Getting caught up in the numbers game can be easy for small businesses, especially in the coworking industry. How many members do you have? How many workspaces are being used regularly?
But without the right payment infrastructure, it’s increasingly difficult to have accurate payment and revenue numbers.
Accepting electronic payment for small businesses is crucial to ensure you’re not missing out on an opportunity to increase revenue and streamline operations. From convenience to security, let’s familiarize ourselves with electronic payments for small businesses, like coworking spaces.
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Is a Coworking Space a Small Business?
Yes! A coworking space, which can also be an office space for rent, is a shared environment where individuals from different companies or organizations can work – alone or collaboratively.
The concept of coworking has been around for many years, and has recently gained popularity as more and more people are working remotely or have flexible work options.
If you have a new coworking business or you’re considering starting a coworking space, read more about how accepting payments electronically can benefit your business.
What Is an Electronic Payment System?
An electronic payment system is any system that allows funds to be transferred electronically.
This can range from simple bank transfers to more complex procedures, like those used by online retailers and auction sites. These systems are designed to be convenient and secure and may offer additional features like rewards programs or fraud protection.
Users can log onto a payment platform and make payments quickly without swiping a credit card or dealing with cash.
Electronic payment platforms offer quick processing and multi-payment acceptance. E-payment systems have been transformative for online merchants and small businesses, allowing them to take payments from customers without having to visit the actual business. This can increase sales and gives customers more flexible ways to pay.
The Advantages of an Electronic Payment for Small Businesses
An electronic payment system simplifies the payment process for coworking spaces through:
Members of your coworking space are often busy and on the move, and traditional in-person payment processes can be slow and time-consuming.
Electronic payment systems, such as credit cards and e-cash, are faster and more straightforward, making it easier to both make and receive payments in real-time.
Increased Payment Security
Security is one of the most important considerations for any business. For example, payment security for coworking spaces is essential to secure members’ personal information and data against fraud and other threats.
Providing a way to pay electronically offers members an increased level of security by providing numerous encryptions, SSL, and tokenization, among others. Electronic payments are also often backed by fraud protection, so businesses and their customers can feel confident that their transactions are safe and secure.
With an electronic payment system, members can enjoy the convenience of paying for their workspace online in advance or setting up recurring payments.
Coworking space members can also use different payment methods with an electronic payment system. This means that they aren’t limited to cash or cards, and can choose the method that works best for them, whether it’s a credit or debit card, PayPal, or even Bitcoin in some cases.
Low Risk of Theft
With traditional payment methods, such as cash or check, there’s a higher potential for theft.
This is much less likely to happen with electronic payments because the funds are transferred directly from one account to another in real-time without being physically exchanged. This makes it much harder for anyone besides the two parties involved to access the funds and much easier to track the transaction.
Electronic payment methods are more transparent compared to traditional methods such as cash or checks. Incorporating an electronic payment system into your business makes payments instantly, saving time and hassle for both business owners and coworkers.
Electronic payments can help businesses manage their finances more effectively. By electronically tracking payments and expenses, businesses gain valuable insights into their spending patterns and can make necessary adjustments to ensure they stay within budget.
Facilitates Greater Revenue
An electronic payment system can help you manage membership fees more effectively and collect payments more efficiently.
Additionally, an electronic payment system can help you track usage patterns and better understand which amenities and services are most popular with your members so that you can adjust your pricing accordingly.
Finally, offering discounts or special promotions for members who pay their dues electronically or automatically can help increase your recurring revenue.
Improves Customer Experience
An electronic payment system in a coworking space provides a better experience for your members. This can save them time and frustration, encouraging them to use your coworking space more often.
Minimizes Processing Costs
An electronic payment system eliminates the need for paper checks, saving you a lot of money in processing fees. You also eliminate the need for a physical checkbook, reducing further processing costs.
CoWello Payments for Coworking Spaces
Are you tired of chasing down payments from members of your coworking space? CoWello is here to help! We offer a simple and efficient way to streamline electronic member payments, so you can focus on running your business.
With CoWello, members can easily pay their dues online, and you can easily track payments and manage your finances.
There are many reasons to choose Cowello as your electronic member payment solution for your coworking space. Here are just a few:
- CoWello is quick and easy to set up, so you can start collecting members’ payments immediately.
- CoWello is affordable, so you can save money on payment processing costs.
- With CoWello, you can accept various payment methods from members, including credit cards, debit cards, and PayPal.
- CoWello offers excellent customer support, so you can always get help when you need it.
Ready to turn your coworking space into a revenue-generating machine? Start your 14-day free trial today!