reconciliation for both parties.
View and pay invoices in one place
One of the most inefficient parts of managing cash flow in a franchise business is all of the fragmented systems you need to use to send and pay invoices, complete account reconciliations and view your cash flow. An integrated payment solution, enables store owners to view and pay their invoices in one digital location. Whether you’re processing one or multiple invoices, these solutions provide time-saving functionality to pay off several invoices in one transaction.
If you’re in the process of chasing late payments, you can give your debtors access to one convenient place to pay their invoices and set up automatic payment deductions from their chosen payment method on pre-agreed dates.
Align your cash flow with store owners and suppliers
When you know with accuracy when payments will be settled, you can align your cash flow with the inflows and outflows of your business. This powerful functionality allows you to plan large expenditures in your business while knowing there’s sufficient cash in your accounts to cover your regular ongoing expenses too.
Boost cash flow across your franchise network
Spenda’s payment infrastructure makes it easy for franchise businesses to improve both their operational processes and cash flow management. And with a range of integrations with leading accounting and ERP software providers, you’ll very quickly see the benefits that integrated payment solutions can make across your business.
Keen to see Spenda in action? Book a free demo with one of our experts today.
*This article is for general information purposes only. Consult a qualified financial advisor regarding any changes to or decisions about your business’s finances.