The Connection, Inc Blog

Technology improves a lot of things, especially when it is used to make something that is usually time-consuming and difficult less so. One aspect of life that is changing rapidly is the financial services sector. Finance, banking, insurance, and other industries that would be tabbed as financial services have embraced mobile technology for its ease of use and efficiency. The development of computer applications that make it easier to invest, diviest, and manage financial services and money are becoming prevalent throughout society. Let’s take a look at FinTech.

Do you remember how your bank issued you a new debit or credit card with a built-in, security-enhancing chip? There are now ATMs specially designed for use with these chips. Unfortunately, the same technology that was originally meant to secure your finances can also be used against you in the form of fraudulent cash withdrawals.

Today’s businesses are looking to expand their cashless payment options to include those made through mobile devices. Doing so, can provide your organization with a variety of benefits. 

This development in cashless payments has led customers to expect certain conveniences from businesses. For example, the frustration people face when they go to use an ATM for some spare cash and the card reader doesn’t work. Because of situations like these customers also expect that businesses will be able to adapt to changes in cashless payment technologies, using smartphones, wearables, and other devices. It's predicted that by the end of 2017, over $60 billion will be made in mobile payments; not a sales figure to scoff at.

In order to take advantage of this incredible opportunity, businesses want to implement solutions that allow their clients to manage their payments in as many different forms as possible; particularly the use of cashless payment systems. By keeping the amount of physical cash moving through your company to a minimum, you’ll be able to cut down on major problems involved with it.

Most notable is that you won’t have to deal with paper ledgers that could easily be falsified or forgotten about, throwing off your records and making them unreliable. Digital payment systems make it easy to keep records of transactions, and in general make keeping track of funds much more efficient.

If your business relies on handling cash, perhaps it’s time to consider making the switch to a more versatile payment system. The Connection, Inc can help your business analyze all of the options available to you, as well as the best path to get there. To learn more, reach out to us at (732) 291-5938.

While many different people open businesses, the primary reason that they all do so is to make money. A positive cash flow is essential if the business is to generate funds that support a cause or provide a decent living. However, to collect this cash flow, a business must have their invoices returned. As it happens, this doesn’t often occur in a timely manner.

Whether you own a business or work for one, you need the business to make money so you can make money and settle your finances and debts. This becomes challenging when the status quo dictates that payment terms can stretch the time for an invoice to be paid to up to three months. This delay between the transaction and the actual payment has led to many operational difficulties in many businesses.

There’s a good chance that you know about this from firsthand experience, as these difficulties are exceptionally common. Estimates have attributed 5 percent of the national gross domestic product to unpaid invoices. 81 percent of invoices are past due by 30 days or more, with the average small business waiting for approximately $84,000 to come in from invoices that have yet to be paid. This average business also only has about 27 days of assets saved.

Added up, estimates say that businesses were owed $825 billion in unpaid invoices in 2016.

It is pretty clear that outstanding invoices are a considerable problem for small businesses, and in some cases medium-sized establishments as well. Improvement and innovation simply can’t happen if all of a business’ funds are tied up in sustaining themselves as they wait for payment. When was the last time you had to postpone something as you waited for money to be available for it?

However, sometimes you have to spend money in order to make money. With the services we offer at The Connection, Inc, you can have your capital spend reduced by budgeting your IT costs into a predictable monthly rate. We’ll provide you with software that can help you keep track of from where, and when, you should expect a payment.

For more information about line of business applications and the other solutions we have available, give us a call at (732) 291-5938.

Wouldn’t it be nice if you could provide your staff an over-the-top benefits package similar to what Google offers their employees (aka, “Googlers”)? For most SMBs, making Glassdoor’s annual list of “50 Best Places to Work” (a list routinely dominated by Google) is a fantasy; primarily due to the fact that the average enterprise operates within the confines of a strict budget. As the owner of an SMB, this reality often means making tough decisions and budget cuts.