Managing payments acceptance and accounts receivable is priority number one for every one of the more than 27 million small businesses in the US. 

For years, managing customer billing has meant hundreds of wasted hours every year but new technology is enabling small businesses to better manage cash flow and have more time to focus on core competencies. 

Today, from electronic check processing to web and mobile-based credit and cash payments, small businesses now have the chance to manage receivables as effectively as their big business counterparts.   

But how does a small business find the right third party solution for its specific needs?  Three key tips for invoicing and payment strategies with impact:

1. Offer options

More now than ever, customers are demanding payment options that fit their schedule and budget.  Check payments are steadily declining, and according to the Western Union® Money Mindset Index, 44% of consumers say that they will pay more bills online in the next six months; 11% say they will pay more bills by phone.  Offering online and phone payment channel options with credit card and electronic check acceptance options will help your customers help themselves, increase customer loyalty and reduce delinquencies. 

1. Combine communications consistently

Customer Relationship Management (CRM) can often be the most time-consuming, difficult, and important to-do on a business owner's list.   Turn payments acceptance and accounts receivable management into a positive opportunity by combining courtesy communications with bill reminders, service updates and payment options.  And be consistent in reaching out to consumers in a welcomed way.

1. Take it Easy On Yourself

Find an invoicing solution that is as safe and easy for you as it is for your customers:  cost-effective, intuitive, and reliable.   Look for a cloud-based receivables management platform that enables you to invoice, collect, and track and manage receivables in one system that can be accessed wherever you are.  For standard monthly billing customers, make sure your billing solutions offers an automated feature.   Help your customers help themselves.

New technologies and lower pricing are making it easier than ever for any business owner to bill like the "big guys” and support the most important bottom line: getting paid.

Tips provided by the Western Union Company (NYSE: WU), a leader in global payment services.  Western Union's new online invoicing and account receivable solution gives small to mid-sized business' the ability to streamline their billing and payments process, better manage their cash flow and improve revenues, thanks to a robust set of platform features that are easy and affordable to use.  For more information, click here:  http://bit.ly/_WUSmallBiz.  And follow WU on Twitter for the latest in #WUsmallbiz payment info.