It is so important to know your business and the third parties you use like the back of your hand! If you don’t know the ins-and-outs of your business or your third parties, it could be costing you hundreds, if not thousands of dollars each year! To help you save money, we are going to discuss the most overlooked financial mistake you are making in your business today.
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An Overlooked Financial Mistake You Are Making In Your Business
What is a very common financial mistake you are making in your business? It’s not knowing the third party softwares, programs or sources like the back of your hand. For example: ApplePay, PayPal, Venmo, Tailwind, Trello, etc..
What you need to be asking yourselves:
- Do I know on the top of my head how much I pay per month on this software or service?
- Do they have additional fees?
- Am I able to dismiss those fees?
- Do I know how to work the software from my customers viewpoint?
- Am I fully educated on the software I use for my business?
- After asking myself these questions, am I 100% sure that this software / service is the best for me financially?
Why Is This Important?
One day I was trying to send money to someone via PayPal. The woman and I both have businesses. She was trying to avoid the fee of receiving the money I was trying to send to her. I explained to her that you are able to send / receive money without a fee appearing. After some convincing, I sent her the payment and she was able to receive the money in full. She was amazed and had no idea that you could do that!
This made me think, why are you using PayPal (or any third-party service/program) without knowing all of its features?
It’s important for 3 reasons:
- Client Fail – It’s important to know your third party services because your customer may not understand it. You must educate yourself from the customers perspective.
What do they see?
Are they able to get from point A to point B smoothly without any confusion or troubles?
- User fail – It’s important for you to know your third party services / programs just in case something goes wrong or a mistake is made. If you are able to figure this out when you first sign up, it’ll save you time down the road.
- To help you save money – It’s important for you know the fees and charges of the third party. How much does it cost you each time someone swipes / inputs their credit or debit card? What is the fee to transfer money? How long does it take to get the money transferred? Are there secret fees that you need to be watching out for?
If you don’t know the total amount or the percentage the third party is taking, you could be spending way more than anticipated!
How Can I Start Saving Money?
To help you start saving money TODAY, go to your third party service / software website and start reading up on them. Review their terms & conditions and other policies. Play around with the settings, click all the buttons, watch YouTube videos or the tutorial videos the service provides on how to use the site, and read the fine print!
Make yourself knowledgable on the services so you know exactly where your money is going!
Images by Dominika Roseclay and Bbongkarn thanyakij