Take Better Control of Your Business Finances

July 23, 2020
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Polly Dom
Posted in Finance
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Making money out of your business is one thing, securing those finances (and maintain steady cash flow) is another.

The latter is often a bigger challenge for many small business owners. And the consequence of failing to consolidate the inflowing money and securing your profits is a never-ending struggle to cope with your business expenses.

This mismanagement of cash has a ripple effect on growth because you hardly have the finances to seize expansion opportunities.

So how can you protect the revenue you generate from your business?

Augment your chargeback protection defenses

The Fair Credit Billing Act & the Lending Act and allow any US customer to push for a refund if they aren’t satisfied with a product, service, or transaction.

For a merchant, piling reversals not only means losing a sale, it also reflects heavily in their profit turnover.

The best chargeback protection strategy is to partner with service providers who prioritize chargeback prevention.

But too many chargebacks may mean you aren’t meeting customers at their point of need. Try these tips to reduce chargebacks.

Use clear and transparent payment descriptors
Comply with Card Not Present (CNP) regulations
Assess your current credit card processing company
Learn the signs indicating phony orders, claims, and ultimately reverse charges
Offer unswerving customer service

Lastly for high risk credit card processing, implement an alert program that helps you detect and handle customer claims before they escalate into chargebacks.

Keep liabilities to a minimum

Robert Kiyosaki, a Best-selling author of the renowned Rich Dad Poor Dad, highlights liability as one of the setbacks to money matters.

A liability is anything that pulls money out of your reservoirs. Sometimes we bring liability upon ourselves; other times, we are victims of circumstances. In business, they come in the form of accidents at your workplace, leading to hefty lawsuits.

Anyone from customers to workers should be protected from any form of accidents and covered by an insurance policy.

So how can you reduce such liabilities?

Profile the risks and dangers in your workplace
Create awareness of danger
Educate and train workers on safety procedures
Provide the best working conditions
Keep all harmful chemicals away
Perform a safety audit from time to time
Go for liability insurance cover

Finally, you can create a brief on-the-go customer safety awareness program to remind your customers of their safety as they walk in.

Start Now

There’s much to do, but you can start making small changes immediately as you make plans for the more complex adjustments. Begin reducing unnecessary spending if you want to take control of your finances.

Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter, and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk credit card processing firm in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.