The hosts discuss software options for faster payment processing in freelancing, including QuickBooks Online and Stripe. They emphasize the importance of selecting software aligned with the business model and advocate for upfront payments. Additional tools like Bonsai, 17 hats, and Honeybook are explored for streamlining payment operations in businesses.
Using QuickBooks Online and Stripe can expedite receiving payments the next day.
Emphasizing the importance of building processes to manage cash flow effectively amid delayed payments.
Deep dives
Options for Faster Payment Processing
When it comes to processing payments faster for invoices, there are alternative software options available. One suggestion given in the podcast is a combination of QuickBooks Online and Stripe, which enables receiving payments the next day. Additionally, the use of payment platforms like PayPal or Wise can also expedite the payment process significantly, with examples provided of immediate transactions from the US to other countries.
Addressing Cash Flow Challenges
While finding ways to speed up invoice processing is important, the podcast highlights a more significant issue of managing cash flow effectively in a business. It emphasizes the importance of building processes and buffers that can sustain the business even if client payments are delayed. The hosts recommend focusing on creating a business model that minimizes the impact of delayed payments by establishing a financial cushion.
Exploring Alternative Invoicing Software
In addition to discussing the need for efficient payment processing, the podcast suggests exploring other invoicing software options such as 17hats and Honeybook, which are known for providing streamlined invoicing services. These platforms offer features that can potentially reduce the waiting time for payment completion and present viable alternatives to optimize the invoicing process for freelance businesses.