You want to start a business. Awesome! There are lots of great resources on what to do next:
- How to start a business
- Building a business plan
- Market research
- Finding and hiring a team
- Digital marketing
- Growth tactics
These are just some of the exciting areas of your new business to dig into. We get it! You’re raring to go and get that business running.
Now stop. Take a moment.
Here’s our PSA:
Think payments first, then think about the rest.
There are things to consider that can have far-reaching repercussions to one of the most fundamental areas of your new business. Thinking about payments first lets your new business be flexible and smarter with one of its most essential aspects: money.
We tricked you there. Unfortunately there are no silver bullets/one-size fits all scenarios. Every business like yours will have its own specific needs. To help, we’ve come up with a list of important payments-first questions.
- How often and fast will money come in and out of my business?
- Do I have an idea of the average amount that will come in and out?
- Where do my customers live?
- What currencies should I accept?
- What payment methods do my customers expect I should have?
- What payment methods do my competitors allow?
- Do I want to transfer money between banks?
- What credit cards do I want to accept? Visa, Mastercard, Amex?
- Do I want to take Interac?
- How am I going to pay my employees?
- How am I going to pay my suppliers?
- How much do I expect to make on every dollar?
It takes practice to think payments first. The Peloton team has been putting payments first for more than a decade. Welcome to the first of a 3 part series. Stay tuned for the next couple posts to go over more ways to help.
- Part I: Think Payments First
- Part II: Plan for payments first
- Part III: Be proactive with your payments
To find out how our Peloton Portal and our team can help, visit paywithpeloton.ca